1) Abell Pest Control switched benefits consultants in 2013 to improve employee service after being unsatisfied with their previous consultant. They researched options and interviewed several consultants before selecting one.
2) Switching consultants requires understanding the process and doing due diligence. Firms often stay with consultants for long periods due to specialized knowledge and relationships required for benefits plans. However, some switch for improved expertise or service.
3) When switching, employers should assess fit, expertise, value added, and service quality, not just cost. Reference checks and understanding consultant culture and capabilities are important parts of selection.
Intersting article written some time ago by Robert Hennessy, GLOBAL Practice Team Leader – Pharma/ Health Care/ Life Science, ( http://aims-international.net/global-teams/health-care/find-a-leader )before he joined AIMS International.
Treating job applicants well creates ambassadors for companies’
images and brands, even if they don’t get hired.
Top ways-for-law-firms-to-increase-associate-satisfaction-and-increase-associ...BCG Attorney Search
The increasingly complex and competitive legal marketplace has forever altered the expectations of both law firms and associates. Here’s how to stay competitive.
Own or manage a hotel? Are you plagued by rising turnover rates? Find out what you can do to stop the revolving door and reduce the turnover in your hotel.
Intersting article written some time ago by Robert Hennessy, GLOBAL Practice Team Leader – Pharma/ Health Care/ Life Science, ( http://aims-international.net/global-teams/health-care/find-a-leader )before he joined AIMS International.
Treating job applicants well creates ambassadors for companies’
images and brands, even if they don’t get hired.
Top ways-for-law-firms-to-increase-associate-satisfaction-and-increase-associ...BCG Attorney Search
The increasingly complex and competitive legal marketplace has forever altered the expectations of both law firms and associates. Here’s how to stay competitive.
Own or manage a hotel? Are you plagued by rising turnover rates? Find out what you can do to stop the revolving door and reduce the turnover in your hotel.
Not responsive. Late for interviews. Unprepared. Complaints have been made about candidates, but now these phrases are being used for recruiters and hiring managers.
How to Crack the C-Suite Code in 2010: Secrets for Selling to the TopLandslide Technologies
Leaders at the highest corporate levels don’t always avoid sales pitches—in fact, research shows that executives welcome them- provided the salesperson approaches them in the right way.
What is the correct way to approach a senior-level sales pitch?
Please join presenter Dr. Steve Bistritz, co-author of Selling to the C-Suite and President of SellXL, as he brings to life over 10 years of research revealing what C-Suite leaders in 500 diverse companies and government bodies said about their relationships with professional salespeople. This ground breaking research has been presented to thousands of salespeople at the SellXL workshop and in other venues, and has been used by sales professionals around the world to help close top dollar deals.
Global Consulting Executive Search recently completed a study about the motivations of consultants,
former consultants and prospective consultants. We were interested in what makes highly-educated
business people join the field, remain in it, leave it and sometimes, return to the profession.
Our findings confirmed a number of motivations considered common knowledge in the field, as well as
some trends that we did not expect. Expected results include:
1. Variety of work is the most significant attractor to consultants.
2. Travel is the most significant downside of the profession.
3. Pressure to sell stands alongside travel as the most significant negative among consultants and
former consultants.
Staffing Professionals Tell All: Words of Wisdom from the Recruiting Front LinesLinkedIn Talent Solutions
Recruiting is evolving and so must we. Stay ahead by soaking in career advice from top staffing recruiters and firm leaders. Learn more: http://linkd.in/1IAWTqy
A new management model for a consulting firmcradenborg
This thesis is the result of my graduation as Master in IT Management and describes the development of an innovative management model for consulting services. This management model is influenced by Gary Hamel\'s "The future of Management" and Maister\'s "Managing a Professional Service Firm"
Different services offered by management consultancy firmsnajibsayegh1
Gulf Resources is one of the leading Management Consultancy Firms in Dubai and specialize in helping business from different industries in establishing a successful venture anywhere in the UAE.
Be a Hiring Machine: A Strategic Interview GuideGravityPeople
About GravityPeople
GravityPeople is a leading recruitment outsourcer providing direct-hire and hourly recruiting services. Established in 1998, GravityPeople has been serving the San Francisco Bay Area Technology community for over decade. Now with a national focus, GravityPeople provides strategic technical recruiting services to clients across North America.
Not responsive. Late for interviews. Unprepared. Complaints have been made about candidates, but now these phrases are being used for recruiters and hiring managers.
How to Crack the C-Suite Code in 2010: Secrets for Selling to the TopLandslide Technologies
Leaders at the highest corporate levels don’t always avoid sales pitches—in fact, research shows that executives welcome them- provided the salesperson approaches them in the right way.
What is the correct way to approach a senior-level sales pitch?
