Fortune 200 companies have benefits directors who have risen to the top of their profession. They are strategic. They know how to communicate with employees and with senior management. And they are the interface between their company and all those who provide employee benefit plans and services.
But employees' life needs are universal, regardless of the size of their employer. Employees at a company without the specialized professional resource of a benefits director still have the same security and well-being needs as those at the largest companies.
A benefits director helps the company deliver a comprehensive benefits program that is well designed, well communicated and well administered. You are a benefits expert and you can serve your clients — of any size — and their employees.
Taking on the benefits director role in today's challenging world may require advisers to learn new and different competencies. The very best benefits directors are connected. They do not only face inward toward their own company; they look outside. They are informed, networked, and up to date. They are active in HR/Benefits organizations and keep current on pending laws and regulations. They study all the latest products and they know what their peers are doing and thinking.
Of course, they understand the business of their company and are integral to the management team. They stay informed on what matters to the company — its industry, products and customers. You should do no less for your clients.
In recent months, many HR managers have been directed to make cost reductions their No. 1 priority. Management will be looking to the benefit program as a potential source of savings, and your expert counsel will be critical to support their decision making. If you're in regular contact with your client, you already know of this priority and you'll be bringing solutions to the table even before they're asked for.
A benefits director looks at the company's entire benefits program. While you may be the adviser for one element of the company's benefits program — for core benefits, for voluntary benefits, for retirement — you best serve your client if your counsel takes into account all the plans offered. Because this larger view is how employees look at their benefits and is a key factor in how they view their employer.
Just like a benefits director, if you're engaged year-round with the company, you'll know and understand their needs and you'll become a trusted partner helping them develop and implement their benefits strategy.
Recognize that HR managers have limited internal resources. Benefits is a team sport. There are many players — insurance brokers, consultants, carriers, TPAs, 401(k) providers, each with unique roles, skills and contributions. Get to know and cooperate with the rest of the company's team — like a benefits director who knows all the players.
Knowing the issues that other advisers are addressing will enable you to help your client manage their overall benefits program.
We've worked with advisers who truly team with the company, in effect, delivering the specialized services of a benefits director. They're invaluable to their HR manager clients.
Today, a workforce that remains productive and is not distracted is even more critical to your client's survival and success. Benefits are a focus for employees and their families; they shouldn't be a distraction. You'll be serving as a valuable partner to your client by helping them as they manage their benefits program. Stepping up to this major role may be a challenging experience, but it's likely to be the new standard for benefit advisers.
Joseph, formerly a benefits director for a major employer, is now CEO of Rhodes-Joseph & Tobiason Advisors. She, along with co-author and business partner Tobiason, now advises on benefits for medium to larger employers. She can be reached at donna.joseph@rjtadvisors.com.
