TORRANCE, Calif., January 21, 2022 – Keenan, an industry-leading California insurance brokerage and consulting firm, advises clients of the critical need to evaluate employee benefits offerings during 2022.
The COVID-19 pandemic caused many employers to reevaluate their employee benefits, implement changes to existing benefits, and add or expand on types of coverage based on employee needs. Employee benefits programs are a keystone component to recruiting and retaining a motivated and engaged workforce. Additionally, these programs can also be one of the most significant impacts on any organization's budget.
Keenan advises employers that 2022 may be the most critical year for evaluating current benefits. Specifically for California public school districts, budget changes and a potentially significant decrease in available budget dollars may require districts to look for areas to make substantial program cuts. Jeffrey Mizokawa, Vice President and Schools Practice Leader, explained, "knowing where to cut benefits without severely impacting employees and employee retention efforts, requires careful analysis leveraging the right tools." Keenan has been conducting an employee benefits survey for this specific purpose for more than 45 years. Furthermore, Keenan's innovative financial and organizational tools for schools and public agencies have helped many agencies avoid cuts altogether during previous economically challenging times. Programs such as Keenan's Supplemental Employee Retirement Program (SERP), which allows qualifying employees to retire early without making financial sacrifices, have allowed clients to reorganize staffing while rewarding long-time employees.
The Survey has been influential for decision making and developing benefits strategies for clients. Many have utilized the data to identify leading-edge cost management programs. Those with unions use the data in their bargaining negotiations. Most apply the information for determining their annual contribution strategy. Finally, many organizations seek to improve the outcomes of their health management programs through refinements identified by the survey results across the state.
Participating employers in Keenan's employee benefits survey have always included clients and non-clients. "As the budget and employee retention situation continues to materialize, offering competitive benefits is a clear response. Yet keeping costs under control poses a tricky balancing act, which we know can be successfully performed with the data our Survey uncovers," said Kelly Hall, Senior Vice President of Service and Account Management for Keenan. Hall continued, "participation in this year's Survey is more critical now than ever before, as having a larger data set will help these employers significantly in creating action plans and dialing in their short-term and long-term benefits strategies."
About Keenan
Keenan has a 49-year track record of providing innovative solutions for insurance, risk management, and financial programs. As part of the AssuredPartners group of independent brokers, currently ranked as the 11th largest in the U.S., Keenan provides innovative employee benefits, health benefits management, workers' compensation, risk management, and property and liability programs throughout the country. For more information, call 800-654-8102 or 310-212-3344, email info@maintenance.assuredpartners.com/keenan or visit maintenance.assuredpartners.com/keenan.