As a new year begins, so make 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 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.
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, life insurance, retirement accounts, wellness plans, paid time off, sick leave, and maternity leave. A 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 an excellent 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 complete breakdowns of costs and contributions so employees know the financial commitment they are making
- Provide reporting functionality
Many vendors 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 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 software that will streamline as much of 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 been the following:
- Employee Self-Service Portal: A great benefits administration software will have an employee self-service portal to search benefit plans and find the best fit for their lifestyle. This saves time for the HR department and eliminates paper, which in turn reduces errors. Employees can log onto their portal during the open enrollment, browse plan options, and save their selection before finalizing and submitting their choices. Not only that, but employees can also offer 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, the software must send you reminders or notifications, which 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. Administrators often want an employee's amount in a specific month and how much life insurance costs. A software that can pull 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 your staff's workload, allowing them to quickly and securely transfer employee data, payment information, and other essential data.
How Dominion's Benefits 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 avoided the confusion of shopping for health benefits by creating 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 goals 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 can attach plan documents or add content to further explain the plan features, enabling your employees to make a more informed decision.
Dominion can help your business organize and enroll employees into our benefits administrations. If you believe your organization could benefit from these, schedule a demo with us!