Benefits are an important focus of any HR department. And the benefits you offer just might provide an edge when it comes to recruiting and retaining employees. According to the Society of Human Resource Management, 62% of employees would accept a lower salary in exchange for better benefits. Construction industry benefits management can be a difficult job—especially if you have a lean team—unless you have good benefits management software.
Benefits Management software gives administrators the ability to manage their benefits easily. Employees can also use an online system to make their elections. Additional compliance aids, like the Affordable Care Act Compliance module, simplifies eligibility and reporting. Plus, when the benefits administration system is cloud-based, the need to print, assemble and mail packets and forms is eliminated.
Why You Need Benefits Management
Timely and Quality Communication
Part of construction industry benefits management and open enrollment is informing your employees about their options. Benefits management software allows HR staff to communicate with employees effectively. HR can communicate through various channels like podcasts, web-based videos and online chat rooms and forums. And quality, uncluttered communication with employees can lead to better-informed decisions.
24/7 Access to Information
Questions about benefits don’t just come up during the workday. A self-service portal allows employees to access and compare plans, make selections and review current benefits 24/7 via a desktop or mobile device, ideal for the construction industry where workers are always on the go. The convenience of all-hours access is positive for both employees and back-office staff. A centralized system provides transparency and allows managers to make sure employees have access to information.
Companies need to make sure they are compliant with their healthcare offerings and benefits management software can do the heavy lifting when it comes to COBRA, HIPAA and FMLA. Built-in Affordable Care Act (ACA) compliance helps eliminate confusion surrounding eligibility. With rules-based eligibility, you can ensure only the employees who qualify for coverage are able to review their options and enroll.
How Arcoro’s Benefits Management Works
The Arcoro® Benefits Management module is an easy-to-use, cloud-based solution that improves the experience for both employees and HR teams. It’s configured for easy program set-up and integrates with over 300 partners including leading insurance carriers, payroll providers, ERP and HRMS. This module in the Arcoro suite simplifies critical workflows, improves reporting and increases employee engagement during open enrollment and throughout the year. With Arcoro, construction industry benefits management has never been easier.
HR professionals need simple configurations, the ability to generate reports, automate key workflows and create employee emails to effectively and efficiently manage benefits. That’s where Arcoro’s Benefits software comes in. This module eliminates data entry and manual paperwork, ensures accuracy with compliance features and enhances the employee experience.
Main features include:
- Robust configuration to accommodate plan, eligibility, EOI, rollover and mapping rules
- Dependent and beneficiary management
- Plan utility tools (processing, deletion, termination, recalculation)
- Employee communication tools
- COBRA benefits notification to carriers
- Over 300 established carrier, payroll, ERP and HRMS interfaces
- EDI file feeds and scheduling
- Accurate payroll exports and reporting
- E-filing for ACA reporting
- Web-based and mobile access 24/7
- Personalized benefits profiles and statement
- Configurable enrollment screens and ability to add detailed plan information and links
- Automated eligibility notifications
- 1094/1095 forms generation
- Multiple EIN reporting
- FTE/ALE forecasting
- Enrollment rosters
Arcoro’s benefit management software streamlines your HR benefits process, giving employees an easier way to manage benefits while leaving HR time to focus on strategic initiatives.