Offering great benefits can give an employer a competitive edge over other companies seeking to attract top talent. But, before landing the perfect benefits package, companies first must find the right employee benefits broker.

Benefits are likely to be one of a company’s largest expenses aside from payroll, and finding the right representative to manage that money is no small task.

Here are some tips for choosing the best employee benefits broker for your business in Nashville:

  1. Start early. The best time to start the hiring process for a new employee benefits broker is right after renewal, when all the challenges from negotiating last year’s benefits package are still fresh. At the very least, companies should start the search for their employee benefits broker six months ahead of open enrollment.
  2. Build a large pool of candidates. There’s no shortage of employee benefits brokers, and companies shouldn’t limit themselves when scanning the field for options. By talking to several different brokers, employers can learn more about what services are out there and what may benefit their company.
  3. Ask for recommendations. It’s easy to find a list of brokers using the Society for Human Resources Management (SHRM), but it’s much better to ask around for recommendations. Other business owners, HR managers, or board members are a good place to start when looking for a great recommendation.
  4. Be thoughtful with the questionnaire. If your company chooses to go through an RFP or questionnaire process, choose questions that are tailored to the company’s specific needs. In addition to asking about the benefits themselves, companies should ask brokers about their customer service, fees, and other services.
  5. Every company is different. Location matters. If you are a Tennessee-based company, you should have a Tennessee-based employee benefits broker. Other considerations include company size and growth potential.

To learn more about how LBMC Employment Partners can help your company with employee benefits, contact us today.