The field of benefits administration is always changing. That’s because employee needs and expectations evolve with the ages. Today’s workers expect a flexible HR and benefits experience that can suit their lifestyle and coverage requirements, which means the days of defined benefits, physical paperwork and onsite education are numbered. To accommodate these demands, employers are using state-of-the-art ben admin software solutions to make benefit enrollment and management easier for all parties—unlocking new business value in the process.
Is your business ready for the future of benefits administration? Today, we’ll be diving into three predictions on how the ben admin experience will shift in the coming years to help your HR team understand what’s around the corner. We’ll also discuss a few proactive steps your organization can take to address these upcoming changes.
Modern life is all about mobile, and that fact extends to the working world, too. Google Drive, LinkedIn, Slack: these are just a few of the tools employees use to mobilize their professional lives—and more are emerging every single year. As the popularity of smart devices and mobile workflows continues to grow, employers should expect an increased demand for mobile-friendly benefits.
There are many ben admin solutions your business can use to provide a mobile-friendly benefits experience for staff. With the right benefit administrative program, you can put detailed benefits information into the hands of employees at all times via a customized portal. Users can access carrier contact information, insurance group and ID numbers, deductible information and much more in seconds on almost any device—including smartphones and tablets.
With a mobile benefits portal, employees can shop and enroll for coverage whenever and wherever they choose—creating a more versatile enrollment experience. These solutions can also provide employees with useful videos (and other educational resources) on their coverage options to help them choose the right plan. In short, a mobile-friendly ben admin platform is one of the best ways to increase the flexibility and convenience of your online benefits process.
Did you know that the price of attending college is increasing almost eight times faster than wages? For recent graduates entering the working world, it’s almost impossible to land their first job without a significant amount of student debt. That’s why we’ve seen such a huge upswing in student loan repayment plans and benefits from employers.
Using worker surveys, employers can gain insight into the level of financial support their employees need to help manage their student loans—and issue small payments over the year to reach that figure. Best of all, if these loan benefits are distributed each month, there’s no threat of employees leaving and needing to repay it.
Despite its logistical challenges and lack of tax advantages, many employers find it well worth the effort to invest in student loan repayment offerings. These benefits play a major role in attracting top-performing talent—and reassuring them that they’ll receive help to address their most pressing financial concerns. You can expect this benefit trend to grow even further in the coming years—especially as the costs of higher education continue to climb.
From enrollment audits to EDI error reports, there’s no shortage of tedious ben admin tasks on the plates of employers. Not only are these responsibilities frustrating for HR teams, but they also waste precious time that could be better spent on other HR efforts. To match the growing demand for better benefits, you can expect more employers will start investing in ben admin platforms to help their HR staff handle these tasks more efficiently.
Select ben admin providers pair their software with comprehensive support services that simplify platform implementation, training and administrative responsibilities. These solutions make daily workflows faster and easier for your HR team—giving you more hours to invest in other HR initiatives that drive business value.
At Apprize, we take care of several day-to-day ben admin tasks for our partners—including EDI error reporting, quarterly enrollment audits and resolving billing and enrollment issues. A partnership with us allows your business to outsource these time-consuming tasks completely, fostering leaner and more efficient HR.
Ready to learn more about what the future holds for benefits administration—and what you can do to help your organization prepare? Then be sure to reach out to Apprize today. Our technology and benefits experts can answer any questions you have about ben admin platforms, employee benefit management, and choosing the best benefit administrative program for your business needs.
You can also connect with us for more information on our best-in-breed ben admin software and support services; we’d love to help however we can.