Most HR professionals know why benefits matter, especially in today’s competitive hiring environment. The benefits you offer are a way to help take care of your employees. They work toward retention, and recruitment as well. In fact, employee benefits can make your employees happier, more loyal, and more engaged with the work they do—all of which can support your bottom line.
So, if you’re currently offering benefits, you could be on the right track to creating a happier and more productive workplace. You might also be ready to add benefits administration software to your HR toolkit.
Time to add employee benefits administration software?
How do you know if now is the right time to add employee benefits administration software?
First, let’s look at how well you’re currently managing your company’s health care and benefits. Consider the following questions.
- Are operational expenses related to your benefits falling through the cracks of your budget?
- Are employees having a hard time accessing their benefits, putting in a claim, or getting the answers they need in a timely fashion?
- Are you overwhelmed every year during open enrollment?
If you answered Yes to any of these, then it’s possible that your company is under-investing in benefits technology.
A dedicated software solution that focuses on benefits administration can help you simplify the way you manage benefits, save you time, and help make your happy workforce even happier.
Let’s look at a few reasons why now might be the right time to consider adding benefits administration software to your suite of HR tools.
Benefits administration software can help you gain insight into how employees are using their benefits, and can help you save time in your day. If you’re considering benefits administrative software, BeneTrac can help you decide your next steps. Request a demo to get started.
Is employee benefits administration software right for your business?
Here are three reasons why employee benefits administration software might be the right fit for you, your people, and your company:
You like options, insight, and simplicity.
With benefits administration software, you can add a new level of big-picture context when it’s time to consider, plan, and update your benefits packages. For instance:
- Drill down into how employees are using their health plans.
- See where certain benefits are being under-utilized, and
- discover areas where there’s a gap between what you’re offering, and what employees want.
You can also customize the way that you and your people handle updates and changes during open enrollment.
- Set rules around auto-enrolling, tax percentages, dependents, and tiers of benefits.
- Set permissions around making changes, and the way that different benefits are coded according to employee job codes.
You want more control over how you use your time.
New hires, open enrollment, and life events require paperwork. And filling out multiple paper enrollment forms may not be the most productive way for HR to spend their time.
- Gain time back with electronic enrollment.
- Generate messages and alerts that will go out to employees at the start of open enrollment.
- Set permission levels so employees can view what they are eligible for. This can help cut back on their confusion, and may prevent a slew of emails from landing in your inbox.
Your benefits administration software can also help you gather important data and analytics quicker than if you were using a paper system. And, you can communicate these statistics with reports that are easy to generate.
- Track spending/utilization throughout the year
- Identify key cost drivers and gaps in coverage
- Determine wellness program ROI
- Forecast future spending and model cost impact of plan design changes
You want to empower your people.
Employee self-service features give your employees more control over how and when they access their information.
- Instead of needing to go through you, they can find information on their own about their health insurance plans.
- They can make changes to their information when they need to.
- Employees can update their coverage status when a qualifying life event occurs, such as a change in marital status, or the addition of a new family member. These updates will then filter into the benefits administration module, and provide access to new insurance options when it applies.
Benefits administration software can help turn your benefits program into a powerful business resource.
Benefits are important to the success of any business. If you’re managing them on paper, or in a system that’s clunky, outdated, or doesn’t play well with other HR tools, now might be the time to look for a new solution
Do you know which benefits provide the most value to your employees? What about the ones that help you control overall costs? Your benefits administration software can help you answer questions, identify trends, and plan for changes to your benefits package. Contact a BeneTrac representative today to learn more.