In recent years, there has been a steady increase in the number of companies and other organizations that are embracing the use of benefits administration software to ensure a smooth running of operations. This type of employee benefits management has made small, medium, and large enterprises reevaluate their benefits strategies.
The main use of benefits administration software is to help companies/organizations very-well plan their employees’ benefits and make sure they comply with government regulations. Such benefits include insurance plans and stock options among others. Organizations also use the software to make adjustments to their employee benefits packages.
Benefits administration software also offers employees with a platform where they can view, manage, as well as update their personal information.
What to Look for in a Benefits Administration Software?
With the various technological advancements that are flooding our markets every day, business owners are constantly in search of software or machinery that will increase company productivity and efficiency.
In this case, getting a great benefits administration software will not only improve employee services but also save your company time and money.
If you are looking to reevaluate the way you handle your employee benefits, purchasing a benefits administration software is an excellent place to start. However, you have to make sure it has the following 5 key features:
1) An employee self-service portal
One of the most crucial things you should consider when purchasing a benefits administration software is whether it has an employee self-service portal (ESS portal). The whole point of spending money to buy this product is to save time and increase efficiency. A great benefits administration software should have a platform where employees can search and amend their information and register for benefits plans on their own during the organization’s open enrollment.
Additionally, the ESS portal will give the HR department ample time to focus on other departmental issues. It also minimizes the chances of dual entries and other avoidable errors. What’s more, an employee can log into the system when the need arises and submit any changes or amendments in their benefits for the review and approval by the HR department.
2) All in one platform
Another important thing is to get software that you can manage everything about an employee’s benefits on a single platform. Get a benefits administration software that can digitally manage and store records, cater to every aspect of open enrollment, as well as provide information that may be required.
With such a system, authorized managers and company directors can gain access to all employee data on one interface.
Besides, you will need a system that is streamlined and will help you stay on track with any changes in government regulations.
3) Automated deductions
Automatic deductions are not a must-have for every benefit administration software but it can relieve headaches. Benefits vary from organization to organization so there are instances that the above might not be possible.
In cases where this feature is applicable, deductions will automatically be done even when employees have done an update on their plans. This also means that the HR department will save time on manually changing the deductions.
4) A simple interface
Who wants to log on to a page only to spend more than 10 minutes figuring out where to go? Good software will have a simple and user-friendly interface. This will also make it easier for your employees, especially first-time users, to toggle through the various pages during enrollment while amending or adding some information.
Do not forget that some employees may not be computer savvy. As such, a simple interface will minimize confusion as well as boost their confidence in the selections they made.
5) Carrier connections
Traditionally, the Electronic Data Interface was used by companies and other organizations to connect to their benefit carriers. This was common, especially when setting up their health insurance.
This was a process that could take from a few days to even a couple of months.
A benefits administration software that allows for carrier connections enhances swift data integration and sharing between the organization and the benefits carriers. It also significantly reduces the workload involved and transfers employee data easily and securely.
As you contact different vendors looking for the perfect product, keep in mind the points listed above and make sure you go for preferably a personalized software that will streamline your office.