Please join presenter Dr. Steve Bistritz, co-author of Selling to the C-Suite and President of SellXL, as he brings to life over 10 years of research revealing what C-Suite leaders in 500 diverse companies and government bodies said about their relationships with professional salespeople. This ground breaking research has been presented to thousands of salespeople at the SellXL workshop and in other venues, and has been used by sales professionals around the world to help close top dollar deals.
Global Consulting Executive Search recently completed a study about the motivations of consultants,
former consultants and prospective consultants. We were interested in what makes highly-educated
business people join the field, remain in it, leave it and sometimes, return to the profession.
Our findings confirmed a number of motivations considered common knowledge in the field, as well as
some trends that we did not expect. Expected results include:
1. Variety of work is the most significant attractor to consultants.
2. Travel is the most significant downside of the profession.
3. Pressure to sell stands alongside travel as the most significant negative among consultants and
former consultants.
Staffing Professionals Tell All: Words of Wisdom from the Recruiting Front LinesLinkedIn Talent Solutions
Recruiting is evolving and so must we. Stay ahead by soaking in career advice from top staffing recruiters and firm leaders. Learn more: http://linkd.in/1IAWTqy
A new management model for a consulting firmcradenborg
This thesis is the result of my graduation as Master in IT Management and describes the development of an innovative management model for consulting services. This management model is influenced by Gary Hamel\'s "The future of Management" and Maister\'s "Managing a Professional Service Firm"
Different services offered by management consultancy firmsnajibsayegh1
Gulf Resources is one of the leading Management Consultancy Firms in Dubai and specialize in helping business from different industries in establishing a successful venture anywhere in the UAE.
Be a Hiring Machine: A Strategic Interview GuideGravityPeople
About GravityPeople
GravityPeople is a leading recruitment outsourcer providing direct-hire and hourly recruiting services. Established in 1998, GravityPeople has been serving the San Francisco Bay Area Technology community for over decade. Now with a national focus, GravityPeople provides strategic technical recruiting services to clients across North America.
The success of your organisation depends on the talent, expertise and quality of your workforce. Irrespective of your industry or organisation size, you need to accrue a competitive workforce to align with and achieve your goals.
To get the best talent into your organisation, you must carefully gauge several parameters. Working with the right recruitment partner can make a significant difference to your hiring process and the quality of your workforce. On the other hand, getting it wrong means time, resources and funds are wasted.
However, it can be difficult to choose the partner that best aligns with your business culture and values. There are several recruitment agencies in Nigeria that are eager to provide you with smart HR solutions, but with such a wide choice, how will you make the right choice?
In this deck, you will gain perspective on how to go about selecting the right recruitment partner.
You will also learn the following;
• Vital questions to ask when choosing your recruitment partner
• Some essential factors you should consider while choosing your recruitment partner
• How you can connect with the best recruitment partner in Nigeria
Proper due diligence is vital if retail clients are to be given advice that is suitable. The UK regulator places primacy on outcomes that are client-centric as the determining factor to whether sufficient research and due diligence has been done. This raises important questions for both Advisory firms and Discretionary Investment/Fund Managers if they are to meet these standards and provide appropriate services to retail clients.
1. BenefitsCanada • July/August 2015 / 1514 / July/August 2015 • BenefitsCanada
Considering switching
consultants? Make
sure you understand
the process.
I
n 2013, Abell Pest Control, a
company with 450 employees
across Canada, decided to
switch its benefits consultant in
an effort to improve the level of
service for its employees.
“We pride ourselves on providing the
highest customer service we can for our
customers, but we weren’t providing the
same level [of service] for our own
employees,” says Sara Cromwell, HR
manager for the company. After seeking
recommendations on LinkedIn and
through industry networking events,
Cromwell invited a few consultants to
pitch for the work.
As a longstanding family-owned
business, Abell takes pride in caring for
employees like family, she says. Changing
consultants was a scary decision. “But we
had to align ourselves with someone who
shared our own values.The key was
getting a lot of references to soothe the
fear of not knowing if the new broker
would provide the same level of service
that we provide. I had to be confident
that the decision I was making was for
the best interests of my employees.”
Two years on, Cromwell says Abell is
very pleased with the change. “The
brokers we switched to have a customer
service and family culture as well—you
could tell by talking to every one of their
employees that they were happy and
believed in the business.”
Letting Go
Switching consultants is more likely with
benefits or DC plans, since DB tends to
favour longer-term commitments, due to
actuarial needs and the difficulty of
transferring technical knowledge. It’s a
similar story for investment consulting,
which is often built on long-term
relationships and requires deep client and
plan knowledge, says Tony Gaffney, CEO
of Aon Hewitt. “However, clients will
often engage firms on a project basis
where particular specialties are required,
in areas such as alternate investments or
asset/liability work.”
