Mission-driven and nonprofit organizations know—better than anyone—who they are and what they represent.
These groups understand the importance of good investments and putting people first. They also know how to stretch their dollar to get the most of that investment.
For one New York City-based nonprofit organization in the mental health space, institutional growth provided the opportunity to take control of their employee benefits investment in a way that advanced their mission while supporting teammates.
But, they needed a partner to guide them through the process.
OUTGROWING YOUR PEO
Professional employer organizations (PEOs) are an important part of the total benefits ecosystem, especially for small and medium employers. These collectives of like-minded organizations can negotiate better health insurance packages and premium rates, in addition to accessing the HR and payroll services offered by their third-party administrator.
However, being part of a PEO often means you are covered by a one-size-fits-all employee benefits strategy. This arrangement lacks customization and often comes with a hefty administration cost.
Once an employer reaches 100 participants, however, they have the bargaining power necessary to expand beyond those limitations.
For this organization, reaching that 100-person milestone meant they could finally invest in a cause central to their mission: top-of-the-line mental healthcare coverage for their team.
BUILDING THE BEST PLAN
This client knew what they wanted. As professionals in the industry, they were intimately familiar with the vendors in the mental healthcare category and had selected a preferred provider before they even chose a plan or broker.
However, they needed to ensure that the final package was cohesive and financially responsible. That’s where Corporate Synergies came in.
The Corporate Synergies team was able to build a benefit plan—complete with coverage from
their preferred provider—that offered premium options. The team also recommended a health reimbursement arrangement (HRA), which meant the organization no longer required an expensive out-of-network plan to accommodate employees who wanted to access their preferred healthcare providers.
By carving out the services most important to their employees, the organization was able to
self-fund those categories at a competitive rate and without restrictions on provider access. This
kind of customization is only possible with an experienced consultant.
In addition to plan design experience, Corporate Synergies brings a holistic approach to benefits management. Now, instead of a one-size-fits-all payroll and HR agency, the institution had access to a dedicated team of compliance experts, account managers and BenefitsVIP®, an employee advocacy program designed to help employees take advantage of their newly customized coverage.
This mental health-focused nonprofit organization was able to practice what they preach at a price that was comparable to their generic PEO plan, and employees took notice. An internal survey following the switch received positive, appreciative feedback, and recruitment prospects improved.
After all, in today’s competitive recruitment and retention environment, generous benefits are often the tiebreaker for top-tier talent.