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The Shelby Report: Lower Costs with Annual Benefits Plan Review

Editor’s note: HR & Benefits News is a new monthly column by Chris Cooley, co-founder of MyHRConcierge and SMB Benefits Advisors.

Benefits costs are the second-highest expense behind labor costs. This puts benefits costs ahead of other expenses including rent, utilities and advertising, according to the 2017 Independent Grocers Financial Survey. But many grocers overlook the significant impact benefits can have on their labor costs and overall cost structure.

The domino effect of benefits review

Reviewing your group benefits plan annually helps ensure you are providing the best benefits possible—based on your budget—to recruit and retain valuable workers. It has a domino effect of reducing labor costs and overall expenses with two essential steps:

  1. Ensure you are offering competitive benefits your workers want. This enables you to recruit and keep the best workers (See FMS’s Lower Worker Turnover for Less webinar for more information.)
  2. Identify opportunities to lower direct benefits costs.

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Chris Cooley | 10/15/2017