NAHU CEO Janet Stokes Trautwein sits down with Perry Braun, executive director of Benefit Advisors Network. The two discuss President Biden’s first 100 days in office, the impact of the pandemic on our industry, current and future industry trends, NAHU’s advocacy efforts, and more.
Category: Miscellaneous
Employees as assets, the C-suite as investors
CFOs have become more involved in the decision-making strategy in recent years, and it’s changing the way companies think about benefits.
By Emily Payne | April 05, 2021 at 10:55 AM
Published by BenefitsPro
“Agility.” “Human capital.” “KPIs.” As a benefits professional, you’ve no doubt heard this kind of terminology popping up more and more in the past several years. It’s the natural result of an ongoing shift in how companies view their employees.
“Business itself continues to get complicated with respect to the cost of people,” says Perry Braun, executive director of the Benefit Advisors Network (BAN). “Whether that is recruiting, retention, who you pay, how you measure performance, how you reward, incentivize—all of this is now a function of the goals and objectives of the company. Businesses are moving into a less compartmentalized discussion structure and to a more team-based structure, aligning goals and objectives.”
Benefit Advisors Network, Nectar Partner to Close Worker Recognition Gap
CLEVELAND, OHIO AND OREM, UTAH (PRWEB) MARCH 16, 2021
Benefit Advisors Network (BAN), a national network of independent employee benefit firms, is pleased to announce that it has created a strategic partnership with Nectar, a 360-employee recognition and rewards platform that enables organizations to celebrate and spotlight great work, anytime, anywhere.
Under the terms of the new partnership, BAN’s 120+ member firms nationwide can provide Nectar’s platform at an exclusive rate to their employer groups.
“An organization’s most important assets are their people, yet two-thirds of employees feel underappreciated and undervalued at work. These feelings can have serious, negative consequences on a business, including reduced productivity and increased turnover,” says Trevor Larson, Co-Founder and CEO of Nectar. “As a result, recognition tools are becoming an important component of the HR toolkit.”
Continues Larson, “Our partnership with BAN will accelerate our mission to close this recognition gap by equipping more employers with the tools to offer timely, meaningful, and frequent recognition. We look forward to being a part of the Benefit Advisors Network organization as a long-term partner.”
The ability to attract and retain quality employees is vital for a productive culture. Recognition by management and peers creates a culture of engagement supporting the emotional and social wellbeing of the employee and therefore the employer. For HR, Nectar’s analytics provide metrics to support the person-to-person as well as the team-to-team collaboration.
Nectar strives to provide simple, cost-effective means for workforces to maintain culture and boost morale through a variety of mechanisms, including social recognition, rewards, and employee perks.
“Our industry understands the extreme challenges employers are under, particularly in light of the past year as a result of COVID-19. BAN is continuously looking for the right partners and tools that will remove or ease burdens our member’s employer clients throughout the country are facing,” says Perry Braun, Executive Director of the Benefit Advisors Network.
Continues Braun, “We have done our due diligence and are thrilled to have found a highly reputable partner who will bring so much value to our members, and their clients.”
The addition of Nectar’s partnership further supports BAN’s network, where member agencies work as peers to pool their experience, industry knowledge, and data in order to streamline and maximize the growth of their businesses.
About BAN
Founded in 2002, BAN is an exclusive, premier, national network of independent, employee benefit brokerage and consulting companies. BAN delivers industry leading tools, technology, and expertise to member firms so that they can deliver optimum results to their employee benefit customers. BAN intentionally limits membership because of the highly collaborative interactions. For more information, visit the Company’s website at http://www.benefitadvisorsnetwork.com
About Nectar
Founded in 2016, Nectar is an employee recognition and engagement platform built for SMB and Mid-market organizations. Nectar is an award-winning solution that enables companies to build a culture of connection and appreciation through a centralized approach to social recognition and rewards. For more information, visit the Company’s website at http://www.nectarhr.com.
Change or Die
A benefits industry veteran has ideas about how to stay relevant.
These names ring a bell? Atari. Blockbuster. Myspace.
