Did you know that 83% of employers have changed their benefits strategy within the last three years? At Dominion, we believe it’s never a bad time to reevaluate your processes. Worst case scenario, you reaffirm that you’re running your business as efficiently as possible. However, many times you’ll find a new software or product that will improve your processes and save you time and money in the long run. So when was the last time you reevaluated your benefits administration process?
If the answer to that question is anything along the lines of “too long,” you know it’s time to shop around. But what are you looking for, exactly? Well, that depends on what your current strategy is. Are you utilizing software to administer benefits to your employees? If so, do you feel like that software could be better? This is an excellent place to start. Just make sure the software you end up going with has the following features:
1) An ESS Portal
First things first, your benefits administration software should definitely have an employee self service, or ESS, portal. The whole point of paying for software is to increase efficiency and save valuable time, so your employees should be able to search and register for benefit plans during their open enrollment on their own. Not only will an ESS portal save your HR department some time, but the lack of paper documents and dual entry also creates much less room for error. Simply allow your employees to log into their portal and browse plan options at their leisure. What’s more, whenever a qualifying life event occurs, the employee simply has to log in and submit the appropriate changes for your HR staff to review and approve.
2) An All-In-One Platform
Administering your company benefits should no longer take the amount of time or paperwork that it used to. With an online benefits platform, you can manage everything you need from a single sign-on platform. The platform should be able to digitally manage every aspect of open enrollment and benefits administration, including storing any records or information you need for future use. What’s more, you’ll want to ensure the system streamlines the reporting process in order to help you stay in compliance with government regulations. This way you and any managers or administrators you choose will have access to all employee data from a single interface if the need for such information ever arises.
3) Automatic Deductions
This might not be possible depending on how you’re processing payroll, but it’s definitely worth looking into a software that has the ability to make automatic payroll deductions for your employees. As a Payroll and HR software company, Dominion’s payroll deduction feature is one of the most appreciated aspects of our Benefits Administration software. This means no more importing spreadsheets into your payroll and manually changing deductions any time your employees update their plans! It saves time for both your Payroll and HR staff and eliminates a lot of issues that businesses come across on a weekly basis.
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4) Carrier Connections
It used to be that companies had to connect to their benefit carriers through an Electronic Data Interchange (EDI) in order to set up their health insurance. This could take months at times, and we’re lucky we live in an age where most benefit administration platforms can integrate and share data with a variety of different carriers and vendors. Finding a product that allows benefit carrier connections will reduce your workload significantly since it provides the ability to transfer employee data and pay information easily and securely.
5) A Simple Interface
Your HR staff will likely spend a lot of time within your new benefits administration software, so you want to be sure that the software fits their needs as much as possible. However, your employees will typically only be utilizing the software once a year. Because of that, you have to make sure the interface is intuitive enough for first-time users and those that are not-so-computer-literate. For example, at Dominion, we’ve created an interface that reflects an online shopping platform in order to take the confusion out of shopping for health benefits. This way you don’t have to train your staff on how to shop for benefits every year and they can feel confident in the selections they chose for health coverage.
As you shop around for the perfect product to streamline your benefits administration process, keep in mind the above features. Revisiting your current methods is important to do every so often, so if you’d like to see what Dominion can do to help your staff streamline their processes, let us show you a personalized demo of our user-friendly software and help you simplify your open enrollment.