Payroll, Here Are Your Articles for Wednesday, August 07, 2019
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3 Signs It's Time to Update Your Benefits Technology

 

According to a 2018 report by the Harvard Business Review, 51 percent of survey respondents said that outdated or insufficient technology is obstructing their ability to retain top talent. Further, 58 percent said that a company's technology is a factor for job candidates when deciding where they want to work.

This report highlights the direct link between workplace technology — which includes benefits platforms — and employee attraction and retention. But how can you tell whether your benefits technology is holding you back? Below are three signs.

1. You're spending too much time on manual processes.

This is most likely to happen if your HR/benefits and payroll systems aren't integrated. These two functions work in tandem, and separating them only amplifies manual labor for your HR and payroll staff.

When both technologies are not integrated, employee benefits information must be entered separately into each one. This can lead to all sorts of complications, including increased data entry errors, delays in communication between HR and payroll, limited reporting capabilities, frustration among your HR and payroll staff, and regulatory noncompliance.

Also, don't underestimate the price tag of manual processes. In a 2018 report, Ernst & Young estimated the total labor and nonlabor costs of completing certain HR tasks, including benefits administration. The report concluded that employers can reap significant cost savings by using a fully automated human capital management system that includes self-service and benefits enrollment.

2. Your benefits technology does not have self-service.

As stated earlier, self-service HR technology can lead to major cost savings. In addition, it plays a critical role in delivering a positive candidate and employee experience. Not only does it save your HR and payroll staff tons of time, it also promotes employee engagement and autonomy.

People today demand immediate access to information, and through technology, they're able to retrieve it. This demand is also embedded in the workplace; therefore, employees are not empowered by having to contact their HR and payroll departments for every related bit of information they need.

Because employees' benefits are intricately woven into their personal lives, they want to feel as though they have some control over the selection and data retrieval processes.

3. Benefits enrollment and open enrollment are a drag.

The Ernst & Young report notes that the area with the most potential for cost savings is benefits enrollment. This is especially true when it comes to giving employees information about their plan and data for comparing their benefit offerings. These two pieces of information are essential to onboarding and open enrollment.

An upgraded benefits technology can make onboarding and open enrollment less of a drag by:

  • Consolidating various benefit plans onto a single platform.
  • Facilitating personalized benefit options.
  • Simplifying communication.
  • Making it easier for employees to understand their benefit choices.

Note that if your benefits technology is outdated and you've expanded your benefit offerings, it could lead to a multitude of problems — including issues with enrollment and compliance.

 

 

 
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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