The Importance of Stewardship Meetings With Your Benefits Broker

As an employer, you should understand the importance of employee benefits in the modern workplace. These programs often offer potentially valuable perks and incentives to employees while supplementing their direct wages and salary. According to some studies, many employees and candidates are even likely to prioritize ideal benefits packages over higher pay.

However, even if your organization has already devoted ample time to understanding, exploring and securing top-notch employee benefits, your job is not done. In fact, it may never be completely finished. As your company evolves and changes, so do its circumstances, including the demographics of its workforce and subsequent benefits-related needs and preferences. Fortunately, stewardship meetings with your benefits broker can help you maintain appropriate offerings.

What Are Stewardship Meetings?

In the context of a workplace’s benefits broker, stewardship meetings generally refer to regular (e.g., annual) reviews of employee benefits portfolios. These meetings should typically include HR leaders and other decision-makers from your company. They may provide invaluable opportunities to assess current investments and optimize them toward your workforce’s needs and preferences. When working with a qualified and knowledgeable employee benefits professional, such as those at Peck Financial Group, stewardship meetings may play a critical role in modernizing and maintaining employee benefits.

How Can Stewardship Meetings Help My Business?

Employee benefits are a complicated subject, and even slight oversights or misunderstandings could have dire ramifications for your staff and, by extension, your finances. Businesses must realize that in the modern era, as various labor trends like the rise of remote work and The Great Reshuffle change employees’ priorities, no aspect of the workplace can be overlooked. With this in mind, stewardship meetings provide crucial opportunities for employers to work directly with their broker to conduct a formal and comprehensive analysis of their benefits.

Consider the following advantages of a productive stewardship meeting:

• Better cost-effectiveness—A stewardship meeting may help your business identify employee benefits that are underutilized or unattractive to your workforce.

• Improved employee well-being—By working with your broker to optimize various health- and wellness-related benefits, you can help your workers care for themselves and their families.

• Increased productivity—Employees who are healthy and feel cared for by their employer may be less likely to be distracted at work or absent altogether.

• Greater attraction and retention—Providing ideal employee benefits can play a critical role in helping your company distinguish itself from other employers, potentially making a difference in attracting top talent and retaining current staff.

• Assured compliance—Laws and requirements regarding employee benefits, such as health insurance, may change regularly. A stewardship meeting can help you identify any necessary adjustments.

We’re Here to Help

At Peck Benefits Group, optimizing your employee benefits portfolio is a top priority. Our dedicated and knowledgeable staff is available today to help you further understand the importance of stewardship meetings.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.