Benefits brokers face an ongoing challenge to stay ahead of industry trends while also providing substantial value to their clients. As with any advisory service, increased value to the client equates to repeat business, more clients, and increased revenue.
One area where brokers can make a significant impact is by guiding their clients in selecting the right HR technology solutions. By doing so, brokers can enhance their advisory role, strengthen client relationships, and ultimately drive better outcomes for businesses.
This is also a tactic that the best brokers are using to win new business in an ever competitive marketplace - a few stories below highlight how impactful this can be for a broker's business.
Understanding the HR Technology Landscape
HR technology encompasses a broad range of tools and systems designed to streamline and enhance human resource management. These include, but are not limited to, payroll systems, talent management platforms, benefits administration software, and employee engagement tools. For benefits brokers, understanding these technologies and their applications can be a unique differentiator that helps them win and retain business.
In larger part, this is because the right HR technology can transform a company's people operations, improving efficiency, reducing costs, and enhancing employee satisfaction.
However, the sheer volume and variety of options available can be overwhelming for businesses. This is where benefits brokers can step in to provide invaluable assistance.
Helping Existing Clients
The first step in helping clients find the right HR technology is understanding their specific needs.
Every business is unique, with its own set of challenges and priorities. Brokers should engage in detailed discussions with their clients to identify pain points and areas where technology can provide the most benefit.
A recent example I ran across involves a broker who was working to retain an existing client. During a lunch meeting, the client mentioned they were considering moving off their existing HCM suite due to a poor customer success experience.
The broker, not being an expert in HCM, used SSR's free
This success story highlights how brokers can leverage expert resources to meet their clients' needs effectively and demonstrate their value as trusted advisors.
Winning New Business
Benefits brokers are often engaged in long sales cycles and are continually seeking ways to add value and build trust with prospective clients. One effective strategy is to address common pain points that prospects face, such as dissatisfaction with existing HR software or payroll providers. The pain point may even be that a client's existing software ecosystem, or lack thereof, doesn't support a good benefits offering.
A broker we know recently aimed to secure a town government as a new client. The municipality's treasurer, who had recently been elected, faced significant challenges due to an outdated payroll system. This system was a bottleneck to making changes to benefits, and generally a thorn in the side of the town treasurer.
While not a payroll expert, the broker helped the municipality identify and transition to a new system by using
This assistance was instrumental in winning the business, showcasing the broker's ability to solve critical issues and add substantial value early in the relationship.
Evaluating HR Technology Solutions
Once the client's needs are clearly defined, brokers can begin evaluating
Key factors to consider include:
- Functionality: Does the technology meet the specific needs identified? What workflows exist in the current system that are must-haves in the new one?
- Integration: Can the new system integrate seamlessly with existing software and processes? Do these need custom development work, or clumsy CSV based workflows?
- Scalability: Will the solution grow with the company as its needs evolve?
- User Experience: Is the platform user-friendly for both HR staff and employees? Does it have a mobile friendly version?
- Cost: Does the solution fit within the client's budget? If premium priced, what are we paying for?
Ideally brokers should leverage their industry knowledge and relationships with vendors to negotiate favorable terms and ensure their clients get the best possible value.
Building a Stronger Partnership
Ultimately, helping clients and prospects find the right HR software is about building a stronger, more collaborative partnership. By positioning themselves as trusted advisors with
In conclusion, the role of benefits brokers is evolving, and those who embrace HR technology as a strategic tool can significantly enhance their service offerings. By understanding client needs, evaluating solutions, demonstrating ROI, and providing ongoing support, brokers can help their clients navigate the complex HR technology landscape and achieve better business outcomes.
As the business world continues to change, brokers who adapt and innovate will be well-positioned to thrive and lead their clients to success.
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