NOTE: The opinions in this article are the author’s and do not necessarily represent the views of Shortlister
Offering compelling benefits is essential for attracting and maintaining top talent in a competitive market. In fact, 83% of employers say retaining employees is their top benefits objective.
However, cost control is also a top priority for HR teams, an initiative that often competes directly with offering top-of-the-line employee perks. But, this doesn’t have to be the case.
Antiquated, manual processes are inconvenient and time-consuming. Investing in a benefits administration solution is one of the most cost-effective ways to create more affordable and efficient benefits programs.
Here are five specific ways that a ben admin solution will save your HR department valuable time and money.
One of the primary conveniences of switching to a benefits administration platform versus manual processes is the use of smart automation. A good ben admin solution will track new employees and the onboarding process, manage the employee leave process and COBRA administration, automate compliance functions, and much more. Automation will transform your HR department from a form factory to a lean, mean, people managing machine.
Does your benefits enrollment process involve trusty pen and paper? Manual enrollment is cumbersome and opens the door for unintentional mistakes. Take the enrollment process online with a benefits administration solution. Employers shopping for a solution will want to keep several key features in mind, like carrier integrations, choice architecture support tools, and personalization. Your ben admin platform should save you time with a holistic approach by offering educational features, guided decision support, and seamless enrollment via direct carrier connections.
Most modern benefits administration platforms will offer some form of decision support. While the employee experience varies greatly by the provider, a good system will allow shoppers to compare different health plans, support in-system question and answer engines to help guide employees through the selection process, and support in-system video placement to provide real-time education. By giving employees the resources and recommendations that they need at the precise moment they need them, you will greatly cut back on the amount of time HR spends educating and advising employees.
As all HR professionals know, the Affordable Care Act (ACA) requires a lot of complex documentation. And, ACA is just the tip of the iceberg when it comes to human resources rules and regulations. COBRA administration, HIPPA, ERISA, and FMLA - the list of acronyms goes on and on. Implementing a benefits administration solution will not only take the burden off your HR team to manually submit compliance requirements but will also actively monitor all employees and company activity to ensure that you don’t miss any important steps. Non-compliance is costly and could be devastating for a small company. Eliminate this concern and mitigate your risk.
Put Employees In The Driver’s Seat
A benefits administration solution will allow you to empower employees to take control of their benefits. Decision support tools, as mentioned above, will help employees make better benefits decisions and will take a majority of the education and support burden off your HR team. Furthermore, employees will be able to easily access their benefits on-demand via an easy to use (and, ideally, mobile friendly) benefits website. Of course, you’ll want your HR team to be ready at a moment’s notice for questions or concerns that might arise but using an online benefits solution will allow you to shift education and support to a more on-demand model.
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Article By Meisha Bochicchio, Content Marketing Manager, PlanSource
PlanSource is devoted to creating the best benefits experience available through cloud-based solutions for benefits administration and human capital management that are affordable, intuitive and highly-configurable to support any benefits strategy. Additionally, PlanSource provides top-rated benefits outsourcing services to meet the needs of overwhelmed or understaffed employers of any size.