Businessolver Blog

How to Master the Benefits Technology Purchasing Process

How to Master the Benefits Technology Purchasing Process
Posted on Wednesday, February 14, 2018 by Jon Shanahan
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Choosing the right HR technology partner can seem like a daunting prospect: 

What should the RFP entail? Will the vendor deliver on time? And most importantly, how will this solution help your employees? With 86% of employees reporting that they find the insurance purchase process confusing, it’s more important than ever for employers to offer solutions that provide their employees with the support they need during Annual Enrollment and beyond.

Fortunately, there are ways to overcome the complexity and uncertainty that can be part of the buying process for benefits administration technology. By following a few guidelines, your business can find a partner who will lead your employees to the right benefits, in the right place, at the right time.

Know thyself. At the start of the RFP process, you should ask why your organization needs a benefits technology partner, whether you’re partnering with one for the first time or changing from one vendor to another. Define your goals for a new technology platform as well as the metrics by which you’ll measure that tool’s success. Also, understand the data you already have – your employees’ demographics, their feedback on the current benefits administration process, and the trends your HR professionals have taken note of. Understanding the reasons behind your search, and where your benefits administration process stands today, will help you write an effective RFP that conveys your organization’s priorities.

Judge potential partners by the company they keep. As you’re evaluating potential vendors, ask the tough questions: Will implementation be handled in-house or by a third party? What types of carrier relationships does the vendor have? Find out about their experience and how they meet the needs of different types of businesses. Learning about the company they keep will tell you a great deal about what kind of partner they’ll be for you and your employees.

Think like a marketer. Once you’ve chosen a partner and are ready to implement a benefits technology solution, the next step is to engage your employees with this new tool. To capture your employees’ attention, and keep them engaged during and after Annual Enrollment, HR professionals need to market the solution to employees. Keep your audiences top of mind, namely the different generations you employ and their various life stages. Communicate in ways that best resonate with those audiences, and always gather data on how your vendor helps with these efforts. Have a plan for how you’ll measure your what organization does and your vendor’s activities as your employees interact with these new tools and platforms.

Hopefully you feel a little better about the benefits technology purchasing process. Need more information? Check out our full white paper on the subject below!