For decades, technology has revolutionized the world of business. Tasks that took teams of people weeks to complete can now be done with a few clicks of a mouse. This is true in the world of employee benefits, where benefits administration software automates the traditional benefits process, replacing paper enrollment forms with a digital portal, streamlining these tasks for employers and employees.
Every aspect of benefits administration—from building benefits packages, communicating benefits options to employees, helping employees select benefits, sharing information with benefits vendors to managing billing—can all be made easier with benefits administration software. Here are some more reasons to use this technology:
Improve Efficiency
When it comes to benefits, each employee has many choices, involving a variety of different vendors, each using different systems. This complex process can be extremely time consuming. Benefits administration software streamlines the process, keeping data and key information in one platform.
In addition, benefits software can reduce or eliminate errors, with automated processes and checklists to ensure proper steps are followed. With limited paper forms and manual data entry, there’s less chance of error. And, when benefits administration is connected with payroll software, correct payroll deductions can be assured. When it’s time for open enrollment, HR leaders can track who has signed up from a dashboard, making it easy to know who has completed the process.
All this leads to a better experience for employees, with more visibility into their benefit offering with better control over selecting plans that suit their needs. Employees are guided through every step of the process when it’s time for open enrollment or to make benefits changes. They have constant access to HR documents and records, and are always able to get the information they need, without emails, phone calls or visits to HR administrators.
This improved efficiency frees HR professionals to focus on broader tasks, from recruitment to working to build a better experience for employees across the organization.
Ensure Compliance
Any HR professional knows how critical it is to meet government regulations, including various recordkeeping rules and complying with local, state and federal laws. Benefits administration software simplifies this process and ensures every rule is followed, every time. With employee self-service, employees can log in to make changes for a qualifying event, which can then be approved by HR to eliminate any missed or lapsed coverages.
Control Costs
Benefits administration software gives corporate leaders better visibility into benefits costs and utilization which can help them make better decisions on plans offered. It also can reduce the number of HR staff who work on administering benefits, since many of the tasks associated with managing the process are automated or able to be done through employee self-service.
Make Life Better for Employees
A recent SHRM study reports 92 percent of employees say benefits are important to their job satisfaction. Using a benefits administration platform can give your employees more tools to make the right benefit selection for them, with a simplified process all in one spot. This means they will have a deeper understanding of what the company provides, and a higher level of job satisfaction. This also aligns with the expectations of today’s workforce, who are comfortable using technology and expect online access to key information.
Looking for a benefits administration solution? Paycor’s Benefits Advisor software is a powerful tool to help employees and new hires select benefits online, reducing paperwork, increasing visibility and eliminating extra work for HR teams.
How Paycor Helps
Paycor builds HR solutions for leaders. With Paycor, you can modernize every aspect of people management, from the way you recruit, onboard and develop your team, to the way you pay and retain them. See how Paycor can help the leaders of your organization solve the problems of today and tomorrow.