A 10-Question Guide to Help You Avoid Surprises
Today, benefits account for 31% to 38% of your member groups' total compensation spend. As a trust or association made up of employers of all shapes and sizes, that probably doesn’t surprise you, especially in this rapidly evolving labor market.
More importantly, it’s a testament to the important role you play in serving your member groups’ needs for administering the employee benefits that help them attract and retain top talent.
Whether you serve your pooled group as an executive director, benefits director, fund manager or in another capacity, it’s your job to ensure they have access to the right benefits in the right place and at the right time.
And that requires the right technology.
Fortunately, the cost of benefits administration technology has decreased dramatically in recent years. That’s good news, but it also means your competitors are likely considering more advanced solutions to better position themselves and gain more market share—namely your market share.
As pooled groups begin evaluating their options for new technology, many soon find themselves at a fork in the road: whether to invest in an insourced model (e.g., technology tacked on to existing software) or outsource most of the work to a third party.
This guide can help. In it you’ll learn 10 questions to ask yourself as you determine which sourcing model works best for your trust or association, including:
What’s my projected total cost of ownership throughout the contract?
Will my platform support my member groups’ future benefits strategies?
Which compliance issues should I consider?