Benefits Technology: 2 Ways to Maximize ROI.

Benefits administration software helps both employers and employees. But the degree to which businesses and their workers benefit depends on how solutions are deployed.

“Benefits applications are the most diverse HR Application area, covering pension and retirement plans, stock options, health care, wellness benefits, and voluntary/flexible benefits,” writes Sapient Insights Group in its 2020-2021 HR Systems Survey.”

Nine of 10 US employers have a benefits administration solution, mostly to manage employer-sponsored health care, according to the survey. Half of the survey respondents that had implemented an HR application within the past year had implemented an HR management system (HRMS), which typically included a benefits module.

Organizations get the most value from their benefits administration solution when it meets their particular needs. Optimizing your benefits technology will increase organizational efficiency and improve the employee experience.

Increase efficiency with benefits administration software.

Benefits administration technology helps you administer benefits more efficiently. eliminating bottlenecks and other inefficiencies in your workflows improves your return on investment (ROI).

Look for repetitive tasks that can be automated. This will free your team to focus on strategic priorities while also reducing the chances of errors occurring, like if a benefits administrator were to input information incorrectly.

Transferring data from paper records to a digital platform also makes benefits more accessible for employers and employees. Benefits administrators will be particularly appreciative of the improved user experience.

Leverage data-driven insights to design better benefits as well. Data-driven benefit design reduces costs while improving engagement and outcomes by showing employers what benefits employees use and how. Including data analytics in your benefits administration solution will enable you to better pick the benefits that employees want and to find the providers that offer the most value. For example, you could create a network of health-care providers that deliver the most cost-effective care according to your claims data.

Improve the employee experience with benefits technology.

Enrolling in benefits can be exhausting for employees. The number of choices can be overwhelming and the complexities surrounding them can be confusing.

Help your employees decide which benefits would suit them best by explaining their choices clearly and emphasizing how each would impact them specifically. For example, some benefits software will help employees pick their health plans by asking them questions about how they would use their coverage. Your employees would be grateful for such assistance in navigating their benefits.

Personalized benefits increase employee engagement by improving the employee experience. Benefits software also creates a better experience by allowing employees to manage their benefits from smartphones or tablets through mobile apps as well as from desktop PCs, without having to engage with HR representatives.

Such seamless experiences are imperative in a time when consumers expect instant access to whatever information they want, like through on-demand video streaming. Make it as easy as possible for your employees to enjoy their benefits. They will be more engaged, and thus productive, as a result.

Benefits administration software may be a common part of HR management systems. But you must choose the right benefits admin solution for your organization, configure it properly, and use it correctly. Increase organizational efficiency and improve the employee experience to maximize your benefits administration solution.

Providence Technology Solutions offer best practices to optimize the configuration of your benefits technology to best suit your needs.

Contact us today to discuss an HR Diagnostic review online, by email at info@theptsteam.com, or by calling 904.719.8264.

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