Employee Benefits
HR & Compliance
Technology
Wellness
PEO Solutions
Finding an out-of-the-box solution for an engineering firm
Challenge
Infrastructure Factor Consulting is a MEP engineering and consulting firm. In order to retain the best talent, the company needed to implement the best plans available in the marketplace. The challenge was to offer solutions at an affordable cost for the company. They faced an renewal increase of 35% which simply was not affordable for iFactor.
About
Infrastructure Factor Consulting, Inc. (iFactor), was established with the goal of providing our clients with integrated, highly technical, strategic solutions to their critical business needs. As a boutique MEP engineering and consulting firm, they are able to take a comprehensive approach to understand your business drivers and operational goals, all the while delivering tailored design solutions. This vision is how we are able to produce results that best suit the needs of our clients
Industry : Engineering
Segment Size : 1-50 Employees
Strategy
We first shopped the traditional market to compare and analyze the rates with their current benefits. We also looked at other alternatives for offering health insurance. Leveraging our national partners, we utilized an association in Illinois that only works with engineering firms. We were able to secure richer benefits with more competitive rates.
Results
Our approach to procuring insurance led to over a 40% savings on premiums and a significant enhancement of their benefits. Additionally, switching to this association allowed them to go from age rated to composite rated plans. The company has retained some of the best talent in their industry and continues to use the benefits as a tool to recruit more talent.
