In the continued war for talent, employers increasingly rely on benefits to help differentiate their organization and attract and retain better employees. Brokers have long played a critical role in this battle, helping employers build a better benefits package. But in today’s fast-changing workplace, a broker’s expertise on the multiple challenges their clients face is just as important as knowledge of the complicated benefits market.
MetLife’s 2018 Broker Study illuminates the evolution of the broker to trusted advisor and expert on the modern workplace and workforce trends including key components in driving growth:
Broker's expertise: Employers are working hard to keep pace with workplace trends, and they're increasingly looking to their brokers to help navigate the new world of work. Employers report that they'd turn to their broker for expertise regarding cost savings (64%), innovative benefits solutions (60%) and benefits administration solutions (58%).
- Work-life balance: 76% of brokers say that their clients need to focus additional attention on supporting work-life balance. Broker activity reflects this sentiment, with broker recommendations for non-traditional benefits related to work-life enrichment significantly increased from last year.
Three key takeaways from the MetLife Broker Study can help you elevate your role and add value to your client relationships:
1. Stay updated – and update your clients.
Dedicate time to studying workplace trends, the role of benefits in meeting employee needs and the proven results for employers that do. Educate your clients on these issues year-round, and not just when evaluating plans and enrolling employees.
2. Encourage your firm to lead by example.
It’s time for more brokerage firms to embrace their own advice and reap the rewards of offering a wider array of medical and non-medical benefits.
3. Dive deeper into non-medical benefits.
Understand the variety of offerings available to your clients, especially those that promote work-life enrichment, how these benefits fit in with current offerings and why they’re an increasingly important part of any benefits package.
Explore additional insights from this year’s study for your next client consultation.