Professional services firms spend an average of 34% of total compensation costs on benefits. While employees are the top resource for any company, businesses may have an opaque view of the cost of their benefits, which are increasing at an average rate of 12% to 20% year-over-year. Concertiv specializes in helping professional services firms realize savings and increase workplace productivity through optimizing employee benefits in an analytical manner, tailoring those needs to a changing workplace atmosphere.
A - Analysis
The first step to decreasing overall benefit costs is to understand what firms and employees need and compare those findings with the services the firm currently receives. To assess the current state, Concertiv reviews the demographic breakdown and wellness benefit needs on a firm-by-firm basis. Subsequently, Concertiv performs a dependent census to gather a comprehensive understanding of the unique needs of the employees at the firm.
With this data and industry knowledge, Concertiv then determines if the current services offered are the best fit for the firm. Through benefits cost containment, Concertiv advises firms on how to align their benefit offerings with employee needs and expectations. Assessing which benefits employees are utilizing is one of the first steps in lowering benefit costs because it allows firms to eliminate extraneous offerings.
B - Best Practices
In addition to maintaining key benefits at a lower cost, Concertiv also utilizes data from employees to find and fill gaps in coverage. With the industry-wide shift to remote and hybrid workplaces, expectations and costs relating to workers compensation have changed dramatically. In the past, there was a clear delineation between the home, commute, and working environments, which helped to isolate workers’ compensation claims. Those lines, and thus a firm’s responsibility, are no longer as clear as in the past; for example, employees may claim workers compensation due to issues caused from the lack of ergonomic work setups at home. Concertiv identifies and advises firms about these current and changing work environments and quantifies their impacts on overall cost.
To help eliminate analysis paralysis clients may face with the amount of options available to them, Concertiv works as a liaison between firms and Professional Employer Organizations (PEOs) to communicate the needs of the firm and the firm’s employees. There are over 2,000 PEOs operating in the United States, and there is large variability in costs based on what firms need and use. Concertiv is vendor agnostic – meaning that Concertiv does not receive payment or incentives from any PEO or benefit provider. This allows firms to rest assured that Concertiv is providing them with the best benefits offerings possible.
To aid PEO transitions, Concertiv helps firms provide transparency to their employees about what benefits are changing as well as how these cost containment measures can pass on savings to the employees themselves. Assisting with language and expertise in the transition period helps employees understand their benefits as well as answer any questions they may have about upcoming changes to their existing offerings.
C - Concertiv Programs
Through Concertiv’s industry relationships and negotiation expertise, companies can see up to a 20% cost reduction on their existing benefits packages. Concertiv connects firms with the best vendors and benefits providers to ensure employee satisfaction through facilitating RFPs, conducting surveys and benchmarking with peer firms, providing insights on the current market landscape, and assistung clients through any transitory periods that come with making these changes. For firms interested in how Concertiv can apply the ABCs of Data Driven Benefits to their business, please contact us to learn more.