4 Signs You Need a New Benefits Platform

Administering employee benefits is often met with feelings of frustration. If you can relate, think about the last time you updated your processes. If it’s been a while, then your administrative burden is likely tied to an outdated technology solution. Technology is supposed to make your life easier. If it’s not. it’s time to look at a benefits platform that will.

Here are four signs you need to update your benefits technology…

You’re still relying on manual processes

If you find yourself manually entering data across multiple systems, this is a huge red flag. Manually entering data across multiple systems is wasting too much of your time. To automate this process, you need benefits technology that integrates with other HR systems in your tech stack to allow data to flow between them. Whether it’s payroll, COBRA, CHDP, or another system of record, benefits technology must be able to connect to other platforms within the HR ecosystem.

Consider this: you make a change in the benefits system. That data automatically flows to the other systems where necessary without duplicate data entry being needed. This can save you hours of time.

Manual processes aren’t just a time-waster — they can limit exposure caused by human error. Despite how much we try to avoid errors, they can happen from time to time. Automated processes help mitigate human error that can happen when manually entering incorrect data. As long as data is entered correctly once, it’ll be correct across all systems.

Lack of reporting capabilities

Does your current solution give you full access to data? Or do you have to submit a ticket and enter a queue to access data? That data belongs to you, and shouldn’t be a struggle to access.

Data is an important asset to have in your benefits arsenal. With data, you can gain valuable insights into your benefits program. By benchmarking, you can identify trends that will be very helpful in curating the right benefits package for your organization.

HR teams can evaluate specific demographic behaviors and preferences with easy access to dashboards and analytics. For instance, an employee in their mid-twenties may value tuition reimbursement as a benefit, but a colleague in their fifties prefers discounted prescriptions. A best-of-breed benefits platform can help you identify trends like this.

Your benefits platform should help you evaluate your benefits programs to determine what’s working and what’s not. Without access to robust reporting capabilities, getting a pulse on how your team is engaging with the benefits on offer is a challenge. This is something you need from your benefits platform.

You’ve fallen into the all-in-one trap

All-in-one HR technology solutions seem like an attractive option for benefits administration. With all components of HR handled on one system, that’ll make life easier, right? Not quite…

All-in-one solutions are usually built around one core HR component that works really well (usually payroll), while the benefits module pales in comparison to dedicated benefits platforms.

You can’t compromise on a benefits portal. Too often we see HR teams frustrated by all-in-one tech because the benefits module can’t flex to support their unique complexities. HR and employees alike will become frustrated with the benefits processes, despite how strong the benefits package may be.

All-in-one solutions are perceived to be convenient and cost-effective. The truth is: they just can’t deliver a truly streamlined approach. HR will find themselves using workarounds or performing manual data entry, increasing the risk of errors. This will end up costing the organization money and time.

Lack of self-service

In an on-demand world, self-service is crucial. Benefits are no different. Employees want to review the benefits on offer on their own terms. Employees want to decide on major decisions like healthcare from the comfort of their own homes, with help from their families. That means the benefits portal must be accessible and intuitive on not just a desktop, but on smartphones, tablets, and laptops as well.

Decision support functionality is another important feature that your technology solution should have, as this it empowers employees to take control of their benefits journeys. Decision support functionality helps employees understand concepts like copays, deductibles, co-insurance, in-network and out-of-network costs, prescription drug benefits, and other unclear aspects of their plan.

The more informed employees are on their benefits, the better they are at getting the most out of them. This leads to higher satisfaction in the benefits programs on offer, yielding a great ROI.

Benefits technology should not only streamline benefits administration for HR but also enhance the enrollment experience for employees. If a system lacks self-service capabilities or isn’t designed with mobile-responsive technology, it’s time to consider looking at new tech that does.

A truly streamlined approach to benefits administration

Managing employee benefits doesn’t have to be a source of frustration. If you recognize any of the signs discussed, it may be time to consider updating your benefits technology. By investing in a best-of-breed benefits platform, you can alleviate administrative burden, and deliver a better overall benefits experience at your organization.

Are you ready to embrace technology that can transform the way you administer benefits? We can help. Learn more here about how ebm helps HR professionals alleviate administrative burden to focus on what matters most: your people.

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