The majority of brokers areoptimistic about the future of the benefits industry and their rolein it. (Image: Shutterstock)

Employers increasingly want their brokers to provide expert consultation on what kinds of benefitsbest lure and keep talented workers, but for that tohappen, brokers need more training from their own companies,according to MetLife's 2018 Broker Study, “Why broker expertise matters now more thanever.”

Metlife surveyed both employers and brokers, and found thatemployers say that they would turn to their broker for expertiseregarding cost savings (64 percent); innovative benefitssolutions (60 percent); benefits administration solutions (58percent); legal, regulatory and compliance solutions (58 percent);and insights on benefits trends (57 percent).

Related: 3 ways brokers can help bridge the talentmanagement divide

While 44 percent of the brokers surveyed say they are advisingon workplace and employee trends now, 79 percent anticipate thedemand for this guidance to increase in the future.

“Providing this thought leadership adds significant value to therelationship — but to maintain that role, brokers need to stayupdated on trends and expand their knowledge and offeringsaccordingly,” the authors write. “More training may help. Accordingto the research, 84 percent of brokers believe their companyteaches them the skills to succeed in their current position, butonly 43 percent report that on-the-job training is offered at theirfirm.”

Still, the majority of brokers are optimistic about the future of the benefitsindustry and their role in it.

Three-quarters of brokers surveyed say that the workplace willlook different in coming years, but the changes will be largelypositive. Most importantly, more than 80 percent say that theindustry and their brokerage firm will grow along with thesechanges.

The survey also found that 76 percent of brokers say that theirclients need to focus additional attention on supporting work-life balance. This finding jibes well withthe 2018 MetLife Employee Benefit Trends Study, in which 87 percentof employees say that they're more satisfied with their work andloyal to organizations that help them balance work and life.

“Broker activity reflects this sentiment, with brokerrecommendations for non-traditional benefits related to work-lifeenrichment significantly increasing from last year,” the authorswrite. “Meanwhile, the likelihood of employers offering thesebenefits has remained about the same. The takeaway: Employers maybenefit from more education on the issue.”

Brokers are increasingly recommending non-traditional benefitsto their clients, including adoption assistance, expanded parentalleave and automatic paycheck deduction. Brokers are alsorecommending a variety of benefits that employers may not haveconsidered, such as volunteer opportunities, concierge programs,vacation savings, student debt forgiveness, phased retirement andgenetic testing.

Interestingly, the survey found that many brokers aren't offeredthe same kinds of benefits at their own firms that they recommendto clients. While most brokers receive traditional benefits, datashows a majority are not yet offered voluntary, non-medicalbenefits by their firms. For instance, 63 percent of brokersrecommend an assortment of non-medical benefits to their employerclients, but less than half of brokers are offered those benefitsat their firms.

“The contrast could be an opportunity for some brokerage firmsto offer their employees the experience of shopping forsupplemental non-medical and voluntary benefits,” the authorswrite. “Doing so may increase empathy for the customers andknowledge about the process. It may also give brokers more choiceswhen it comes to their own benefits packages.”

Metlife's report concludes with three key takeaways for brokerswho want to elevate their role and add value to their clientrelationships:

• Stay updated — and update your clients.“Dedicate time to studying workplace trends, the role of benefitsin meeting employee needs and the proven results for employers thatdo. Educate your clients on these issues year-round, and not justwhen evaluating plans and enrolling employees.”
• Encourage your firm to lead by example. “It'stime for more brokerage firms to embrace their own advice, and reapthe rewards of offering a wider array of medical and non-medicalbenefits.”
• Dive deeper into non-medical benefits.“Understand the variety of offerings available to your clients,especially those that promote work-life enrichment, how thesebenefits fit in with current offerings and why they're anincreasingly important part of any benefit package.”