Brokers, What’s Keeping Your Clients Up at Night?

Brokers, What’s Keeping Your Clients Up at Night? 600 600 Balance Point Team

If you were to ask your clients this simple question…

“When it comes to managing your workforce, what keeps you up at night?”

It’s likely “talent management” or “the threat of a lawsuit” would be their response, two top-of-mind challenges faced by organizations today.

Sleep Disruptor #1: Shortage of Talent

According to a recent survey of human resources professionals “the search for high quality applicants” topped the list of challenges preventing them from catching Zs. (64%)

Other top-cited reasons had to do with acquiring, developing, and retaining employees.

“Creating a succession plan” (50%)

“Increasing employee engagement” (49%)

“Managing performance and providing professional development opportunities” (47%)

“Employee retention” (40%)

Sleep Disruptor #2: Costly Employment-related Lawsuits

Compliance with state and federal employment law is another concern making them toss and turn, especially those with New Jersey-based businesses. 2018 and 2019 saw the passing of some of the strictest employment laws in the country, from pay equity to sick pay, family leave to harassment.

Many of these laws are so new and so ambiguous that their full impact is yet to be felt. Anxious business owners are forced to wait and see how violation claims will play out in the courts.

The statistics are frightening enough to keep the sandman away…

More than one in every ten employers will have a charge filed against them.

The average cost of a lawsuit is $160,000 and takes almost a year to resolve.

Help Your Clients Get Some Shut-eye 

As a trusted advisor, clients likely turn to you for advice beyond quotes and plan options. You are in a unique position where you can offer advice and solutions that extend beyond what the traditional broker can provide. By understanding your client’s business needs and concerns you can take on a more consultative role, thus strengthening the relationship.

Ask the Right Questions

As a provider of HCM solutions, we have become experts at getting to the root of our clients’ wants and concerns through a thorough needs analysis. Feel free to borrow some of the questions we use for this process when engaging in conversation with your clients.

What are your long-term goals? Do you plan to expand? What areas?

What strategies do you have in place to help you attract, retain, and remain competitive in the hunt for talent?

Do your employees feel pride in your company? What is the likelihood of your employees recommending your company to family and/or friends?

Do you feel your employees go above and beyond for your company? How do you measure this?

What strategies do you use to make your employees “better employees”?

What are some reasons employees are drawn to your organization? What are some reasons employees they leave?

Do you offer your employees perks or incentives? If so, what made you decide to pursue this?

How does your company keep current with changes in employment law?

Do you have an employee handbook? How often do you review and update it?

How many hours a week do you currently spend on HR-related tasks? How many hours do you feel are ideal?

Do you use software to help you track PTO, manage employee information, onboard new hires, search for qualified applicants?

Balance Point and the Broker

We are committed to being a true partner to the broker, whether that’s providing access to important client data or keeping you current on trends in the HCM world.

You can rest easy recommending our HCM software and HR consulting services to your clients. We do not jeopardize your business because we do not sell insurance.

Discover why “partnership has its benefits” by visiting the section of our website devoted to the broker community.

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