“How Much Do You Charge?” asks the prospect, a large public school district spending $50,000,000 on their self-funded health plan………………
A $50,000,000 school district has a benefits clerk in charge of the district’s second largest spend who’s earning less than $100,000. Yet they balk at paying outside consultants fair market fees, proving you get what you pay for.
In this case under the management of a low paid benefits manager plan costs have skyrocketed from $19,000,000 six years ago to $50,000,000 today.
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The following describes Bricker’s video;
There is a large salary gap between what employee benefits professionals make when they work for an employer compared to if they are a consultant.
For example, a Head of Total Rewards at an Employer typically earns between $139,000 and $233,000. In contrast, a Vice President at a Benefits Consulting Firm typically earns between $233,000 and $475,000… That’s 90% MORE than their peer at the employer (i.e. almost double).
Employers, such as Walmart, that are highly focused on the performance of their employee health plan pay their employee benefits people MORE so they can hire benefits consultants away from consulting firms to work for them. The increase in salaries needed to convince consultants to leave their job and work for an employer directly only represents a 1.3% increase in overall plan spend.
Sources:
https://www.payscale.com/research/US/… https://www.glassdoor.com/Salaries/us… https://www.glassdoor.com/Salaries/mi… https://www.salary.com/research/compa… https://www.glassdoor.com/Salary/Merc… https://www.glassdoor.com/Salary/WTW-… https://www.glassdoor.com/Salary/Merc… https://www.zippia.com/aon-careers-57… https://www.shrm.org/resourcesandtool…. AHealthcareZ is 400+ Healthcare Finance Educational Videos.
