Want to Ensure a Seamless Renewal? Avoid These 3 Mistakes

Want to Ensure a Seamless Renewal? Avoid These 3 Mistakes

Renewal season is an integral period for employers. It’s the one time of the year you get the opportunity to make changes to your benefits offerings — changes that have the potential to significantly impact retention rates, employee satisfaction and ROI.

The high-stakes nature of this process means you must be on top of your game and avoid costly missteps. In this article, you’ll discover some of the common renewal pitfalls employers fall prey to and how you can avoid them.

Putting Health Plan Decisions Off

One of the biggest mistakes employers can make during renewal season is waiting until the last minute to make benefits decisions. Putting off the evaluation process will back you into a corner and severely limit your options, leaving you to settle for expensive offerings that don’t adequately meet your employees’ needs.

The key to a successful renewal is starting early. Renewal conversations should start months before your renewal deadline to put your organization in the best position possible to secure affordable, effective employee benefits.

Sticking With the Status Quo

This applies to both funding options and carriers. There’s no one-size-fits-all funding strategy or insurance provider, and employers who want to cut costs and secure the benefits their employees really want must consider alternatives.

From self-funding and level-funding to HRAs and captives, there are a variety of alternative funding arrangements that employers should consider as part of their ongoing renewal discussions. Additionally, it’s important to look at your carrier through a critical lens. Are they offering benefits options that meet your needs? Or are you playing it safe by sticking with your current carrier?

Your benefits broker should be steering you toward the funding solutions and carriers that will help you take your benefits offerings to the next level. If you feel that you’re being wrongfully advised to stick with the status quo, it may be time to consider swapping brokers.

Failing to Effectively Communicate

Putting together an exceptional benefits program during renewal won’t mean anything if you fail to effectively communicate the value of those offerings to your employees. Ensure that the time, energy and financial resources you’ve poured into securing tailored, affordable offerings don’t go to waste.

Get the guidance you need to envision, plan and implement an effective benefits communication strategy by consulting our Benefits Communication Strategy Checklist

For specific advice tailored to your organization’s communications needs, turn to our Total Rewards Communications Consulting team.

Start planning early, consider all your options and prioritize employee communication — these are three ways employers can avoid some of the common renewal season mistakes. Want to learn more about how CBIZ Employee Benefits can help you achieve a seamless renewal from start to finish? Connect with our advisors today.

Want to Ensure a Seamless Renewal? Avoid These 3 Mistakes https://www.cbiz.com/Portals/0/Images/IP-Industry-PE.jpg?ver=hObr2w5Yk-fmDDfPkSu5ZQ%3d%3d In this article, you’ll discover some of the common renewal pitfalls employers fall prey to and how you can avoid them. 2022-06-17T16:00:00-05:00Renewal season is an integral period for employers. It’s the one time of the year you get the opportunity to make changes to your benefits offerings — changes that have the potential to significantly impact retention rates, employee satisfaction and ROI. Employee ManagementEmployee BenefitsYes