Current HR challenges profoundly impact the HR/benefits broker relationship. Companies across the globe are trying to figure out how to do more with less, and continue to rely more heavily on using employee benefits to help solve their issues.
3 out of 4 HR professionals say since the pandemic their job is harder than ever. Brokers have the opportunity to be more than just a benefits provider. HR professionals are looking for trusted advisors, competitive benefits, and modern technology to better support and empower employees. When brokers create a deeper relationship with HR, both parties succeed.
However, there are some common HR challenges affecting the responsibilities modern day brokers need to address to fully help human resources teams grow. Understanding and creating solutions for these challenges will cement any broker as a trusted advisor to HR.
In a recent study from GoCo, 70% of the HR professionals we surveyed shared that the current talent landscape was competitive and over 74% feel more pressure from leadership to attract, retain, and recruit talent. According to data from the U.S. Bureau of Labor Statistics, employee resignations have continued to break records over the last year. As a result, HR professionals are struggling to maintain talent. Employees are leaving their jobs, and HR professionals must create experiences that attract and retain top talent.
According to research from SHRM, 19% of HR professionals realize they need to increase benefits and compensation to attract and retain talent. Providing quality benefits that meet employee expectations at a reasonable cost is quite challenging, and that’s where HR leaders are looking to brokers for advice. Benefits planning is one of the top drivers employers are using to attract and re-attract existing talent. Brokers need to look for new ways to create plans that support business goals.
The next HR challenge is the amount of energy spent on manual tasks. HR professionals are bound to random spreadsheets, gathering paperwork, and manual processes. All of this leads to hours of wasted time and redundancy. Most notably, 83% of HR pros believe technology can solve their problems, and most plan to shop for HR tech solutions in the next 24 months.
Employee benefits brokers have a unique opportunity to consult HR departments beyond benefits. There certainly is a myriad of HR tech solutions out there. While several websites help leaders sift through reviews, many HR teams are leaning on benefits brokers to help them navigate through this digital transformation. HR leaders need a trusted advisor to walk them through the options and suggest the technology that will positively impact their work and address their specific needs.
Mental health and well being are essential topics right now. HR professionals saw the effects of burnout heavily in 2021 as workers took less time off in 2020. As a result, companies are investing heavily in employee health. According to SHRM, 42% of organizations plan to increase mental health benefits in 2022.
Employers are looking for innovative and holistic wellness programs for mental health, physical health, financial health, reskilling, and upskilling. Employee benefits brokers should be asking more questions to get to know the needs of company employees.
At the end of the day, employee benefits brokers need to address employee well being benefits and offer a mix of mental health options regardless if employers choose to include these in their benefit plans.
Another common challenge HR faces is staying legal and compliant with changing laws throughout the year. The field of HR has seen many changes lately. Some notable regulations and changes include:
HR pros face even more challenges as companies embrace remote or hybrid work. Employees working from different states and countries means human resources need to navigate laws across the globe. Employee benefits brokers can help HR understand these changes and updated regulations to ensure compliance. With the right HR tools, professionals can trust that companies are keeping up with laws and keeping them compliant.
Lastly, business costs are on the rise, and in May 2022, inflation rose 8.6%. May’s rise marks the highest increase since 1981. Individuals and businesses are feeling the sting of higher prices, and it’s impacting HR.
HR budgets are often cut when businesses are trying to save money. Inflation can impact how companies invest in their team members, but a lack of investment can make employees leave an organization. HR teams need employee benefits brokers to help them combat rising business costs. There are a few ways that brokers can do this:
Cutting costs doesn’t always mean losing functionality. Employee benefits brokers can help HR professionals find solutions that fit their current budgets and business needs.
With so many HR departments leaning on brokers beyond benefits, it is critical that brokers stay up to date on HR technology, resources, and processes. HR departments will continue to face challenges, but they don’t have to do it alone. Employee benefits brokers can use the challenges facing today’s HR leaders to build plans that support their growing needs.
Not to mention, many tech solutions offer referral and affiliate programs to support brokers efforts. GoCo has a broker-friendly partner affiliate program that helps benefits administrators offer flexible all-in-one HR, BenAdmin, and payroll solutions to HR leaders. By partnering with GoCo, you can feel confident in offering a top-rated all-in-one HR system that will support brokers and HR in one full-service experience. Don’t take our word for it, test drive the software and see our award winning software in action. Partners also get bonuses for demos and access to complimentary benefits administration software for your GoCo clients. On top of the ease for your clients, our partners can get up to $5,000 for each customer they refer.
If you are ready to take your employee benefits brokerage to the next level, partner with GoCo today.