Companies must offer benefits to stay competitive in the labor market, but costs keep rising and most business leaders don’t understand how the benefits system is stacked against them.
Incentives, bonuses, and commissions fuel broker recommendations, and so unless company leadership is informed and prepared, they will likely get a plan that is not in their best interest.
But there are challenges to becoming informed:
- Best practices are siloed. CFOs, CHROs, and business owners generally don’t talk to one another. Innovative plans (and plans to avoid) aren’t shared.
- It’s an annual problem. Renewals happen once per year, so it doesn’t get a lot of attention–even though the wrong plan can torpedo a company budget.
- Few brokers, CFOs, or CHROs know any better. The deck is stacked against businesses, but there are workable solutions almost anybody can use. But most business leaders–and even brokers–aren’t aware of them.
My name is Steve Watson…
…and I’m a CFO, a licensed CHRO, and a licensed benefits broker. I’ve helped my company enjoy over $500,000 per year of benefits savings, out-of-pocket costs that are 20% lower for my employees than they were 9-yrs ago–with the same or better benefits.
How did I crack the benefits nut and get to this point?
The Budget-Breaking Million Dollar Claim
A few years ago we had a million dollar claim for one of the employees.
When our broker called saying our premiums would increase 30%, amounting to hundreds-of-thousands of dollars we didn’t have, I began looking at our benefits more closely.
I also discovered that our broker would receive a 30% higher commission once our rates increased.
Something had to change.
Uncovering the Real State-of-the-Market
I needed to understand what I was dealing with regarding benefits, so I took action:
- I became a licensed broker
- I spoke with brokers all over the country to find out how they operate
- I identified best-practices and built a network of brokers who are working against the broken system
- I spoke with other CFOs and CHROs to see how their companies were doing
- I worked with our broker to create a plan that was set up in our favor that’s allowed us to slash our benefits costs
After all this, I realized that the system is rigged against employers, and I knew I needed to do something about it.
That’s When I Started Trendbreakers…
Trendbreakers allows me to pull back the curtain and arm CFOs, CHROs, and business owners with the knowledge and proven strategies that can make employee benefits work for them–as it has for my company.
How I Can Help You
If you don’t want to head into your next renewal alone, there are three ways I can help you.
- One-on-one guidance through the renewal process. I can help you vet brokers, come up with creative solutions to your benefits challenges, and help you make the best decisions for you and your company’s benefits strategy.
- Cohort Coaching. If you’d like to tackle your benefits with other like-minded business leaders, this option could be a great fit. Safe and discrete, cohort coaching gives you the value of multiple perspectives, experiences, and approaches to benefits that can reduce your costs and enhance your benefits.
- If you’d rather go at your own pace, you’ll enjoy monthly training, group calls, and unlimited text coaching to help you over the inevitable stumbling blocks as you change how you approach your company’s benefits.
Of course, I can’t guarantee that your results will equal my 20% reduction from 2010 rates, or our $500k in annual savings, but I can guarantee innovative ideas and best practices that can level the playing field and set you on the path for future reduced renewals.
Click the option that best suits you below to learn more about how I can help you lower your benefits costs.