How best-in-class benefits technology can improve administrative workflows
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How best-in-class benefits technology can improve administrative workflows
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HR teams are tasked with a number of important responsibilities that help organizations run as smoothly as possible. One of these responsibilities is ensuring accurate and timely administration of employee benefits.
However, managing this responsibility can be difficult when the benefits technology that was invested in isn’t designed to truly streamline administrative tasks. Not only does this create bottlenecks and inefficiencies, it can also be a major source of frustration for HR teams.
Deciding to upgrade your benefits technology to a best-in-class solution helps HR teams unlock efficient processes.
Reduces Administrative Burden
When you invest in the right benefits technology solution, it can help eliminate a number of the tedious, manual processes necessary to administer employee benefits.
In addition to being able to successfully rely on the administrative support of employees, HR teams are also able to leverage a variety of automation protocols natively integrated into their benefits technology solutions.
Another key advantage of modern benefits platforms is that they are designed to seamlessly connect with other critical HR systems such as HRIS, payroll and carriers. This allows for centralization of data flows, helping to ensure accuracy and consistency across all connected systems without needing to enter the same information into multiple locations.
Also, because of the self-service enrollment features that best-in-class benefit technology platforms have, this allows employees to play a more active role in their benefits enrollment process. This not only helps to lower the administrative burden on placed HR departments but also gives employees the ability to manage their own benefits selections independently.
Helps With ACA Reporting
An important element of carrying out various HR tasks is ensuring all tasks associated with benefits administration, including following coverage stipulations for certain employees, adhere to all applicable compliance standards.
Benefits technology platforms already house the employee eligibility information, plan options and benefit coverage data — which makes preparing 1095/1094 forms very efficient. The system should track measurement and stability periods, monitor employees that may lose eligibility and alert HR if it identifies potential employees that need coverage, thus ensuring that all of the necessary compliance requirements are met.
Simplify Benefits Communication
Benefits technology platforms frequently feature a variety of helpful decision-support tools that empower employees to make more informed choices about their benefits coverage.
By providing employees with plan comparison tools, interactive benefits premiums calculators and other educational resources, employees are able to better understand the details of different plans and select the options that best line up with their individual and family needs.
HR departments can leverage decision-support tools to significantly reduce the time they need to spend answering routine questions and or explaining the details of employee benefits plans.
When employees feel more equipped to go through the benefits selection process, it not only improves the employee experience but also reduces administrative burden for HR.
Provides Important Data Insights
While benefits technology platforms provide helpful automation to reduce various administrative processes, they also provide the business with valuable data insights that can help them continuously improve their benefits offerings.
Benefits technology solutions produce helpful analytics and reports that HR teams can access to gain a more holistic view of enrollment statuses and employee use patterns that can drive actionable decisions.
For example, if data starts to show that employees are not regularly utilizing certain elements of their benefits coverage, it can open up discussions with key decision-makers on better utilizing budgets or restructuring coverage offerings.
Maximize the Productivity of Your HR Teams
HR departments are a necessary but often resource-heavy requirement for running a successful business. However, by leveraging the full capabilities of benefits technology solutions, HR teams can work more efficiently while being able to put more of their time into other important business functions.
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