Convincing reasons for Human Resource Managers to use benefits administration software.
In recent years, employee benefits have become an effective tool for driving and retaining the top talent. However, benefits administration is a complicated process that involves a range of tasks. Fortunately, you can streamline most of them with the help of automated services. In this post, we’ll give you some convincing reasons to use benefits administration software for HR teams.
Benefits Administration: a Quick Overview
For starters, let’s take a closer look at the benefits administration as a process. Benefits administration is typically performed by an HR team of the company. As another option, some organizations go for benefits administration outsourcing. However, it sometimes means that you lose control over the process and it might be costly as well. That’s why it’s a good idea to keep your HR team responsible for benefits management and take advantage of benefits administration software like Tabulera.
Basically, benefits administration includes the following activities:
- Developing benefits programs.
- Informing the employees about the benefits they are eligible for (paid time off, parental leave, sick leave, health or retirement accounts etc.)
- Assisting the employees in the benefits programs enrollment.
- Communicating with the benefits vendors and selecting the most competitive services.
- Managing the billing.
Why You Should Use Benefits Administration Software
HR teams perform lots of tasks and it’s a great solution to get a part of their job automated. In terms of benefits administration, using an AI tool offers several huge advantages.
1. It helps to save a great deal of time
Benefits administration software saves time that both the HR team and employees spend on filling in data and producing benefits packages. Plus, with their online accounts, the employees have access to information about their benefits and can easily find answers to their questions without communicating with the HR specialists. Automated platforms can also offer an automated enrollment option. It means that employees can enroll in benefits by themselves. In addition, many tools have mobile versions that allow for access from a smartphone or a tablet PC.
2. It eliminates errors
Needless to say that if benefits administration is done manually, there’s a high possibility of errors, especially in big companies. They can occur as a result of misreading or losing some forms. On the other side, benefits administration software offers automated data collection, which lets you have all your data in the same place. Don’t worry that you might lose your data: automated platforms provide for safe and secure cloud storage. So even if your computers break down, you can easily access and restore your files. What’s more, the data compilation process is integrated with all the carriers so in case the information is updated, it’s available for everyone right away.
3. It’s convenient
That’s great that things that used to involve a lot of paperwork in the past, now can be done within a couple of clicks. And benefits administration is not an exception. Automated platforms replace loads of papers and free up lots of space in your office. What is even more amazing, the benefits data can be available from anywhere and anytime. Thousands of employers, employees and brokers throughout the world have already gained the advantage of automated benefit administration tools.
4. Automated platforms ensure compliance
Those who have dealt with benefits administration know how important it is to meet government regulations. These include financial stipulations, medical authorization, labor laws, and even more. With the right benefits administration service, you can be sure that each and every compliance mandate is met and updated on time. Some vendors guarantee that they will pay for any fees that might be incurred by their mistake.
5. It gives you full control
Benefits administration software enables the employers to effectively monitor, control and analyse the process of the benefits management. For instance, Tabulera ensures that you collect the right amounts from your employees’ payroll deductions and match the right amount of employee contributions. Plus, it checks if the carriers are billing you the right amounts. For this, the automated service compares payroll deductions, enrollments and employer contributions for every employee against carrier invoices. This also gives you an opportunity to quickly spot deviations and react to them.
6. It helps enhance employees’ experience
Undoubtedly, benefits administration software effectively facilitates the workflow of any human resources department. Still, automated tools greatly improve employees’ experience as well. First of all, AI tools allow employees to manage and change personal information when they need to. Plus, they can update their coverage options during open enrollment as well as at other times when they’ve had a qualifying event.
To wrap it up, benefits administration is a job that demands a lot of time and effort. To make this process more efficient and less time-consuming, benefits administration software is the best solution you can go for. It can streamline your benefits administration processes and help you achieve better results.