Changing a core consultant for benefits
and pension advice is a big decision, but it
doesn’t happen very often, he adds. “That
said, there is a trend toward higher levels
of activity in health benefits as more
attention is placed on rising healthcare
costs and the sustainability of plans. We
see clients that are no longer satisfied
with the value being delivered by their
consultant in terms of quality of advice,
service or relationship. Frequently, they
are looking for deeper expertise, greater
relevance in terms of industry experience,
innovation and better results.”
Another potential driver is HR
professionals changing their roles. “This is
happening more often than in the past,”
says Sarah Beech, president of
Accompass. “When that happens, they
may be more comfortable bringing in
consultants they already know. Or the
client may be looking for different levels
of service, or their advisors move to a
different company or retire. All are factors
that may influence a switch.”
While he doesn’t believe switching
consultants is happening more frequently,
Demetri Demopoulos, senior consultant
and retirement leader for Towers Watson,
notes companies may be looking around
more often now than before.
“There are a lot of cost pressures these
days, and big companies especially have
governance issues they must manage,” he
says. “They may be testing the waters and
asking around to make sure they are
comfortable with what they are paying.
Most organizations stay put once they are
comfortable and establish a relationship
with a consulting team. But if they do
decide to move—while cost may be a
driver—it’s usually because you get to the
bottom of the scope of work, and you
don’t have the right team in place.
Consultants that can’t bring in the
expertise, or an approach tailored to the
client’s specific needs, risk being replaced.”
But Faisal Siddiqi, national leader
for the retirement services and wealth
practice with Buck Consultants, has
noticed a switching trend, especially over
the last five years. “A lot of public sector
and larger organizations are doing
governance checks requested by the
pension committee or board of directors,”
he explains. “They want to make sure they
have the right services for the right
price—and the right consultant. As well,
since 2012, larger clients have been hiring
consultants for special one- or two-year
projects such as plan designs, de-risking
or whatever else the current consultant
isn’t able to do.”
Employers may also hire a second
consultant for a specialty project if they
need a specific skill set or subject matter
expertise they feel their existing
consultant doesn’t have, says Gaffney,
such as analytics, health strategies and
absence management. Or an employer
may hire an outside consultant as a “test
drive” to determine the fit relative to the
existing one. “This may happen as a
pre-RFP [request for proposal] step, or if
[there is] no RFP, it may be a way of
exiting the current relationship and
having a ‘soft place to land,’” he adds.
Go or No Go?
When a company decides to end a
relationship or hire another consultant, it
usually goes to market with an RFP to
explain what it’s looking for and the
services the new consultant must offer.
The University of Calgary (U of C),
for one, was looking for a new advisor for
its total rewards program (including
compensation, group benefits, pensions
and employee recognition) nearly three
years ago. It issued an RFP asking bidders
to provide examples of their experiences
and services relating to U of C’s goals and
challenges for the short to medium term.
As well as reviewing and commenting on
insurance carrier policies and negotiating
rates and charges, U of C wanted its
benefits consultants to benchmark the
plans in the marketplace and to report on
competitiveness and trends.
“When considering a change, it’s key
to develop and ask the right questions
based on your challenges and goals,”
By Sonya Felix
CHRISRYAN/GETTYIMAGES
❰ 2015 CONSULTANTS REPORT ❱
5TIPS FOR
SELECTING A
NEW CONSULTANT
1| ASK YOUR PEERS WHO THEY
USE AND CHECK REFERENCES.
2| GET TO KNOW A PROSPECTIVE
CONSULTING FIRM TO GET AN IDEA
OF WHAT ITS PEOPLE ARE LIKE.
3| MAKE SURE IT’S A GOOD FIT.
DOES THE NEW CONSULTING FIRM
HANDLE ORGANIZATIONS YOUR SIZE?
DOES IT SHARE THE SAME VALUES?
DOES IT UNDERSTAND YOUR NEEDS?
DO YOU FEEL COMFORTABLE WITH
THE FIRM?
4| ENSURE THE FIRM HAS THE
QUALIFICATIONS AND EXPERTISE
YOU NEED. IS IT FLEXIBLE AND
INNOVATIVE? DOES IT HAVE A
GOOD REPUTATION?
5| ASK THE NEW FIRM TO SHOW
HOW IT HAS ADDED VALUE FOR
OTHER ORGANIZATIONS.
“We’ll be in touch...”
2. 16 / July/August 2015 • BenefitsCanada
explains Rhonda Pylychaty, U of C’s
director, total rewards, HR.
“Considerations regarding flexibility and
responsiveness are also important in our
ever-changing environment.”
