If you’re handling your company’s employee benefits open enrollment manually, your frustration is felt. It’s progressively more difficult every year. Automating the processes is a strong consideration at this juncture, reducing time and cost allocated to provide these services initially, and to manage ongoing.
Here’s what to like – according to the Society for Human Resource Management, by automating open enrollment with an HCM platform:
– An 1,850-employee hospitality company reduces processing errors in its annual benefits sign-up to less than 1 percent, down from 5 percent in their paper-processing days
– An industrial company with 350 employees now spends half the time on open enrollment after moving to automation
– A 2,500-employee manufacturer saves $400,000 per year by automating open enrollment.
An automated HCM system-facilitated benefits management solution greatly reduces the paperwork associated with benefits administration, by providing a one-source, cloud-based system facilitating all associated activities. You gain comprehensive plan information to manage your organization’s benefits and employee elections. Your employees can participate in online benefit enrollment at work or at home with their beneficiaries, self-manage their personal information, and view benefit statements on-demand.
Here are 10 employee benefits open enrollment automation advantages:
1. Always-on access – benefit sign-up for open enrollment periods, as well as for new hires and qualifying life event adjustments
2. Convenience of company intranet HCM system integration to the online resources of your third-party benefit providers
3. A guided online walk-through for an accurate and streamlined enrollment experience
4. Employee self-administration of their benefits package via an intuitive user experience, adjusting coverages for life event changes
5. Quickly determined benefit eligibility based on your pre-determined criteria
6. Automated email notifications of status updates and necessary action prompts
7. Information security provided by paperless processing and encrypted information archival
8. Simplified year-to-year benefits administration with automated rollover processing
9. Budget accuracy assurance with computation and analysis of benefit costs
10. Standardized and custom reporting capabilities to view real-time status of any data points.
An Automated Option
Asure Software’s AsureHCM is an easy-to-use, cloud-based platform to manage entire employee lifecycles. It’s a single-source solution with one database and one employee record, providing you a cleaner environment than a cobbled suite of applications.
The SaaS/cloud delivery model ensures you always have the most up-to-date features and compliance requirements. From online applications to benefits self-management, AsureHCM increases efficiency, eliminates redundancy and maximizes employee productivity.
Contact Asure for a complementary consultation and system demonstration, whether you’re considering automation, or if your current HCM system isn’t optimized for benefits management.