This time of year is often slowerfor the benefits industry, which gives brokers and agency ownersthe opportunity to set goals and make plans for achieving them. Ifyour 2019 goals are centered around agency growth, considerimplementing these strategies in the coming year.

Recruit millennials to your agency

The demographics of the benefits industry are not reflective ofthe changing workforce. The average broker is closer to retirement than thebeginning of his or her career, and as a result, many agencies needto “build the bench” to ensure future success and growth.

The low unemployment rate may already be affecting your book ofbusiness, and strategizing recruitment and hiring efforts now canallow you to have enough time to ramp up before next year's openenrollment.

How can agencies better recruit millennials? One way is to focuson the problems that brokers think about and help employers solve —specifically, the increasing cost of health care. Arguably, thereis not a more important domestic problem facing our country thanhealth care, and brokers are on the frontlines when it comes to thecost. Understanding the nature of the problem from a broker'sstandpoint is important for anyone wanting to pursue a career inhealth care.

Adopt technology

Another way to evolve and grow your agency is to adopt HR andbenefits technology. By offering an HR softwaresolution, brokers are able to build comprehensive HR consultinginto the existing benefits service model.

This is something small employers are increasingly looking forfrom their advisors, which is also related to the rise ofmillennials in the workforce. As this generation rises intodecision-making positions, they are looking for streamlined,tech-based solutions for the administrative hassles of HR,including hiring, onboarding, benefits enrollment and more.

Adopting HR technology allows you to expand your scope ofservice, gives you a competitive differentiator to win new businessand creates “stickiness” with your current clients.

Get creative on cost containment

From pharma to funding, there are more options than ever beforefor brokers to positively impact employers' benefits spend and makea difference in the offerings they are able to provide toemployees.

The health care supply chain continues to evolve. For example,consider the changing relationship between pharmacy benefitmanagers and insurers, or the pace of consolidation betweenhospitals and provider groups. These changes mean market-specificcost containment strategies aren't just interesting or innovative– they're necessary.

Even if you think clients aren't going to bite on self-funding this year, refine yourmessaging and marketing around these options. Position yourself asan expert in every option available to employers — even the onesthat don't seem like a good fit this year for your groups— because it will build confidence that you are evaluatingtheir best option annually and in light of a changing industry.

In a strong economy and competitive labor market, employers arelooking for strategic business and benefits advice. This representsgrowth opportunity for brokers, and the above tactics may helpbrokers achieve those goals in 2019.