What do they all have in common? Failure to change. Regardless of current economic conditions, the one constant is the need for employers to gather advice on how to address problems within their business so they can adapt, change, and remain sustainable. Interestingly, not adapting and changing or pivoting is one of the reasons businesses fail. Many of us have heard, “change or die.”
Although everyone is aware that the only thing constant in the world is change, people resist change due to various reasons, including fear of failure or criticism, and certainly fear of the unknown.
(Related: The 10th Amendment’s Impact on Employee Benefits Today)
But, for many business leaders, benefits advisors are key to helping navigate the waters. To do this effectively over the course of their career, they need trustworthy advisors. This is what makes the brokerage and advisor industry so valuable.
Looking back at the agency/brokerage business model, it too continues to evolve and adapt to the changes that are occurring all around it. And we can expect change to continue with President-elect Biden’s new administration. But what are those key changes that have impacted and will continue to impact businesses?
Clients Business Model and Expectations
Client’s businesses are reacting to the competitive marketplace, forcing them to adapt and evolve. This in turn sets the client’s expectations very high — perhaps too high that the performance cannot be met.
Over the past several years studying the market, it seems clients would prefer the following:
- Fewer advisors handling them.
- An advisor that understands their specific business and industry.
- An advisor that understands the interrelated and interoperable components of the business (for example — benefits, compensation, human capital management, technology and regulatory environment are connected topics to one another).
- An advisor that is looking to deliver to the client solutions that are faster than what they receive today, the experience was easier for the client to understand and put into practice and the outcome was better.
Regulatory Environment
Who could forget FASB 106, Non-Discrimination Testing rules in Cafeteria Section 125 Plans, or the Affordable Care Act? The list could go on and on.
These are new rules introduced by new presidential administrations. We should expect this trend to continue with a new incoming administration. The actions required from these new regulations are positive to the business in some instances and harmful in others.
The point here is that the rules continue to change at both the federal and state level. These laws are often complex and may lack clarity that advising the client requires thoughtful research and study.
Technology
Thirty years ago, if an advisor specialized in employee benefits, he or she could earn a comfortable living providing benefits to their client’s employees. Back then, the advisor would put together a request for proposal (RFP) and drop in mail, as in the United States Postal Service.
Today, the RFP process is largely electronic. Today, employees and individuals can shop for insurance products on-line. We also see more and more technology companies entering or attempting to enter the advisor space.
The enrollment process into benefit plans is also largely electronic. For employees, the plans they can select, personal information, contribution amounts, participating family members — can all be changed and updated electronically, even on a mobile phone.
For employers, EFT payments and ACH’s are largely a non-issue anymore, making electronic commerce fairly standard.
The key point here is that technology will continue to force processes to change, ultimately leading to faster decision making in the future.
Consolidation
For the brokerage agency, there are multiple layers to this conversation:
- Competitors continue to consolidate. By growing, they can provide more resources to clients than they could as an independent or individual agency.
- The insurance market also continues to consolidate which is leaving fewer choices for advisors.
- Other key industries supplying products and services to the agency are also consolidating. We see this with pharmacy benefit management (PBM) companies, ancillary/worksite companies, and reinsurance companies, just to name a few.
- Clients may be acquired, leaving the agency at risk of losing revenue.
The current value proposition advisors often share is that they bring a strategy or program that can save money for clients, or they bring a better program for the employees, or as an agency they can bring a total package of risk mitigation strategies since they consult on both property and casualty and employees’ benefits.
While this value proposition is not wrong and will resonate with a client, there is an alternative value proposition worth considering. The advisor’s definition of success with their client should not be built around measures that are time-sensitive.
For example, an advisor can save their client money for this upcoming year. This is because these metrics have a defined start and stop date, such as the fiscal year. Instead, the role of the advisor is to introduce strategies and tactics that result in their client having a sustainable business.
The actions and activities the advisor takes and the resources they bring should “Lead2Healthier” assets, business, and people and culture.
Advisors
The one constant this industry has faced is change.
Advisors should continue to embrace it, so they don’t become Polaroid.
But keep in mind, it is an extremely valued industry to so many employers who rely on their advisors. It truly is one of those industry’s that can and does perform well regardless of the macro forces that are impacting the economy — positively or negatively. Because what an advisor does everyday impacts people and that is truly a noble profession.
