Given that employee benefit strategies have such far-reaching impact on the greatest resource an organization has, it is worth taking time to better understand the four areas in which a benefit management and employee engagement tool can help your organization.
Increase Employee Engagement
To increase employee engagement, you need a solution that will not only provide easy access to the benefits an employee can select from but also one that helps to inform the employee about what their selections will mean in terms of not only what they receive, but what the cost will be and what the overall value is. Showing employees the real value of their benefits and ensuring everything is clearly communicated is the cornerstone of employee engagement.
Automation of Administrative Tasks
Managing benefits can be a complicated set of processes. It can range from onboarding and offboarding employees into benefits to providing detailed information for finance/payroll and external providers. These processes can be automated features such as guided self-service access for employees and automated data feeds that allow for tight integration with partner systems. The result is that this can significantly reduce the amount of time taken to manage the processes as well as reducing the number of errors that may be introduced. Where automation can be applied this also makes it easier to scale to even a highly dynamic organisation’s requirement.
Support Risk Management
HR and payroll data are some of the most sensitive personal data a business can hold and securing that data is an essential consideration for any solution. By consolidating the benefits data to a single source and applying suitably strict access controls, the risk of unauthorised access can be reduced and more easily monitored and audited. The source must also be resilient and recoverable to ensure that data integrity and access is maintainable. Automation also helps reduce data corruption risks by eliminating many of the opportunities for manually entering inaccurate data.
Application of Cost Control
Getting the best return on investment is a key goal for any business activity. By identifying areas or interest and disinterest, you can gain a deeper insight into the benefits claimed by your employees. This offers greater potential to consolidate benefits and re-broker rates for key benefits and a greater level of cost control.