Corporate CPR Episode 52: Designing Corporate Benefits in the 21st Century

August 24, 2022

On today’s show, we discuss strategies for designing corporate benefits in the 21st century.

Jennifer Burnham-Grubbs is CoFounder and CEO of Quantum Insurance Services, an award-winning, commissions-agnostic insurance consulting firm passionate about providing clients with best-in-class insurance designs for Life, Disability, Long-Term Care, Annuities, Commercial Risk & Employee Benefits. Jennifer has become a distinguished thought leader within the insurance industry by specializing in plan designs that maximize value, minimize premiums and tailor coverage exactly around each client’s unique needs. By constantly working to create efficiency, transparency and consumer-first programs within the insurance market, Jennifer helps clients engage safely and successfully with an execution-dependent sector of the financial world that is vital to most portfolios.

Jennifer also recently co-founded and launched Womxn of Wealth (WOW), a nonprofit organization dedicated to financially empowering women, so they become more comfortable with taking wealth creation firmly into their own hands.

As co-creator of the Wealth Mastery for Women ™ series and currently a featured speaker with LeadHERship Global, Jennifer also supports and guides ambitious, creative women in a monthly webinar that delivers brass-tacks financial information across a wide spectrum of topics. The monthly webinars encourage women to move in the direction of their purpose, their mission and their dreams with powerful connections, critical support, practical tools and valuable resources to show up, speak up, and step into their power through financial education.

Key Takeaways:

What is the base thing that every employer needs to be thinking about when it comes to benefits?

During the pandemic, many people used their insurance more, so they really value that benefit. With the tight job market, employers need to provide excellent health insurance. Make sure to provide a Teledoc solution to add value to the employees and also keep some of the visits from affecting your main insurance premiums.

For mid-market companies, how do you maximize the value your employees are getting, but still control the cost so that you can stay profitable?

Health insurance is now the second highest line item for businesses after payroll. The key is in the efficiency of the design. A consultant can help small businesses to put pieces together in a smart way to lower the total package cost.

A PEO is a professional employment organization that you can join to outsource human resources and payroll functions. They can often get great large group rates and are often very tempting for small businesses just starting out. The down side is that the fees are not always straight-forward, and it can be difficult to understand what you are paying for and how to save moving forward. It’s also difficult to break from them later.

Are there newer types of benefits being offered besides the standard things?

A few that we are seeing are group pet insurance, Teladoc for medical and mental health visits, and also fertility benefits.

How does a company design a package that provides what is important to each employee?

If you have a great broker, they can tailor your package to provide many options, not just a few.

What is one mistake you would advise to look out for?

Don’t neglect HR laws and regulations. Get HR guidance, an HR consultant, or hire an HR employee.

Top 3 Takeaways:

  • Think carefully before going with a PEO. Seek out a great broker for referrals and recommendations.
  • Teladoc is a game changer for helping employees get help at more convenient times and at a great cost savings to the employer. Be sure to teach the employees how to use it.
  • Learn to know, love, and understand HSAs. They are terrific for high earners, very healthy, very sick, or those who go out of network a lot.

Contact Jennifer Burnham-Grubbs


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Phone: 424-286-2481


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