Tag Archives: employee benefits audit

5 Dangers of Not Getting an Employee Benefits Audit

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When was the last time you’ve had an expert help you do an Employee Benefits Audit? If you’re like most companies, the answer might be “never.” Many businesses stick with the same benefits plans year after year, making only minor adjustments here and there. While this might seem convenient, it can lead to several significant risks. Here are five dangers of not getting an Employee Benefits Audit:

1. Overpaying for Benefits

Without a regular audit, you may be paying more than necessary for your Employee Benefits. Plans that were competitive a few years ago might now be outdated and overpriced. By not reviewing and updating your benefits package, you risk spending more money for less value. This can directly impact your bottom line.

2. Inability to Customize According to Needs

Every company is unique, and so are its employees’ needs. Standard, one-size-fits-all benefits plans often fail to address the specific requirements of your workforce. An Employee Benefits Audit helps you identify gaps and customize your benefits package to better align with the needs of your employees. Without it, you may end up with a plan that cater to the varying needs of your team members.

3. Lack of Solid Customer Support

Issues with benefits plans are inevitable. When problems arise, you need quick and effective solutions. Big payroll companies often provide limited customer support, leaving you to navigate frustrating phone trees and automated systems. Without a dedicated team to assist you, resolving issues can become a time-consuming and stressful process.

4. Inadequate Coverage for Employees

Employee needs change over time, and so should their benefits. Without an audit, you might miss out on updating your plans to reflect current needs. This can lead to inadequate coverage, causing dissatisfaction and potential retention issues among your employees. Ensuring that your benefits package evolves with your team is crucial for maintaining a happy and healthy workforce.

5. Missing Out on Cost-Effective Solutions

The benefits landscape is constantly evolving, with new and more cost-effective solutions emerging regularly. Without an Employee Benefits Audit, you might miss out on opportunities to enhance your benefits while reducing costs. Staying informed about the latest trends and options ensures that you’re providing the best possible benefits at the best possible price.

Why CorpStrat is the Solution

At CorpStrat, we understand the importance of a thorough Employee Benefits Audit. Our team specializes in offering comprehensive audits to ensure you have the most effective and efficient benefits plan in place. We help you:

  • Identify and eliminate unnecessary costs.
  • Customize your benefits to meet your specific needs.
  • Provide exceptional customer support whenever you need it.
  • Ensure your employees have the coverage they truly need.
  • Stay ahead with the latest, most cost-effective benefits solutions.

Don’t let outdated benefits plans put your company at risk. Contact us today to learn more about how an Employee Benefits Audit can benefit your business. Let’s have a conversation and explore how we can optimize your employee benefits experience.

7 Signs Your Company Needs an Employee Benefits Audit

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Are you wondering if your Employee Benefits plan is truly hitting the mark? It’s time to reconsider how you approach delivering employee benefits. Year after year, many businesses let their employee benefits package remain unchanged. This means they’re offering tired, unattractive benefits that don’t compete well in today’s job market.

But here’s the kicker: if this sounds familiar, you might be missing out big time. That’s where our Employee Benefits Audit comes in.

What exactly is an Employee Benefits audit?

An Employee Benefits audit is your ticket to a benefits package that not only meets but exceeds your employees’ expectations. We’ll dive deep into your current offerings, ensuring they’re tailored just right for your unique needs and the needs of your team.

Now, change can be daunting. But with the incredible technology available today, it’s worth it to shake things up a bit. And don’t worry, we’ll be right there beside you, guiding you through every step of the process.

All Pros, No Cons

And the best part? When you invest in an Employee Benefits Audit, it’s all pros and no cons. Either we uncover ways to save you money and enhance your benefits package, or we confirm that your plan is already top-notch. It’s a win-win situation for you and your team.

So, what are the signs that your company needs an Employee Benefits Audit? Here are our top seven signs:

  1. High Employee Turnover: If your turnover rate is higher than industry average, it could indicate dissatisfaction with your benefits package.
  2. Employee Dissatisfaction: If employees frequently express discontent with their benefits, it’s time to reassess.
  3. Decline in Morale and Engagement: Notice a lack of enthusiasm? Your benefits package could be a contributing factor.
  4. Company Growth or Demographic Changes: Changes in workforce size or composition may necessitate adjustments to your benefits.
  5. Competitive Pressure: If competitors offer more attractive benefits, you risk losing talent to them.
  6. Compliance Concerns: Encountering compliance issues? Your benefits package may not be up to snuff.
  7. Alignment with Company Goals: Unsure if your benefits package supports your long-term objectives? It’s time for a review.

If any of these signs resonate, it’s time to act. Let’s work together to craft a benefits plan that exceeds your wildest expectations.

Your employees deserve the absolute best, and with our Employee Benefits Audit, you can give it to them. Don’t settle for mediocrity—contact us today for a free consultation and let’s make it happen!

Employee Benefit Considerations for Companies in Transition

M&A in your future? You need an Employee Benefits Audit.

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The recent trend of mergers and acquisition of closely held businesses is on the minds of so many business owners these days. Virtually unlimited sources of Venture Capital coupled with inflation, rising overhead expenses, and the great resignation has made pursuing exit strategies increasingly attractive.

A thorough employee benefit review is critical for every company, but particularly those that are considering entering and preparing for any M&A activity.

Here’s a quick hit list of issues that should be reviewed and addressed:

  1. Have you benchmarked your Employee Benefits package against companies of similar size in your industry? Is your benefits package competitive enough to attract and retain talent?
  2. Are your retirement plan programs in full compliance with ERISA and fiduciary responsibilities including filings of all required tax reporting? Do you know who the fiduciary on your plan is? If you don’t know, its likely you — the business owner
  3. Do you have key people coverages that can assure prospective purchasers that their most important people are protected and insured?
  4. Review any and all TOP HAT or executive compensation programs, and be sure to address any unfunded liabilities or promises like bonus agreements.
  5. Prepare any desired severance and retention bonuses and consider equity/phantom stock agreements that could help assure continuation for key people.
  6. Be sure your company is fully compliant on ACA reporting as well as affordability of benefits for firms 50 and up.

Review all HR documents, time keeping systems, PTO , OT, etc and ensure the are all in compliance and up to date

Have an outside advisor review your HR and audit your processes to be sure that you do not have any potential exposures.

This really is just the tip of the iceberg. There are so many key details that need to be addressed but this list is a great start to helping your company prepare for the best outcome in any potential transactions.

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If you’re interested in an Employee Benefits Audit, we can help with that. Learn more here.