Preparing for 2023: Top Tips for Brokers
Tuesday January 17th, 2023
Estimated time to read: 2 minutes
As we approach the end of 2022, it’s time to start thinking of the new year. We’re breaking down what brokers need to get ready and areas to focus on.
Your clients need to find, hire and keep the best employees. They also want to reduce the workload for HR processes like payroll and reporting. And meeting compliance and other legal requirements could always be easier.
Top ways brokers can help their clients achieve their goals in 2023:
- Simplify clients' EX with HCM software
- Streamline open enrollment with technology
- Offer resources to ensure compliance
- Provide access to a third-party administrator
Simplify clients' EX with HCM software
Retention is top of mind as we enter 2023. According to isolved's 2022 survey of HR leaders, 56 percent said retaining talent was more difficult over the last year. To keep their employees, companies are looking to enhance the employee experience and are turning to HCM software to help them do it.
Automation is key. According to the Gartner MarketGuide for Integrated HR Service Management Solutions 2021, by 2024, 60 percent of employee-related HCM transactions will be accomplished via preconfigured, employee-initiated workflows. Automating processes and systems will keep things running smoothly and efficiently which frees up time for your clients to focus on what matters most. Utilizing a third-party service provider can help. Your clients can streamline the entire employee life cycle and boost EX with a full-suite of HCM technology products and solutions.
Streamline open enrollment with technology
According to the LIMRA and E&Y Study 2021, when selecting benefits providers, two thirds of employers say they would choose firms that work well with their benefit technology platform, even if their product is a little more expensive. For efficiency and better benefit offerings for their employees, employers are willing to spend more money to ensure they can retain top talent and simplify processes.
Smart employers are recognizing the importance of turning this around.Sixty-one percent of employees rate open enrollment as either extremely or moderately stressful according to our most recent survey. Lack of education and access to a simplified platform are among the top complaints for employees about open enrollment. A benefits enrollment platform like isolved offers, is a single source that communicates all information to employees to better the process. It’s beneficial to have everything in one place to not only save time but increase efficiency all around.
Offer resources to ensure compliance
COBRA, FMLA, HSA, FSA can affect retention as well. Offering these benefits to employees is not only crucial to employee retention, but necessary to stay compliant. It’s important to keep an eye on the requirements and upcoming critical dates for 2023, as well as reporting and government filing deadlines for your clients to stay on top of.
The government keeps changing the rules, compliance mandates are complex and many businesses miss out on tax credits. In order to combat this problem, HR leaders are beginning to outsource HR compliance and efficiency analysis. By doing so, they’re able to save money and ensure compliance.
Provide access to a third-party administrator
If your clients are struggling with these kind of issues and they’re looking to start 2023 on the right foot, a third-party administrator can help. isolved offers the benefit of a la carte solutions where clients can choose what they want and nothing they don’t, or a full-service package that includes everything they need. Our customizable options will help your clients to save time, money and to be able to focus on what matters most.
Call 800.733.8839 or contact your sales executive directly to learn how isolved can help.
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