TAMPA, Fla., Aug. 11, 2016 /PRNewswire/ -- We're all familiar with our personal and corporate credit scores and the impact they have on our interest rates and purchasing power. In fact, if you knew you would be making a major purchase at the end of the year, you would probably check your credit score to be sure you were ready and would get the best interest rate. If your score was lower than you'd like, you'd want to know what can be done. You'd learn that correcting credit issues takes time, so you'd start right away.
However, few businesses realize that decisions related to their employee benefits plans have parallels to credit scores in that they are affected by what might be called the organization's Employee Benefits Score, according to Rob Pariseau, executive vice president and employee benefit practice leader at Lykes Insurance.
"Each year, your benefits plans will renew. New rates will be determined and you and your employees will be faced with important decisions," says Pariseau. "The factors affecting these decisions are your Employee Benefits Score (EBS). Every business needs to know their Employee Benefits Score, what they can do to improve it and when they should start."
Pariseau says that the EBS has three major components, all of which can be improved with the proper planning:
The bottom line for your EBS is taking the time to build a plan to engage employees, to reduce hassles for them as well as process-related headaches and costs for you. That's what improves your EBS and keeps you and your employees happy with your benefits program.
About Lykes Insurance
Lykes Insurance was founded in 1925 by Lykes Bros. Inc., a 100 year-old privately held Florida-based company. As a premier commercial insurance firm with offices in Tampa, Fort Myers, Winter Park and Sarasota, Lykes Insurance focuses on building long lasting partnerships with companies and individuals, providing protection for businesses, managing risk and designing innovative employee benefit solutions. For more information, please visit www.lykesinsurance.com.
RFB Communications Group
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/learning-your-employee-benefits-score-300312120.html
SOURCE Lykes Insurance