There is no doubt that running a business is challenging. The number of moving parts that are required to keep the business going seemingly grows every day. Laws and regulations change. Not to mention, industry changes that impact how you interact with your employees and attract new talent. Tapping into resources like an employee benefits consulting firm can help your company provide value to staff members through having a good benefits package.

Hiring an employee benefits consulting firm can help you attract new talent in your industry, retain your top talent, and establish a positive employer brand. Truly, there are endless benefits to working with a firm. So, let’s dive right into it.



What is an Employee Benefits Consulting Firm?

Before you decide whether or not you want to work with an employee benefits consulting firm, you should know a bit about what it entails. Benefits consulting firms put you in contact with consultants who are put in charge of informing your business on the different types of insurance, benefits programs, retirement plans, and other products.

Oftentimes, it can be overwhelming for an employer to review all of the benefits package information and choose what is best for their company. You have to determine what kind of benefits you want to offer from health insurance to paid time off to retirement and even student loan repayment. The options seem endless. At the same time, the benefits package you offer has a profound impact on your business. It can affect your retention rates as well as your recruitment efforts.

Consultants have special expertise in benefits administration and choosing the right package for your company. Because they are solely focused on how to best administer the right benefits packages for your employees, it makes it possible for them to provide you with well-researched information. Then they can help walk you through how to select, purchase, and disperse employee benefits to your staff. Now that you know what an employee benefits consulting firm is, let’s talk more about the consultants that work there.



What Does an Employee Benefits Consultant Do?

Employee benefits consultants are the individuals you will interact with while determining what the best benefits package is for your company. They are typically the people who solve problems with your benefits packages and benefits consultants have unmatched expertise in what they do. Generally, the work consultants do can be broken down into two categories: selecting the right plan for your business and implementing the plan.

Selecting the right plan for your business will look different for every employer. Some industries place more emphasis on paid time off, while others place a focus on health and wellness. Your benefits consultant will choose the best coverage options to ensure you are competitive in your industry while also maintaining compliance. When it comes to implementing your benefits package, your consultant can help with that too.

Depending on your specific needs, you can choose help with selecting the right plan or administering it or both. No matter what you need help with, they will have the resources to take care of it. In fact, they will connect you with other individuals strategically for you to customize your entire employee benefits plan if needed. Here are just a few of the specific things they do to help your business.



Audit of Your Business

First and foremost, your employee benefits consultant will audit your business to ensure you are adhering to local, state, and federal laws. The laws are constantly changing it seems, making it difficult for many employers to stay on top of what’s going on. Your benefits consultant will take a look at what you are offering in terms of benefits and make sure you are meeting state and federal minimums. Some states have mandates about health insurance and what it must cover. With your consultant’s help, you won’t have to worry about a thing. They’ll audit your existing coverage and provide you with resources to provide the best possible plan while abiding by the law.



Compliance Support

Once an audit has been completed, the consultant will then do a thorough review to make sure you are in compliance. If there are things that need to be taken care of, they offer support with those tasks. For instance, most states require companies to offer employees some kind of insurance coverage. Your consultant will make sure you are within compliance and provides you with all the resources you need to get there.



Strategy Determination

When it comes to recruitment and retention, your benefits strategy is important. You should be offering something that is not only within compliance with state and federal laws, but you should look to offer benefits packages that are competitive in your industry. A benefits consulting firm can provide you with in-depth information about what other employers in your industry are offering in terms of benefits. Then they can outline what you can do to make your company stand out and become an employer of choice in the sector.



How Can a Benefits Consulting Firm Help Your Business?

There are a number of ways employee benefits consulting services can help your business. The immediate benefit is that you will receive help in finding the best benefits package for your employees. They will also help make the process of choosing and implementing your new benefits plan so much easier. If you decide to work with a consulting firm like Odell Studner, here are some of the advantages you can expect to see.



Selection of Employee Benefits Packages

Your employee benefits consultant will help you select the best possible benefits package combination for your organization. They will provide you with various different possibilities in terms of insurance coverage, retirement plan, paid time off, etc. Then they will let you compare it to your current plan as well as the plans of your competitors. When they are done, they will also provide you with well-informed advice on which you should choose.



Employee Benefits Package Administration

After the best possible benefits package has been selected, your consultant will then help you implement the plan. Typically, benefits consulting firms have access to technology that makes the implementation of your new benefits package easier. They can use automation technology and specific tech to manage documentation. Tech can also help ensure compliance and help make sure every employee is using their benefits to the fullest. Most businesses don’t readily have access to this technology. Working with a firm helps you tap into that technology without having to invest in it yourself. Not to mention, they have years of benefits administration experience that will lend a helping hand too.



Cost Savings

With all the help provided by the employee benefits consulting firm, you will be able to save a ton of money for your company. Take the issue of compliance into consideration. Non-compliance with state and federal laws can cost your business some serious money. While investing in a relationship with a consulting firm will have some initial upfront cost, the cost of non-compliance is much higher. In fact, it is about three times higher than what you pay for working with a consultant. By working with a benefits consulting firm, you won’t have to worry about not being in compliance.



Industry Knowledge

At the end of the day, working with an employee benefits consulting firm will provide you with more industry knowledge to put you ahead of the competition. Your consultant will ensure you are within compliance but that you also stand out among other employers in your industry by offering something that sets you apart. For instance, many companies are offering remote or hybrid work models to offer employees more flexibility. Another thing many employers do is offer some kind of 401k matching or similar financial incentive. Whatever the case may be, a consulting firm will provide you with information on industry norms and give you an idea of things you can do to become an employer of choice.



Turn to the Consultants at Odell Studner in King of Prussia for Your Employee Benefits Solutions

Now that you know what an employee benefits consulting agency can do for you, what are you waiting for? Consultants will make it easier to find benefits plans that meet the needs of your current employees while simultaneously helping you attract new candidates. Not to mention, you won’t have to worry about being within compliance. Your consultants take care of all of that for you.


If you are looking for an employee benefits consulting firm, look no farther than Odell Studner in King of Prussia. The professionals at Odell Studner are ready and eager to assist your business with its employee benefits solutions. Our team has industry knowledge that will help you decide what employee benefits packages will be the best for your organization. More than that, we will help you manage administration and save you money along the way. Contact us today to learn more about our services and how we can help your company manage its employee benefits.