Your Group Benefits – The REAL In’s and Out’s

Again, another blog entry from Jim Campbell on HR Benefits. Jim runs a SDVOSB focused on HR Benefits and Financial Planning for Government/Commercial Contractors.

Your Group Benefits – The REAL In’s and Out’s

So as a new or existing SDVOSB that is looking to grow, you have to offer the biggest and best benefits package and take a lower margin on your new or current contracts, right? WRONG!!!! The real deal on benefits is what most “broker” or “houses” will not tell you or offer because they are more worried about making money from you and selling you something as opposed to partnering with you and helping you grow. A real partner would properly inform you of current market trends (average rate of increase year over year for each product for your industry), create a strategy that doesn’t involve the most expensive and clear cut option out there, how to administer your benefits package, and how to handle your HR issues as you grow for the company and the employees.

First and foremost, please don’t think you won’t be able to find good, qualified employees if you don’t offer the biggest and best right off the bat. If you have to do that, they are not the employees that you want to build the companies growth around. Secondly, there are no clear cut ways to get to your end goal. One of the core missions of our firm is to make sure our clients are properly informed of ALL their options and how they can directly and indirectly impact their current situation and future growth. Lastly, and possibly most importantly, the benefits package you offer should be designed to not only retain the current talent you have, but attract the talent you want and need to grow your company. This holds true whether you are professional services IT company, or a maintenance and attendant company doing cleaning jobs in remote military installations. This last point has shown to be the most important attraction and retention tool during our current market spiral and slow economy.

The burning question now is “If you know so much then what should I be offering to my employees so they don’t walk out the door?” The answer to that is simply, whatever honestly fits into your cost model to properly build your company. You will undoubtedly have a business model that allows for a certain margin to grow you company. Even though benefits are technically the second largest line item on a budget sheet next to payroll, they also serve as the truest commitment you have to your employees. In days of tough economic times, people will accept less compensation (slightly less) in order to have quality benefits. To create a quality program for your employees and future employees, you don’t have to shoot the moon. You simply need to keep your margin in mind and work with a true consultant that understands how important you fringe pool is. Also, consider the services you receive from your current consultant. Are you receiving the tools and services commensurate of having your business? If you don’t feel that you are, contact us and we will show you where you are right or where they are doing wrong.

As always, if you have question, concerns, or just want to talk about different solutions or situations, please always feel free to reach out.

All the best and continued future success,
Jim

James V. Campbell
Integrated Benefits Group, LLC (A SDVOSB)
IBGS
jcampbell@benefitsintegrated.com

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2 Responses

  1. GreetingS.
    Not many people know what is being shared here. Thanks for sharing it with us.

  2. I totally agree. Those brokers who compromise their integrity for a good deal now always have it come and bite them in the butt. What goes around comes around. Great article!

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