If you’re considering starting an RFP process for your benefits administration, you are already aware of the amount of time and effort that goes into the decision. It’s a long journey, but a worthwhile one, as working with the right vendor is crucial in creating a positive benefits experience for your employees. Whether it be price point, technology, or culture fit, there are many factors that go into choosing a vendor. Rather than diving in headfirst, you need to put together a plan and compile best practices for a smooth, effective, and successful RFP process. Following our webinar, 5 RFP questions you aren’t asking – but should, we’re sharing additional details on how HR pros can make the process more effective with these six tips:
- Build the right team. Compile your team with a mix of employees that will work well together to bring the best vendor in to match your needs. Thoughtfully consider who collaborates well and who has the qualities you need for smart, careful decision making.
- Over-communicate. When developing the RFP, provide as many details as possible about your organization’s needs. This allows potential vendors to fully understand the desired program and then confirm they can do what you need and price appropriately.
- Ask about security. In this day and age of cyber-attacks and threats, you have to do a thorough background check of all your third-party vendors to maintain a secure system. For the most in-depth insights, request relevant audit results, involve your IT team in asking the right questions, and do a full security review of the vendor.
- Be transparent. When going through the RFP process, vendors can often feel left in the dark on the timeline or how decisions are being made. We recommend showing your evaluation criteria, the timeline, and any additional details on your process. This will help vendors best understand the information you need to evaluate their program, and ultimately deliver stronger RFPs.
- Provide feedback: Ongoing, two-way communication is critical for any successful relationship. Direct, constructive feedback—both positive and negative—will allow vendors to adjust as necessary and give you a glimpse into how a working relationship would be past the RFP.
- Discuss values. For the most successful relationship, you want partners that mirror your culture and values. Prioritize an in-person meeting that touches on this topic for a chemistry check between the two organizations.
Looking for more advice on building your RFP process? Listen to our webinar with Curcio Webb and RFP365 on the 5 RFP questions you should be asking.