Back to Basics: What are Group Benefits?
Let’s rewind a bit, and get back to the basics.
We use the term “group benefits” or “employee benefits” every day. It’s high in our vocabulary because it’s our bread and butter, our shtick, our niche. Whatever you want to call it, it’s what we do. Sure, we can provide a number of other services, but at the end of the day, NewGround Financial specializes in Group Benefits.
It struck me a while back, as I was talking with an HR professional at a networking event, that it’s quite possible a lot of people actually have no idea what I mean when I say “group benefits”. In conversations, sometimes people will respond with questions like, “Oh… like employee benefits?” or, “So you sell medical coverage?”
Yes, and yes. But there’s so much more to it than that.
At the most basic level, an employee benefits program can bolster an employee’s compensation package and it often includes things like Life Insurance, Survivor Income Benefits, Critical Illness Insurance, Accidental Death and Dismemberment Insurance, Short and Long Term Disability Insurance, Health Insurance (including drug and paramedical coverage) and Dental Insurance. Some plans even come with built-in Employee and Family Assistance Programs and Virtual Healthcare, which has become increasingly important during the COVID-19 pandemic.
Sure, group benefits plan can provide plenty of additional support and security for employees, but a truly strategic and comprehensive plan can help employers:
attract and retain top talent;
improve employee morale and productivity;
keep healthy people at work (or help sick people feel better so they can get back to work sooner); and
save money long-term by avoiding the renewal roller coaster.
As a designated Certified Employee Benefits Specialist, I work with business owners and Executive Directors to help protect things that matter to them. That could mean creating a tailored benefits plan to support people who work tirelessly in the non-profit sector; finding a sustainable benefits solution that supports a business owner’s bottom line; helping an organization design an innovative plan that fits their unique needs; or anything in between.
Anyone can sell a group benefits program, but working in this industry gives NewGround the opportunity to serve others. Every day, I look forward to meeting new people and getting to know them. I ask questions so I can understand what’s important to them—what makes them tick. That’s how I figure out how I can add real value to their business and to the lives of their employees.
If you are a business owner or an Executive Director and you are interested in exploring group benefits for the first time, or would like to see how NewGround Financial can help you improve your current program, contact us or book a meeting. We’d love to discuss how we can address your unique needs.