Running a business isn’t for the faint of heart, just ask any company leader or department head. Not only do they need to manage the day-to-day operations of the business, but they’re also responsible for making sure employees have access to the benefits and services that keep them safe, secure, and productive.
Although implementing the right steps to support a workforce can be challenging, there are tools out there that can help. Benefits technology is an invaluable tool for managers looking to maintain company morale and ensure employee satisfaction – but the technology has to have the functionality to do so.
The Role of Benefits Technology In Educating Employees on Benefits Options
Many businesses offer their employees a range of benefits, such as health insurance, retirement savings plans, and paid time off. However, many employers fail to realize the importance of educating their staff about benefits options. What’s more, many businesses don’t realize that they can use benefits technology as a means to educate their employees.
Benefits technology with decision support functionality can guide employees on their benefits journeys. Decision support tools like glossaries to define benefits jargon, side by side plan comparison, and analytical tools to calculate out-of-pocket expenses are just some of the ways that benefits technology can help your employees.
A well-informed workforce is a foundation for a productive and engaged team. Educating your employees on their benefits options encourages them to make informed decisions regarding their coverage, shows that you value their wellbeing, and has been proven to boost productivity results.
Common Signs That Your Employee Benefits Technology Isn’t As Efficient As It Should Be
Oftentimes new employee benefits technology is deployed in organizations with the hope that it will create a more simplified approach to benefits administration. And while the bells and whistles of the new system stand out, organizations soon realize that their new system is not helping them achieve organizational efficiency.
Too Many Disconnected Systems
If HR finds themselves having to perform manual processes to complete administrative tasks, they’re doing much more work than necessary. Overworked HR teams won’t have the time to focus on what matters most – their people.
Benefits technology should have functionality to connect with other HR systems of record to streamline administrative tasks. By being able to seamlessly connect with other systems, this eliminates the need to manage multiple workflows across disparate systems.
If you find that you’re constantly having to navigate multiple platforms looking for multiple data points on employees, various payroll requirements, or benefits information, this is a good sign that you’re lacking some key integrations that should be driving your benefits administration.
If administrative burden is keeping HR from focusing on employee engagement, something has gone wrong.
The “All-in-One” Solution Trap
An HR technology solution that encompasses all HR components sounds really convenient – almost too good to be true. Well, that’s because it is too good to be true…
While on the surface, an all encompassing HR technology solution sounds like it’ll be great for efficiently performing administrative tasks. But as you take a closer look, you’ll quickly realize that all-in-one solutions are not ideal for benefits administration.
All-in-one solutions are typically built around payroll being the top priority. And while the payroll aspect may work great, the benefits functionality pales in comparison. A system that is not built around benefits won’t be able to handle the unique complexities of many benefits offerings.
Don’t let a poor technology solution prevent you from offering great benefits to your employees. Remember – the right benefits technology solution will never sacrifice employee engagement.
Lack of Self-Service
Technology solutions that don’t have the ability to deliver self-service functionality hurt employees’ engagement with their benefits. People want the ability to make critical benefits decisions from their own homes, while looking over their options with their families.
An engaging employee experience is one that allows employees to take control of their benefits journey and learn about the great benefits you’re offering.
Setting Up Employee Benefits Technology The "Right" Way
To maximize the value of employee benefits technology, businesses should take a proactive approach to implementation. This means ensuring that employees have all resources at their disposal and are familiar with how to utilize the system – ultimately empowering them to make informed decisions about coverage plans for themselves and their families.
Below are several steps businesses should take to ensure that their employee benefits technology is set up the “right” way:
Perform a Comprehensive Review of Current Agreements
Before implementing any employee benefits technology, take a look at your current technology solution. Are you manually completing administrative tasks? Does your current system provide an engaging employee experience? This will give you a clear picture of what your pain points are.
Identify the Right Software to Suit Your Needs and Financial Resources
Benefits technology can be intimidating, which is why you should leverage the help of an expert. Technology partners are a valuable partner in finding and implementing a benefits technology solution that makes sense for your specific industry and business needs.
Avoid the all-in-one solution trap and use technology that is flexible for your unique needs. You can deploy a solution with personalized configuration, a dedicated support team, features that do everything from streamlining eligibility management to simplifying the complexities of HR compliance.
Monitor User Behaviors to Support Permanent Learning
Monitoring user behavior can help HR staff identify potential issues in the utilization of benefits and features, allowing them to intervene and provide targeted support.
By taking a proactive approach towards employee education and satisfaction, employers are able to maximize both employees’ engagement with their benefit program as well as promote ongoing learning opportunities for everyone involved.
Survey Employees For Maximum Benefit
As a final step, businesses should consider surveying their employees to get feedback on how the employee benefits technology works. There is no better way to know if you’re getting the proper return on your investment than by asking employees directly.
Doing so will help you identify any issues that may need addressing and ensure that everyone is taking advantage of the benefits available to them.
Start Maximizing Engagement Levels With Your Workforce
The right benefits technology solution will ensure employees get the most out of their benefits programs.
On top of that, technology should help businesses better monitor and track the usage of employee benefits, allowing them to create a more comprehensive and customized program for their workforce. Use data from the system to gain valuable insights into which benefits are resonating with your employees and where there may be opportunities to make improvements.
Frank Mengert continues to find success by spotting opportunities where others see nothing. As the founder and CEO of ebm, a leading provider of employee benefits solutions. Frank has built the business by bridging the gap between insurance and technology driven solutions for brokers, consultants, carriers, and employers nationwide.