The Promise: The Value of a Third Party Administrator

At The Benefits Trust we see employee benefits plans differently than the big impersonal providers do.  A benefits plan is a commitment—a promise—made by an employer to their employees.  We also believe that employers should have complete control over their benefits plans.

A Third Party Administrator (TPA) works with your professional advisor to create a truly customized employee benefits plan.  A TPA further implements and manages the plan on your behalf, ensuring that your promises to your employees are kept.

The Right Benefits for the Right Employees:

You run a successful franchise restaurant, but you have a staggering 300% turnover rate.  (Don’t ask).  It’s tough to manage.  Thankfully, you have a core team of four dedicated employees who make the difference.

The large benefits providers may only be willing to offer the same benefits for all of your employees, even if that’s not what you want.  A TPA allows you to design the promise for the groups within your group.  The primary advantage of a customized employee benefits plan is that the right employees get the right benefits at the right time—based on your business objectives.

Boutique Benefits Designed to Suit:

Everything in life is based on choice.  From microbreweries to specialized-everything, there’s plenty of marketplace choice.  Except for benefits plans from the big providers.

A concerned professional TPA can help you change that.  A TPA collaborates with you and your professional advisor to build a comprehensive benefits plan that’s expertly designed to suit the particular needs of your business.  It’s like boutique benefits: you pick the specially crafted ones you want for your particular employees.  We do the rest.

Rewarding Service:

An off-the-shelf solution is frustrating because it doesn’t treat employees as individual people; we all have different needs.  Is it really right that your employee of 25 dedicated years has the same benefits as the untested newcomer?  A customized benefits plan can be a crucial tool for retaining great employees and for recognizing special achievement.

Size Doesn’t Matter:

Really.  We hear small-business owners all the time say that they’re too small to work with a TPA.  Wrong.  It’s precisely the small, successful guys who really need a customized group benefits plan.  The size of your company shouldn’t compromise the quality of your benefits coverage for your employees.  The value of a TPA for small as well as large businesses is that a customized benefits plan can help you controls costs, deter benefits abuse, increase quality employee retention, and reduce problematic turnover issues, among many others.  Are you too small to have these problems taken away?

Executive Privilege:

Is your salary compensation structure uniform for all employees?  Probably not!  So why provide the same benefits package for all employees—entry level to executive?  You don’t have to anymore.  Rewarding executive leadership should be demonstrated in a customizable executive benefits plan.

At The Benefits Trust, we know how to design and administer a benefits plan that permits you to recruit and retain the executive leadership that you require.  Adding an Executive Benefits Plan to your current core plan—layering them—provides extra benefits opportunities for your ownership group and key executives without any conflict or disruption to your current plan.

You know from your vast experiences that this is not a one-size-fits-all world.  And you know that to retain your competitive advantage you have to be different.  Think different.  Customizing your benefits plan for your employees and for yourself just makes sense.

After all, you keep your promises, so why should this area of your business be any different?

>> Contact us today to discover a better, customizable way to administer and manage your employee benefits plan.

 

About Mike Ignatz

Mike Ignatz has managed Business Development at The Benefits Trust since 2005. His drive and focus has helped The Benefits Trust provide better benefits plans to small and mid-sized businesses throughout Canada.

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