4 Features Your Online Benefits Management Platform Should Offer
Online employee benefits administration has dramatically improved the efficiency and workflow for corporate HR departments. Managing employee benefits programs historically was an administratively intensive process. Companies regularly looked for ways to reduce staff time spent on these issues, increase data accuracy, stop redundant data entry, and eliminate paper-heavy processes. Modern benefits management platforms offer your team real-time data access, increased visibility, and a higher level of reporting and control. Here is a closer look at four benefits of an online employee benefits administration system.
Increased Reporting and Visibility Capabilities
One of the biggest benefits of an online benefits platform is the ability to access data from a single interface. Online benefits administration greatly simplifies the process to managing employee benefits data; accessing information for running reports; handling recordkeeping to stay in compliance with reporting and documentation regulations; and providing data and insights to your management team. A centralized platform makes it easier for your executive management and HR team to quickly and easily access the information they need anytime to inform data-driven business decision making.
Streamlined Employee Communications and Management
Consider choosing an online benefits management system that provides your employees with optional 24/7 self-service functionality. With self-service functionality, employees are able to log in and quickly review the details of their employee benefits program elections. They’re also able to make changes as required. Look for a system that is optimized for mobile device accessibility. Employees with access to self-service platforms across a range of devices tend to be more satisfied with their HR departments overall.
Conversely, your HR team spends less time answering simple questions or making basic administrative updates that can be handled directly by employees, such as a change of address. Additional communications capabilities make it easy to share benefits information with employees through dashboard notifications and mass emails. Communications might include ongoing benefits information, calls for open enrollment, and employee newsletters.
Carrier Integration and Communication
Today’s online employee benefits platforms provide seamless integration and data sharing with different carriers and vendors. The ability to easily and securely transfer employee data, corporate details and payment information reduces the workload of your staff and speeds up the efficiency of transactions. Often, companies use different carriers for groups of employees or geographic locations. As a result, it’s important to choose a platform that can simplify communications with the full spectrum of benefits vendors that your company works with.
Employee benefits administration used to require a significant number of paper records. Today, it’s possible to select a system that allows you to digitally handle all aspects of the process from onboarding to yearly open enrollment. The system effortlessly stores those records, and provides information when needed for internal audits or external reporting. An online benefits administration platform can streamline the reporting process and help keep you in compliance with various recordkeeping regulations that your company may be subjected to.