5 Ways Benefits Administration Software Can Save Employers Time
If you're still administering benefits on paper or in an antiqued system, have you considered how else you could be spending your time? Instead of dedicating entire weeks administering benefits, you could be adding strategic value that grows your business, diversifies your offerings, and retains your employees. After all, time is money, right? By adopting benefits administration software, you can save yourself time in five key areas:
If you spend an employee's entire first day shuffling through hundreds of pages of benefits packets, it’s time to update your onboarding process. Online benefits administration software allows HR teams to upload important documents such as Form W-4, Form I-9, and other policies—all of which can be signed off by a new hire and referred to at any given time.
Onboarding time should be spent bringing the employee up-to-speed on the company operations and their new position—not on paperwork.
2. Open Enrollment
Whether an employee is enrolling for the first time or it’s open enrollment season, the process should be seamless—and, ideally only take a few minutes. With an online shopping experience, employees won’t just save time, they'll have a better understanding of the benefits they are being offered and the potential payroll deductions.
In addition to saved time, there’s also a significant decrease in administrative tasks with online enrollment. No longer does open enrollment season have to mean standing by the printer waiting for hundreds of pages to print.
3. Qualifying Events
Online benefits administration empowers employees to make changes to their coverage when a qualifying event occurs, at their convenience. Every time an employee gets married or has a child, they can make these adjustments thanks to seamless (and easy-to-use) self-service functions.
The result? Qualifying events no longer have to be a disruption in HR's day.
4. COBRA Administration
HR tech eliminates the headache that comes from administering COBRA. When an employee is terminated, human resources professionals can use an online benefits admin platform to begin the COBRA process with a click of button—and remain compliant every step of the way.
Software doesn't just cut down on clerical errors, it can also ensure that you’re following federal regulations. A study by ADP found that most mid-sized and large employers do not feel confident they are fully prepared to meet all Affordable Care Act (ACA) compliance requirements. If large companies with more resources are not prepared, imagine how unprepared small businesses are.
For example, if all employee’s information is not online in a single system, it could take HR teams several hours trying to file Form 1095-C each year. The process is more than tedious—it's also incredibly risk-prone. Use a reliable benefits admin system to avoid costly filing mistakes.
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