There is no doubt that 2020 was a historically challenging year. A global pandemic detonated on every continent on the planet and the shockwaves are still rippling through our lives, impacting our collective health, disrupting our family, social and business interactions, and impairing our financial well-being.
As William Shakespeare wrote: "What is past is prologue." So, what have we learned over the last year? What can we do differently this year to help our clients, to aid their employees, and to improve our own businesses? What can we do to be a positive force in a world filled with uncertainty?
In some respects, we should view 2021 the same way we should have been approaching prior years all along, but with a greater sense of purpose and urgency. For many of us, that means in a different manner than our well-intended but failed execution of providing consistently meaningful, insightful advice that will positively impact our clients.
So, what should we do differently right now and in the weeks ahead? If you have not done so, you should schedule a debrief session with each important client to review the results of the 2020 open enrollment experience and to build consensus for future actions. Now is the time to schedule that meeting while the actions, missteps and outcomes are still remembered. That will help to assure 2021 is even more successful, and that you have retained your clients. As an industry, we tend to look at open enrollment as an event, but in reality, it is a process. It’s a process that lasts more than four to six weeks and needs to be evaluated and improved.
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What else can you do right now? You have to deliver greater value and position yourself to be your client’s human capital management adviser. You need to go beyond being perceived as the point of access to benefits product information and services, and transcend your client’s expectations.
Well the best way we know is to create a multi-year benefits strategic plan. Now is the perfect time of year to initiate such discussions with your existing clients and prospects, as well. It is a powerful planning process that will enable you to guide your client’s benefits planning for the future.
A benefits strategic plan articulates how the benefits program will continue to support the attainment of the overall business plan and corporate objectives. It will explain how the benefits component fits into the total compensation plan and provides rewards and incentives to employees to achieve the corporation’s goals.
By using a strategic planning process as a tool you will establish greater credibility with your client’s senior management and elevate your interaction to that of a trusted adviser. We realize that initially you may not be comfortable with this approach, but we can help you. There are tools that can assist you, and in no time, you will be wondering why you didn’t start using this approach years ago.
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So here’s a winning action plan that is designed to stimulate your thinking:
• During the next 30-45 days, review and assess the prior and current year’s benefits offering, the enrollment process utilized, and the overall results.
• Note any appropriate changes and lay the groundwork for future benefits decisions.
• Propose the development of a three to five year strategic plan to the pertinent decision-makers at your client or prospect organization.
• Encourage HR, benefits, and finance to participate. If possible, get the ownership or CFO involved in the process.
• If you are not the broker of record, this is your way to get “inside the tent”. Raise your clients’ expectations about the services a “benefits adviser”, one that is a “trusted adviser”, should be providing.
• Schedule a brainstorming session with your client to get all the issues out on the table. Your role will be that of facilitator. Employ a consultative approach.
• Use the topics (below) to get the discussion started. Facilitate a high-level discussion about your client’s organizational goals. Potential sample topics include:
- Target employee retention goals
- Compensation and benefits integration objectives
- Benefits options for executives, full-time and part-time employees
- Budget forecasts for premium increases for group health insurance
- Contingency plans should those premium increase targets be exceeded
- Plan redesign considerations
- Creation of coverage gaps and discussion regarding how to fill those gaps
- Consideration of the intelligent integration of voluntary (employee paid) benefits and life-style benefits
- Improving employee benefits communications
- Leveraging technology (if appropriate)
Right now, your clients and prospective clients have the time to spend learning new approaches to managing their business operations and they have a very active interest in hearing from a valuable and trusted advisor. It’s time to be proactive. This is a winning strategy. I know, because we have helped any number of advisors over the years to create these kinds of communication campaigns, and that was long before our current crises. And most of all, your clients need your advice and counsel. Step up and make a difference. Everyone will be better for it.
