Benefits management is a core HR function and if your HR team doesn’t have the internal or external resources to handle it efficiently – like benefits administration software – it can be a huge de-motivator for employees. Unfortunately for your HR team, employees don’t generally get super enthusiastic and motivated if benefits are managed well, but they will notice and become demotivated if they are managed badly. The solution is to use benefits software to automate the benefits management process.
What is HR Software?
HR software is a series of systems that support the human resource functions of an organization. HR software includes an applicant tracking system, onboarding software, performance management and learning management software along with core HR and benefits management. Arcoro’s HR modules work alone or together to provide comprehensive HR solutions to manage employees from recruiting to retirement.
Benefits Management software in particular gives administrators the ability to oversee benefits and apply deductions to employee records. Employees can also input elections. It also offers additional compliance aids, like the Affordable Care Act Compliance module, which simplifies eligibility and reporting. Plus, it is all cloud-based, which eliminates the need to print, assemble and mail packets and forms.
Following are four benefits of managing your organization’s benefits with benefits software.
1. Timely and Quality Communication
For benefits open enrollment and management, informing your employee of their choices and options is critical. Integrated social HR software offers another way to communicate with employees. Employees benefit from communication such as podcasts, web-based videos and online chat rooms and forums. Not only does HR benefit software offer more interactive communications with employees, but it also leads to better-informed decisions.
Benefits Management software also allows you to send uncluttered communications, so every employee instantly receives every single bit of communication. For example, only relevant employees will want to know about an age-band increase for supplemental life.
2. 24/7 Access to Information
With a self-service portal, employees can access and compare plans, make selections and review current benefits all in one central platform 24/7 via desktop or on a mobile device. Working in a centralized platform is convenient for both managers and employees. A centralized system not only provides transparency but allows the managers to ensure that all employees have access to their personal information. An HR benefits system also allows employees to make sure they’re receiving the benefits for which they are entitled. Modern HR benefits modules, such as the Arcoro system, provides rewards statements’ anywhere, anytime via the employee self-service functionality.
In a world of instant feedback, employees don’t want to wait for information. They’d rather have a way to search for their desired information on-demand without having to call on HR.
3. Your Employees Demand It
Many of the interactions we have these days are online. From shopping to researching our next vacation to doing our banking, we all rely on apps and web-based content to get the information we need and make any number of transactions. Employees want the same experience for their benefits communications. When surveyed, most employees wanted digital delivery of benefits information. Some wanted a personal touch. Giant benefits guides mailed to the home was not in the top five. According to MetLife, your employees’ top preferred channels for benefits communication are:
- 50% Online Portal
- 40% Email
- 30% In-Person
- 18% Mobile App
- 17% Phone
Your HR portal is a great place to post benefits information because employees can find it where and when they need it. Employees don’t want to do paper enrollments or read a lot of paper materials. That’s why it makes sense to use a cloud-based benefits management system. Just make sure it offers the ability to post relevant content and has a tool for sending emails.
4. Compliance
A good HR software benefits module is a great tool to help companies make sure they are compliant with their healthcare offerings. From COBRA to HIPPA to FMLA, having your software do the heavy lifting on these requirements makes perfect sense. As mentioned above, Arcoro’s benefits management software includes compliance aids like the Affordable Care Act Compliance module.
The Affordable Care Act (ACA) can contribute to a lot of questions and confusion surrounding eligibility. With rules-based eligibility, you can ensure only the employees who qualify for ACA are able to review their options and enroll. Employees who aren’t eligible for ACA won’t see it as an option in their portal, but those who are eligible have access to filing forms and plan information.
With streamlined benefits management software, employees will finally have an easier way to manage their benefits, and HR can spend time on strategic initiatives. Interested in seeing how Arcoro Benefits Management and Core HR work together?
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