A great benefits package can be critical for attracting good employees without having to outbid the competition on salary, particularly if you have a small business that operates on thinner margins. But there’s a catch. Without the right technology, developing and administering benefits can be resource intensive, reducing the plan’s effectiveness and your overall return on investment.
The advantages of a benefits administration platform
- Simplicity
Data is housed virtually in one platform that can be used to communicate with carriers, brokers and managers. - Compliance
Platforms run on rules-based systems. Administrators set the rules, which streamlines processes and helps you stay compliant on a consistent basis. - Efficiency
Platforms are used to automate processes that would otherwise be done manually, saving time and increasing accuracy. - Transparency
Data can be easily accessed as needed by both you and your employees. Employees can view costs, carrier networks and coverage options, while you can examine overall reporting, expenses, enrollment numbers and other decision-making content.
The right online benefits platform supports business goals and growth
Using effective benefits administration technology can unlock broad advantages for your business:
- Tools that include self-service portals and educational materials can help employees better understand the offerings available to them and increase participation.
- Solutions with utilization dashboards can help you determine whether you are providing the right mix of benefits to attract and retain talent.
- Technology that makes it easy for employees to get the help they need when they need it can increase productivity, satisfaction and retention.
- Because benefits administration tools show how employees use their benefits, it’s clear where you are getting the best return on your investment and where you are not.
