New Year, New Benefits Administration: Is a Benefits Administration Software Right For You?

As a new year begins, so do new resolutions. For some, it may be to hit the gym more often or maybe eat out less, but for business owners and managers, it may be time to reassess your HR processes in order to have the best year yet. We all know how tedious and time consuming some HR tasks can be, especially those that are compensation-related, as they result in complaints if anything goes wrong. This is why having the best software and processes in place is very important. You might already have a great payroll provider, and maybe a good time and attendance software as well. But how are you administering benefits? Do you have a reliable software? Are you automating as much as possible? Having a quality benefits administration software can alleviate time so you can focus on other tasks.

What is Benefits Administration?

Most businesses offer certain perks and benefits to their employees. Benefits administration software allows you to assemble and manage all the benefits you provide to your employees in one place. Employee benefits typically include health, disability, and life insurance, retirement accounts, wellness plans, paid time off, sick leave, and maternity leave. Benefits administration software is designed to simplify open enrollment and eliminate the paper process that comes with it. Benefits administration software allows you to:

  • Attract and keep high-quality employees by offering a great benefits package

  • Streamline the open enrollment process

  • Increase accuracy of employee data with automated processes

  • Boost employee satisfaction and productivity levels

  • Save time and money previously spent on HR tasks

  • Provide complex information to employees regarding available plans

  • Give full breakdowns of costs and contributions so employees know the financial commitment they are making

  • Provide reporting functionality

There are many vendors who offer software that assists with the distribution of benefits. Depending on the software’s capabilities, the software can keep track of individual employee data, status, government regulations, and much more. When looking for a benefits administration software vendor to partner with, there are some features you should look out for because after all, you want a software that will make your processes more efficient, saves money on benefits costs, and helps with compliance.

What to Look for in a Benefits Administration Software

As mentioned before, you want a software that will streamline as much as your processes as possible. A long time ago, benefits administration took a lot of time and paper. Now, benefits administration software allows you to handle everything in one single platform. Some of the main things you should make sure the software has are the following:

  • Employee Self Service Portal: A great benefits administration software will have an employee self-service portal where employees can search benefit plans and find the best fit for their lifestyle. This not only saves time for the HR department but also eliminates paper, which in return reduces errors. During open enrollment, employees can log onto their portal and browse plan options and save their selection before they finalize and submit their choices. Not only that, but employees can also submit any changes the moment a qualifying life event occurs. With Dominion’s software, life events can be initiated by an administrator or requested by an employee.

  • Notifications: Most apps and software have notifications. Since most of us are always busy and have so many things in our minds, it is important that the software is able to send you reminders, or notifications, that can help you keep everything on track and on time. For example, when an employee submits a qualifying life event the administrator should be notified via email, ensuring each request is recognized even without logging into the software. Once the administrator reviews the request, the employee can see the change reflected in their ESS portal.

  • Real-time Data: A key benefit of any HR technology is access to real-time information. Common questions administrators often want are the amount an employee has spent in a certain month, and how much life insurance costs. A software that has the ability of pulling such reports can potentially save you time and money.

  • Carrier Connections: Before carrier connections, companies could only connect to their carriers through Electronic Data Interchange (EDI), which would take up to 12 weeks, just to set up. Now, most benefit administration platforms provide integration and data sharing with different carriers and vendors. Having this option reduces the workload of your staff as it provides the ability to easily and securely transfer employee data, payment information, and other important data.

How Dominion’s Benefit Administration Can Streamline Your Processes

There are many benefits administration software vendors out there. Some offer certain features, and others don’t. The great thing about Dominion’s software is that it is designed to fit your business and processes. Dominion has taken out the confusion of shopping for health benefits by designing a software that reflects an online shopping platform. The software allows you to store benefit plan information including name, description, vendor, attachments, and more. Within plans, you can create various coverage options with different costs associated. Employees can shop their plans and decide which plan fits their needs the best. Each year you can reuse plans and providers, or add more as you please.

Additionally, as an administrator you have the ability to attach plan documents or add content to further explain the plan features; enabling your employees to make a more informed decision. To learn more about Dominion’s Benefits Administration software click here.