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Perry Braun is the executive director of Benefit Advisors Network (BAN) — a national network of independent employee benefits brokerage and consulting companies.
BAN and PTO Exchange to Give Firms and Employees More Ways to Use Surplus Vacation
FOR IMMEDIATE RELEASE
CONTACT: Jessica Tiller
442-621-7690 or jtiller@pughandtillerpr.com
CLEVELAND, OH (11/19/20) – Benefit Advisors Network (BAN), a national network of independent employee benefit firms, is pleased to announce that it has created a strategic partnership with PTO Exchange, a benefits platform that turns unused paid time off (PTO) hours into liquid assets that can be converted into things employees value – retirement accounts, student loan payments, emergency cash, donations and more.
Under the terms of the new partnership, BAN’s 120+ member firms nationwide will now offer PTO Exchange to their client organizations across the United States.
“There is approximately $65B of unused PTO that is forfeited by employees each year,” says Rob Whalen, CEO of PTO Exchange. “And 2020 is projected to be even worse. COVID-19 has led to employees banking a massive surplus of unused vacation time – up to 34% more, according to industry surveys.”
Continues Whalen, “Our platform gives employees more options to convert that unused vacation into other assets based on their own personal priorities. For employers, we offer a cost-neutral way to extend their current PTO benefit, further support employees, and proactively manage their PTO surplus liability. Particularly at a time when the American workforce needs more options and tools to weather the disruptions caused by COVID-19, we are excited to partner with Benefit Advisors Network.”
Employees can use PTO Exchange to convert unused vacation into:
- Retirement savings – allow employees to add to their 401(k) plans;
- Student loan repayment – provide tuition reimbursement and help to pay down student loans, estimated to total $1.48 trillion in the U.S. today;
- Emergency expenses – empower the estimated 40% of Americans who cannot cover an unexpected $400 expense;
- Healthcare – employees can self-direct to their healthcare savings (HSA) or flexible spending accounts (FSA);
- Travel – exchange for airfare, hotels and other travel;
- Leave-sharing – contribute PTO to fellow employees who may need it; and
- Donations – give to over 1 million charitable organizations in the US.
For employers, benefits include:
- Extending their current PTO benefit;
- Providing differentiated benefits to attract and retain talent;
- Enhancing support for a multi-generational workforce; and
- Proactively reducing the ballooning surplus PTO liability
“Adding PTO Exchange as a partner strengthens the resources available for our members. Employers who offer as much assistance as possible to the variety of generations in the workforce today are demonstrating that they are an employer of choice. In today’s competitive labor market, employee engagement is critical. The benefits of having a corporate philosophy – including financial wellness – means support from the workforce to have an efficiently operating business,” says Bobbi Kloss, BAN’s Director of Human Capital Management Services. “PTO Exchange provides such support to an employer’s holistic wellbeing culture.”
“Adding PTO Exchange to our list of reputable partners provides value and strengthens connections with our members, in turn allowing them to be an even greater resource to their employer clients,” says Perry Braun, Executive Director of the Benefit Advisors Network. “It is imperative that brokers today continue to stay on top of the latest technologies that bring value to their clients, while also allowing them to focus on running their business as efficiently as possible.”
Continues Braun, “We look forward to our partnership with PTO Exchange.”
About BAN
Founded in 2002, BAN is an exclusive, premier, national network of independent, employee benefit brokerage and consulting companies. BAN delivers industry leading tools, technology, and expertise to member firms so that they can deliver optimum results to their employee benefit customers. BAN intentionally limits membership because of the highly collaborative interactions. For more information, visit the Company’s website at www.benefitadvisorsnetwork.com.
About PTO Exchange
PTO Exchange is a flexible benefits platform that turns unused paid time off (PTO) hours into liquid assets that can be converted into things employees value – retirement accounts, student loan repayment, travel awards, charitable causes, and more. PTO Exchange helps companies attract & retain talent, reduce balance sheet liabilities, and strengthen community all while employees reclaim lost PTO. PTO Exchange is SOC 2-certified and trusted by Premera Blue Cross, General Atomics, Howard Brown Health, Slalom Consulting, and others. Learn more at www.ptoexchange.com.