From a benefit administration solution to compliance and decision support tools, the right technology can help solve for those challenges and make these potential pain points less painful.
The HR & Benefits Technology team helps you understand how HR and benefit administration technology is best used within the broader human capital management arena; providing industry expertise and guidance to identify best-fit options so that you can integrate technology and providers that support your organization’s goals in the following key areas:
Benefits administration technology streamlines human capital management (HCM) because it helps organizations simplify their benefits enrollment process and ongoing reporting requirements. You may want to consider compliance and consumerism when it comes to administration and delivery of benefits programs to your employees.
Healthcare Spending Accounts (HSAs) are becoming increasingly important in today’s benefits landscape. While Flexible Spending Accounts (FSAs) have become commonplace, technical advances and the addition of HSAs, Health Reimbursement Accounts (HRAs) and other services that support consumer-driven healthcare strategies have resulted in a significant number of options among administrators and offerings. New technologies are changing the way employers manage spending accounts and how employees use them, incentivizing greater use (and savings) for everyone. How do you evaluate providers? Are you able to assess the platform’s organizational capacity, online capacity and maturity of the business?
As the management of human resources shifts from the traditional full-time employment model to one where companies manage their staffing needs using a range of solutions (e.g., part-time staff, contingent workers and consultants) human capital management (HCM) technology is increasingly critical to providing a framework that supports the complete hire-to-retire process.
Private exchange technology has been a significant catalyst for change in the benefits administration marketplace, and is expected to continue to grow. Because this technology is often used with a defined contribution approach, employers are better equipped to manage healthcare costs along with the option to communicate the value of their contributions to their employees. If you’re looking to implement a private exchange, note some key components of the exchange — (i.e., available carrier plans, ability to integrate with other technologies) can vary widely by service provider.
COBRA administration is widely available and providers can seem indistinguishable — resulting in highly competitive pricing. However, efficient COBRA administration requires a delicate balance between the need for control and the expectation of service. We know which providers successfully manage this balancing act. If you have other technology to consider, keep in mind that some COBRA administrators partner with private exchanges to offer COBRA alternatives and post-COBRA options for participants.
How do you ensure compliance with healthcare reform legislation? Complying with legislation is a significant driver for many employers to seek new and better technologies to manage their employee benefits. New tools help employers ensure compliance, and it’s important to realize that this will be an ongoing challenge. Sufficient resources are required to successfully track and update systems to ensure you remain compliant.
With more employers looking to shift to a defined contribution model, employees may have a much wider range of benefit options to choose from. Greater choice demands greater support for choosing and using health and welfare benefits.
New technologies engage employees to help them make benefit decisions, and then keep them engaged so they make the most of their benefits.
While automated absence management platforms track and report multiple types of employee absences, leave management is about more than regulations and compliance. For many companies, it is equally about attracting and retaining a productive workforce that actively contributes to the mission of the organization in a manner that is beneficial to both the company and its employees.