As a benefits broker, evaluating and establishing your client's needs is merely the beginning of your relationship with them. You go above and beyond to make sure their employees receive tailored benefits that are relevant to today’s changing workforce and trends. It can also mean spending more time than you have on benefits administration.
Your clients’ needs are also evolving. In addition to benefits administration, employers are increasingly looking for help with things like securing employee data, sourcing the right HR and people management tools, and communicating to employees. In a recent survey, 83% of employers said they wanted their employee benefits brokers to provide prompt, effective service, but even more (98%) said they wanted assistance with compliance-related questions. So, in addition to everything else, expanding your consultative role by being knowledgeable about and providing guidance in multiple business areas is more critical than ever.
That’s where human capital management (HCM) technology comes in. HCM technology does two things: 1) It gives your clients the modern tools they need to automate benefits administration and manage data on their own so they can become more innovative, flexible, and effective in their workforce management; and 2) It reduces your administrative burden so you have more time to do what you do best: provide exceptional service, support, and advice. In short, an HCM solution offers the kind of value that elevates you above the rest of the broker competition.
As you think about choosing an HCM solution, you may not be sure how to spark the conversation with your clients. Read on to learn how you can justify, introduce, and champion an HCM recommendation to clients.
The “why” behind your HCM recommendation
Maybe you’re seeking an HCM solution because it provides open enrollment options or an easy administration platform for your clients. Maybe you’re trying to address the overall challenges and HR/People functions of your clients. Or maybe technology is really about making your job easier. Whatever the answer, HCM technology is actually a win-win for everyone. That is, if your HCM system of choice is actually working in your favor.
Let’s start with the basic notion that the right HCM solution for benefits brokers will give you and your clients a single platform and a central database that unifies the entire human capital management ecosystem, including benefits administration. Instead of relying on multiple, disparate systems, the right HCM technology acts as one system of record that collects, stores, integrates with, and provides access to accurate data and allows you to automate key benefits workflows. In doing so, it decreases the time and effort spent on administrative tasks, such as benefits election and enrollments.
You win as a broker because the technology creates the access points you need for effective benefits administration on your end, such as:
Your clients win because the right HCM addresses the universal imperatives businesses have to:
Create efficiencies throughout all administrative processes
Control business costs as a whole — not just benefits costs
Mitigate compliance risks that include benefits risks but also other risks to the business
Finally, your clients’ employees also win because the right HCM solution makes it much smoother and easier for them to adopt benefits, which helps boost your client's return on their benefits investment.
Having the conversation with your clients
How you introduce an HCM solution to your clients is important. Here’s a simple roadmap to follow when initiating the discussion:
Identify and address pain points. Start by asking your client what their current pain points are. Then explain how your HCM recommendation can specifically solve each one, as well as the overall benefits of an HCM. The key is to ensure your client knows you’re trying to help them create efficiencies within their organization and put solutions in place that can make employee benefits easier.
Make yourself invaluable. During the conversation, show your client that you can provide more than just administrative help. When you come to the table with a clear understanding of the business concerns your client may have — whether it’s regulatory compliance, escalating health care costs, challenges with digital transformation, or something else — and you can proactively and confidently speak about them, you’re able to offer much greater depth and value in your services.
A discussion that includes these components justifies your recommendation and helps you overcome any objections your clients may have.
How SyncHR can help
SyncHR’s HCM solution improves the benefits administration process so you can deliver more value to your clients in less time. As your single system of record, you can automate future and retro benefit calculations, and run reports and transactions in the past — not just the present — to see hourly pay, the number of hours worked, overtime hours, total employee pay, and other data. You and your clients have everything you need in one platform to ensure consistent and accurate data, while easy-to-use tools let you enroll employees successfully, increase employee adoption, manage contribution limits, and more.
With SyncHR, better benefits paired with better benefits administration is possible.
Ready to see how SyncHR’s HCM solution can boost the value you offer to your clients and make benefits administration better?
We partner with you to provide efficient, accurate, and cost-effective workforce management solutions that include the robust, automated benefits administration capabilities you’re looking for. To learn more about SyncHR, click here.
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