Benefits administration platforms exist to shoulder the hefty workload provided by today’s complex insurance, benefits, and payroll systems. Does your company need a benefits administration platform? While it can appear like just one more shiny tool at first glance, digging a little deeper can reveal far-reaching fixes for HR issues you might not have realized you had. Benefits administration platforms boost productivity, employee engagement, and enhance compliance and data security.
Here’s a quick look at some pros of using a benefits admin platform.
- Data security. When employee data for multiple programs is contained internally, there are fewer opportunities for data loss. In a cybercrime world, keeping your employees’ private details secure should be a priority.
- Keeping up with the rapidly changing regulations around items such as COBRA, the ACA, HIPAA and temporary programs like ARPA pose a big challenge. A benefits administration platform should have compliance built right in, so your team is never tasked with updating files on their own every time a new change comes down from Congress.
- Centralized Consumer Platform. If your benefits program has multiple options, like medical, dental, and vision, plus voluntary programs, all run through different websites, your engagement rate is suffering. Providing one point of entry helps employees engage with their benefits, increasing the value your company sees from benefits, and boosting retention rates in your staff.
- Human Resources Platform. Provide one place for every essential HR service, from managing payroll and COBRA to accessing employee records and creating reports so that teams don’t miss a thing.
- How are you communicating with your employees? Registering questions and requests for service? Where are these records stored? Look for a comprehensive HR communications dashboard built right into your platform to save your teams time and effort as they field your employees’ questions. Or go with concierge services, which provide expert service to your employees.
That’s just the beginning. How could your business grow and improve employee satisfaction with a benefits administration platform? Learn more about the Web Benefits Design platform here, and start doing more with your benefits.