A well-executed benefits technology strategy is one of the most important ways to enhance employee benefits administration. From streamlining administrative tasks, to providing valuable enrollment insights, benefits administration is an invaluable tool for HR.
But what about employees? Are there any benefits technology features that enhance the employee benefits experience for employees? The answer… Yes!
Best-of-breed benefits technology enhances the employee benefits experience with the right functionality. Employee self-service functionality is crucial to deploying a benefits technology strategy — and employers shouldn’t gloss over it.
What is self-service functionality?
Self-service functionality means that employees have full control of their open enrollment experience. Instead of employer-managed enrollment, employees are empowered to make critical benefits decisions on their own terms. Self-service functionality takes enrollment a step further with decision support tools that employees can use to make informed benefits decisions.
Benefits technology with self-service functionality is optimized for devices like smartphones and tablets so that employees can make critical benefits decisions on their terms. Employees are empowered to review their options from the comfort of their own homes, with help from their families.
Decision Support Tools
Decision support tools are features within a benefits technology platform. As the name suggests, decision support tools equip employees with the necessary means to stay informed on their benefits. Decision support tools break down the complexities of benefits in numerous ways. Tools like glossaries, side-by-side plan comparison, and educational videos help break down complex benefits terminology. Benefits are complicated, so having tools that meet employees where they are helps eliminate any frustration that may ensue from employees doing time-consuming research online.
Why does self-service functionality matter?
Self-service functionality is crucial for two reasons:
Self-service functionality in benefits technology promotes active employee enrollment in benefits every year. When employees activeley engage in open enrollment every year, they will go through the open enrollment process even if no plan changes are necessary. Employees will look through each plan offered and use decision support features, helping them stay informed. Informed employees are more satisfied at work when they have a clear understanding of what the company is investing in them.
Yielding a desired ROI
When employees actively engage in open enrollment, their employers benefit from their participation. Employees who understand their benefits will choose benefit plans that are the best fit, giving employers a clearer idea of what benefits to offer. Benefits are costly — so offering benefits that employees will use is going to yield a desirable ROI. Plus, enrollment rates will be higher when employees are taking the time to look through all of their offerings.
The right technology
With best-of-breed benefits platforms, companies can facilitate a smooth open enrollment where everyone wins. A well-executed open enrollment yields higher employee satisfaction and desirable ROI for the great benefits employers offer. Learn more about how ebm can help you elevate benefits support at your organization.