What is a benefits administration platform?
Benefits administration software explained
Put simply, a benefits administration platform is a software system for managing workplace benefits. It cuts out the traditional paperwork, and automates employees’ benefits eligibility, elections, and enrollment in health insurance and ancillary options.
Many benefits platforms also provide a number of HR features, like time and attendance tracking, PTO, and more. Because health insurance touches so many parts of HR, it’s common to see single software platforms that handle both benefits and HR administration.
Why use a benefits administration software?
If you haven’t taken your benefits administration online yet, here are some reasons why you should consider the move now rather than later.
Convenience & Satisfaction
With all of the changing regulations, the majority of employers and employees find health insurance plans to be confusing. By providing benefits administration online, employees are more likely to recognize the full value of their benefits. By offering better clarity around benefits and convenience, there is an overall increase in satisfaction from all parties involved.
By implementing a software solution for benefits administration you will see significant advantages immediately. You’ve most likely taken other aspects of your business and professional life online – it’s time to bring benefit administration to that same standard. Before you know it, you’ll be able to spend more time on your key competencies, not shifting through administrative paperwork and answering repetitive questions.
Steps in a benefits administration software search
Identify a Champion
This is someone at your company who spearheads research and the adoption of the technology.
Pick Your Priorities
What is most important to your company? What in particular is driving this change?
Identify Your Options
Compile a list of three to four vendors that initially seem to fulfill your criteria.
Specifically, you will want to compare features, customer support, pricing, training, and scalability.
Request Product Demos
Contact the vendors on your list and request demos of their products and be sure to ask questions.
Narrow the Field
Discuss with your team to narrow it down to one or two options. Write down all your questions and concerns for each option.
Make a Final Comparison
Compare options and select a final vendor from your short list.
Begin the Contract Process
Once the paperwork is completed, you can now begin the training, implementation and roll-out processes.
COVID-19 continues to be a significant issue for all employers in all industries.
On March 18, 2020, President Trump signed the Family First Coronavirus Response Act...