Let’s face it: benefits administration is tough. The rules are complex. Regulations are always changing. Add to that are the employee questions regarding job starts, terminations, life changes, and open enrollment that also create administrative quicksand.
No one would be surprised to learn that benefits questions make up 80% of all texts, emails, and calls to the HR team. And yet, benefits are critical for the wellbeing of employees and the company. When a candidate or employee considers a job opportunity, the first thing they want to know is the salary, but the second question invariably is, what are the benefits?
Employees understand that a benefits package can have more considerable long-term implications than the initial salary. Some research shows that 55% of employees have left a company because they found better benefits somewhere else. A 2018 SHRM study found that 92% of employees said benefits were important to overall job satisfaction — a statistic that has undoubtedly increased in the wake of the current global health crisis.
Employee benefits not only attract and retain employees, but can also help to increase employee engagement — an important factor in driving increased revenue, sales, and stock price.
Even if companies have a slew of offerings to attract and retain employees, for those benefits to truly have a positive impact, HR leaders must be able to manage the administration process simply and effectively, every day.
Three Tips for Managing Employee Benefits
When people want to lose weight, they ask their doctor what exercise plan they should follow. For many people, finding that winning regimen means discovering a process that is simple, helps them see results, and works with their lifestyle.
That same logic follows regarding benefits administration. The most effective process will be simple, provide insights so you can manage results, and will work well with other systems in your organization. This approach will make benefits administration faster, incur fewer errors, and create a holistic picture so you can develop perspectives that show you what segments are effective and cost-efficient, and where you can save money.
1. Keep It Simple
A simple benefits administration process doesn’t mean low-tech. If you’re getting swamped by manual data administration, it’s time to look at streamlining the process with an employee benefits software platform that automates many of those tasks to make it easier to get the information you need.
This is especially essential in benefits administration, where change is the rule and accuracy is key. With robust human capital management (HCM) systems like SyncHR’s integrated cloud-based platform, you can create a benefits program and easily associate automation rules based on schedules, eligibility, and event rules.
Benefit automation can also be based on:
You can recreate relationships between benefit plans and programs, and automate the process so you can move on to the next task.
Simplicity is especially important if your company acquires a new business, merges with one, or if you’re responsible for managing multiple benefit programs. The right benefits software platform can accommodate complex eligibility rules, and make it easy for you to keep track of both the person and position, even as employees change roles.
2. Gain Critical Insights
Today, every business is a data-driven organization. But data must be relevant to be useful. Choose a benefits software that provides easy access to information that helps you spot problems early and make decisions with confidence. For example, during an open enrollment period, you need to keep track of employees’ progress in benefits signup and your benefits tool should let you see how many employees have enrolled, or where they are in progress — allowing you to determine if you should reach out for additional help, education, or just as a reminder.
As an added bonus, look for a platform that doesn’t just provide critical insights to you as the benefits administrator. It should also provide highly relevant and helpful information to other users — like your employees. Platforms like SyncHR provide enrollment assistance that helps employees select their best benefits options--making smart decisions that affect their — and the company’s — wallets.
3. Integrate with Other Platforms
Logging in and out of multiple systems to pull together data is the opposite of simple. What’s more, when your benefits platform doesn’t integrate with other aspects of human resources, it’s hard to understand your entire employee picture. According to an HR Technology and Benefits Administrative Survey, next to user experience, employers most valued being able to integrate benefits technology with other HR functions.
When an employee has a benefits change, instead of having to adjust other HR systems manually, an integrated platform ensures that the benefits change is immediately and automatically reflected in payroll configurations or other areas of the employee’s record. This way, regardless of whether you’re looking at benefits, payroll, performance or any other aspect of an employee’s history, you always have accurate, up-to-date information.
Managing employee benefits is challenging. However, by using a platform that streamlines the data, lets you highlight the information you need most, and coordinates with other platforms to give you a full picture of your workforce, you can ensure your company’s benefits program attracts, supports, and keeps your employees.
Contact a SyncHR solutions expert for a free consultation or schedule a free, personalized demo to see how SyncHR HCM can help manage employee benefits so you can focus on .
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