Employer-sponsored benefits including health insurance coverage and retirement plans are a big part of employee compensation—and the right offering can make your company more attractive in the war for talent. All too often, however, employees aren’t aware of what’s available or how to choose the best options.
The detailed record keeping, event management, and compliance requirements involved in benefits administration can quickly overwhelm HR departments of all sizes.
Benefits programs are more complex than ever before for both employers and employees alike. That’s why it’s important to select a benefits administration platform that can effectively support the needs of both your company and its workforce.
Cost is no longer a top factor
A recent survey by Pacific Resources revealed that companies are taking a more holistic approach to evaluating benefits administration platforms. Instead of focusing solely on costs, more than half of respondents indicated the following were more important factors:
- Administrative ease – 61%
- Empowering employees to make informed decisions – 52%
The results indicate that employers “want employees to understand their benefits better, and for the first time, they’re feeling like there are tools and platforms available that can deliver that experience,” said Chris Judd, executive vice president of Pacific Resources.
Something for your workforce: Knowledge and empowerment
With greater access to health, life, and other insurance benefits at work, employees can find themselves overwhelmed by employer benefit offerings. According to a recent Guardian study, only about half of workers demonstrate that they understand their benefits. Using benefits administration tools, employers can close that knowledge gap, provide decision support, and increase the financial wellbeing of its workforce.
Something for you: Simplify the complexity
60% of U.S. employers feel overwhelmed by increased demands and the complexity of managing company benefits programs. Even larger companies are feeling the pinch. Results from this survey also revealed that 69% of benefits managers at firms with 100-500 employees struggle with open enrollment and communication.
What’s causing the pressure? Many HR departments are stretched thin and asked to do more with less. Often companies don’t have the bandwidth or expertise in-house to make necessary adjustments. In fact, nearly three-quarters of companies feel they can’t keep up with changes to laws at any level. That’s one reason why more companies are turning to benefits software that simplifies administration and automates compliance.
Six questions you need to ask
When your company is evaluating benefits administration platforms, make sure you find out:
- Will the solution help me improve communication and employee understanding of benefits?
- Are decision-support tools available such as cost calculators and plan comparison charts?
- Can employees securely view and manage benefits data without going through HR?
- Can I integrate the solution with other HR functions and technology? For example, payroll, paid time off, and open enrollment?
- Is mobile access available?
- Will the solution help ensure compliance with government regulations?
Taking care of your workforce
Between benefits enrollment, life event changes, and maintaining compliance, HR professionals could spend all their time on paperwork. Benefits administration tools help you gain control of information and programs so you can focus on strategic issues like employee wellness and engagement. Don’t make your technology decision based solely on costs. Asure Software’s Human Resource Management solutions offer a benefits administration platform to help you build and retain a happy, engaged workforce.