From a consultant’s perspective,
“submitting a response is time-consuming
and costly,”says Colleen Baker, senior
director of business development & global
benefits with The Williamson Group.
“And the RFP may not even be genuine,
since some organizations may merely be
price shopping or looking to leverage costs
with their current consultant. In larger
organizations, RFPs are often a form of
due diligence and, at the end of the day,
they will not make a decision to move.”
But an RFP is a sales opportunity on
paper, she adds. “The response must be
written to influence the decision-makers
to hire us instead of a competitor. It has
to highlight the consultant’s strengths,
expertise, communication and ability to
spend time understanding the needs of
the company. Since most RFPs do not
provide an opportunity to meet the
organization, most of your response is
based on your interpretation of the
organization and the why of the RFP.”
Baker says consultants need to consider
several factors before making a bid:
• Which sector is the company in?
• What products/services does it offer?
• How long has it been in business?
• How many employees does it have?
• Are they unionized, non-unionized,
retirees or all of the above?
• How many locations does it have?
• Who are the decision-makers?
• Are key decisions made outside of
Canada or the U.S.?
• Does it have a track record of sending
out RFPs for due diligence?
• Based on the sector/company type,
what differentiators can the firm offer?
Other consultants stress the importance
of establishing a relationship first.
“Responding cold to an RFP is very
difficult—it’s a lot easier to walk in if you
already have a good relationship,” says
Demopoulos. “More commonly, the
consultants will regularly meet and talk
with the organization about new trends
and opportunities. Being connected is
very important, and you need to develop
a good interpersonal relationship.”
How to Decide
When assessing RFP responses, an
employer should look at the value the
consultant can bring to the relationship,
says Gaffney. Criteria include the
consultant’s ability to provide in-depth
expertise and insights relevant to industry
perspectives, and a strong point of view to
help the client address challenges and
capture opportunities. Proposals should
clarify approach, scope, budget,
deliverables, timing and key assumptions.
Siddiqi advises employers to make sure
the firm handles companies of their size
and has the necessary expertise. “Get to
know the organization over a period of
time to get an idea of what the people are
like before sending out an RFP,” he
suggests. “Ask your peers about who they
are using, and check references. Do your
homework. Changing a consultant is a
big task for all involved.”
And cost shouldn’t be the main driver,
says Cromwell. She advises plan sponsors
to decide if they’re looking for cost
savings or better service. “When it comes
to cost, most consultants are similar. But
customer service levels can vary greatly.”
Baker suggests employers select
their top three candidates and ask for
presentations showcasing their service,
account management and employee
communication capabilities.“Those are the
true differentiators,”she explains.“You will
be well informed on who can best meet the
objectives and goals of the organization
while containing costs. Organizations get
to meet their future team, and that can
take away the confusion.”
From Old to New
Companies may worry about offending
their previous consultant by hiring
someone new. And, sometimes, the
outgoing advisor is upset enough to cause
internal turmoil in the organization by
complaining to the president or owner. In
companies with multiple locations that
have more than one HR and/or benefits
manager, the outgoing consultant may
have a strong relationship with a decision-
maker at one location and, together, they
may try to reverse the decision.
“When notified by the insurance carrier,
on occasion, the outgoing consultant may
choose to make the transition difficult,”
says Baker. “Some reactions are just an
emotional response but, usually, they are
courteous and respectful because of the
industry we represent. We are all industry
peers, and we approach these changes
with sensitivity—particularly if [the client
has] a strong relationship with the
previous consultant.”
“I’ve both received and transferred
clients and, in my experience, there is
usually good co-operation between the
outgoing and incoming consultants,”
adds Siddiqi. “But there’s a fine line
between providing enough information
to help with the setup and training the
new consultant. It’s a sensitive area.”
While Beech agrees it’s in everyone’s
best interests to manage the relationship,
she doesn’t believe any discussion with
the previous consultant is needed. “We
receive a lot of information from the
carrier and the client,” she says, noting
the process is similar to moving to a new
lawyer or doctor. “A lot of information
needs to be requested and reviewed
when switching consultants. Building a
relationship is exciting, but it initially
takes additional effort and work because
there is limited history.”
While there’s an increasing need for
more specialized consulting services
and short-term projects, a long-term
consulting relationship remains important
to employers—and consultants are very
aware of the need to provide value.
“Changing consultants is a big deal, as
there are costs involved and historical
information may be lost,” says Siddiqi,
admitting it’s upsetting to lose a client.
“You need a real reason to change,
because a lot of important information
has built up over the years.”
Sonya Felix is a freelancer writer based in
Qualicum Beach, B.C. sfelix@shaw.ca
“Consultants that can’t bring
in the expertise, or an approach
tailored to the client’s specific
needs, risk being replaced”
— Demetri Demopoulos, Towers Watson