Technology is revolutionizing our workplaces in so many ways, providing organizations with new opportunities, improving quality and productivity, ensuring flexibility, helping in training & education, and more. With technology affecting how businesses work and grow, its influence on employee benefits programs came as no surprise.
The way employees consume and approach benefits plans, how they choose them, enroll in them, and how employers or HR professionals build them, everything has witnessed a huge change in the past few years. It is the perfect way for companies to revisit and revamp their ideas regarding the employee benefits program.
Thanks to HR technology and HCM software, employers can now introduce modern and new-age benefits literally in the hands of employees through their smartphones and laptops. As employee benefits are now powered by the latest technology, the workplaces are delivering data-driven solutions that enhance employee experience in the company.
Organizations can track benefits plans, communicate the right information to employees, get updates about health and wellness benefits, ensure compliance, and whatnot with just a few clicks of their mouse. Moreover, ended-to-end HR software has made it possible to educate and inform employees about all benefits schemes without any hassle.
HR professionals can now construct packages that attract and retain top talent while reducing the hiring cost. To sum it up, we can say that it has allowed companies to break barriers and provide their workforce with the best experience irrespective of their location or needs.
However, the question is – How technology achieves all this? Well, here is a blog to give you an insight into how technology is taking care of employee benefits administration at every step. Here we go:
Online Portals and Enrollment
Conveying information to employees, ending them updates and manuals about employee benefits, filling forms, etc., used to be time-consuming and strenuous tasks. However, online portals have everything in one place, passing the responsibility of enrollment to employees rather than HR managers.
Now, workers have to keep track of all their details on the portal which also ensures that all the information is correct and they are aware of all the clauses regarding the policies. The online HCM software stores current policies, bulletins, forms, news, etc., and users can go through them at their convenience.
They can input data, compare different plans, change their details, and more without involving the HR team in the process. The advanced EB portals also include different sections for health insurance & education, medical reference library, risk assessment, e-learning assets, an online healthcare system that employees can access anytime. This eventually reduces administration costs and HR professionals can invest their time in other important tasks.
Streamlined Benefits Experience
The primary reason that employees hardly showed any interest in benefits programs is a lack of information and accessibility. Contacting HR managers seemed an added burden, hence they preferred staying away from any such burdensome policy.
However, with online portals and technology, they get all the power to make their decisions and control to explore the options. Of course, they still might need HR assistance to make an informed decision but the process is more sorted and organized as employees can enroll and log in whenever they want.
The smart systems have streamlined the process and made it hassle-free for the workforce, improving their experience and attitude toward EB programs. The top HCM software is even assisted by AI and bots to answer all the questions 24*7.
Virtual healthcare has seen a significant change since the technological revolution as employees can use telemedicine solutions anytime, anywhere for expert guidance from a doctor. Moreover, they can redirect their earned PTO to important matters, such as paying debts, funding a 401(k) retirement plan, or planning a vacation.
Ease of Compliance with Technology
Most companies face challenges in maintaining compliance with their policies and schemes. As a result, they have to face penalties and fines which adds to their cost and effort. Hence, HR technology has come to their rescue by taking care of compliance and helping them avoid any added burden of penalties.
Benefits administration involves a huge amount of data and organizing them is not less than a nightmare for an HR professional. However, online platforms integrate the data into the system, making it easier for employees to ensure compliance by taking ownership of their details and other critical piece of information.
The employers and HR departments now only have to focus on employee benefits planning and employees can handle the updates, changes, etc. for example, in case of any qualifying event, such as marriage, childbirth, divorce, etc., that constitutes a change in the coverage, a worker can input the changes directly. A notification will be sent to the HR person and all he/she has to do is approve or decline the request.
Personalized and Improved Benefits
Thanks to modern HR technology that employees have more customized benefits programs to avail that serve their specific needs and requirements. They have all the information on one dashboard that allows them to reap the best from the schemes, see personalized reward statements, input updates, and browse through FAQs and policies.
Needless to say that they can educate themselves better about what they are signing for and if the plan will be beneficial for them or not. As a result, they are more invested and engaged in benefits, and giving their best efforts. Hence, most organizations are switching to Human Resource Capital tools to ensure maximum participation from their employees.
The streamlined process identifies all the needs and recommends the right suggestions to meet those needs, thereby workers feeling more satisfied with their choices. What’s the best part? These personalized portals can be synchronized with payroll information as well which reduces the workload of HR teams and delivers improved services.
Engagement research comes in handy if you want to understand why there is an unhealthy atmosphere in the team. There are various reasons that prevent employees from performing tasks efficiently. It is not always easy to understand the issue one by one.
Indeed this method is difficult and is a time-consuming process and it is easy to miss out on something important. Of course, you can create a survey in Google Forms, but you get the raw data that you have to process manually. It is important to create an engaging workflow in the process so that employees can understand functionalities in a better way.
Better Financial Service
Financial Services Financial service institutions are strictly regulated. How to find a balance between compliance and flexible work environment design? Dedicated service can improve agility and reduce risks, improve the quality of life of employees to achieve work-life balance, and reimagine and design all aspects of the work environment.
Nowadays employees look forward to technology to define the way they work. Hence technology is a proven benefit to shape financial service at the workplace too.
Smart People Analytics
As digital transformation find their way into the workplace, executives must resist the flow of data by determining what information is most relevant and useful. Technology helps to understand what data-driven responses are the quick advantages for employees and the company. Increasingly, organizations are practicing People Analytics to get the maximum benefit from the technologies.
However, not only HR but business strategists originally looked to People Analytics as a way to correlate information such as employee engagement, performance ratings, and other work-related events.
By collecting data about workplace activities that were previously invisible to both managers and employees, companies can use an ever-expanding array of information to help make the job and the company better.
Efficient Digital Benefits Solutions
Last but not least. The transformation from paper-based records to digital platforms has immensely improved the way companies offer employee benefits and has made things convenient for employers as well.
Rather than communicating with each member of the team separately, they can send e-codes to the entire workforce together via emails so that they can access their portal online. The benefits administrator simply needs to think about the needs of the employer and employees, key points, process, and rest everything to the cloud-based HCM system to take care of the rest.
The workers can get their digital rewards and vouchers through an integrated system that avoids any risk of buying physical vouchers or encountering negative associations with the policy. Additionally, employees can seek their benefits immediately without waiting for postal delivery to their doorstep.
Promoting Technology For Efficient Workplace
The value of technology is important. With little or incorrect information it can generate misleading and useless analysis. Not only this, but too much data creates a fire hose problem, giving managers tons of numbers at the workplace. Hence it is important to jot down the reason why to implement technologies for employee benefit. Therefore, connecting with a benefits consultant is the perfect way to move ahead. So, talk to us now and rest assured of the most authentic and technology-driven benefits solutions.
Wrapping It Up
In this modern era, technology is the only constant that will keep evolving with time but will exist in every aspect of our lives. It is a tremendous opportunity to boost employee engagement in benefits programs and employees can expect better solutions to meet their individual needs.
However, when we talk about employee benefits software and insurance, there is no place for a ‘one-size-fits-all approach. From a small enterprise to a big giant business, every company has a specific requirement based on its budget, number of employees, future expansion plans, etc. However, the one common factor is reliable software that enhances employee benefits experience, streamlines the work while reducing costs.