3 Technology-Driven Changes Impacting Your Business
This Time, It’s Really Happening. Benefit brokers and Financial Advisors face similar disruptive forces in the modern marketplace. The fact is, your clients are turning to technology to streamline and simplify their lives and satisfy an increasingly tech savvy workforce. Feels like you’ve been hearing this for years, right? Well, there’s a good reason for that feeling: you have. The truth is that the much ballyhooed technology disruption has been slow going because change is hard, until one day it just happens. Disruptive innovations are like that: lots of talk for years and then all of a sudden, the bomb goes off. Here’s why change is finally happening.
Three Drivers of Change
Regulation and Compliance
While there is a great deal of uncertainty about how a Trump administration will ultimately handle healthcare and retirement regulation in the future, one thing is certain: compliance anxiety isn’t going away, it’s just taking on new forms. One scenario is that compliance at the federal level gets simpler even as the complexity at the state and local levels ramp up. Whatever the outcome, business owners have come to realize that they need technology to handle compliance for them. In any case, your clients need you to lead their thinking.
Millennials are another driving force. First, they’re taking over. By 2020, millennials will make up nearly half of all U.S. workers (Brandon Weber, Upworthy, 9/2013). And millennials overwhelmingly dislike paper and clunky spreadsheets. They prefer the ease, speed and functionality of online transactions. According to CIO magazine, 1 in 10 millennials said they wouldn’t even consider applying for a job at a company that doesn’t accept applications via a mobile device. Millennials, who were “born digital,” bring to the workplace a fundamentally different set of expectations. Dr. Ron Rowes, chief medical officer at Prominence Health Plan, said it well: “If you look at the demands of millennials on our society as consumers, they are a group that uses services such as Amazon and the Internet who aren’t really used to person-to-person service per se. They’re used to reaching out when they need something, getting instant gratification, moving on and only coming back when they have the need again” (USA Today, Feb 7, 2016). To remain competitive, small business owners will cater to the preferences of millennials. As a broker or advisor, now more than ever, your clients need your counsel and leadership to help manage this shift.
Need for an Integrated Solution
Clients are demanding an integrated solution that unifies benefits administration, retirement and everything in between, including all aspects of HR. Integration is simply no longer a nice to have, it’s mission critical. Your clients want to be able to select best of breed technologies that talk to each other. It’s not just about a unified platform; your clients don’t want the hassle of downloading and uploading data. They expect data to flow freely from platform to payroll and vice versa.
Helping our partners get the most out of our service so you can enable your clients to keep ahead of the curve is key to your success and ours. Let’s talk about how our integrations can improve your clients’ HR and payroll experiences today. Click here to refer a client today.