Every few years, people rush out to upgrade to the latest smartphone, tablet or smartwatch. Why? Because these innovations promise one thing: to make your life easier.
But when it comes to benefits administration technology, HR leaders may not always feel that need to exchange their outdated technology for a new one.
According to our recent data, 55% of HR leaders cite implementation and onboarding hassles as the biggest obstacle to implementing a new benefits administration partner.
Yet, when you weigh the advantages of upgrading technology, to the growing pains that may accompany such a change, the positive impact on HR teams—both in their daily operations and in the lives of their employees—makes it well worth the strategic effort.
When you’ve used the same technology for a while, it can be tricky to understand what new features you may be missing out on. Essentially, you don’t know what you don’t know.
But consider what an updated system could mean in terms of increased efficiency and automation. There may be manual processes in place with your current provider—such as payroll adjustments, file transfers, and compliance tracking—that are routine automations with innovative platforms like Benefitsolver.
Ask yourself how innovations such as AI could assist in increasing efficiency, engagement, and activation. According to data from Businessolver’s Benefits Insight Report, AI-driven tools such as decision support can help drive employees to personalized selections that fit their needs. 67% of users chose a HDHP with an HSA when supported by personalized decision tools, but in contrast, only 19% of employees selected an HDHP with an HSA without decision support.
In addition, 82% of all chats with our AI benefits assistant, Sofia, stay resolved after 7 days, showing that AI not only supports real-time self-service, but drives lasting results and efficiency for employees and HR.
Upgrading to a more advanced system not only reduces your team’s administrative workload, and minimizes errors, but it additionally provides strategic support to your employees, who need education and personalization now more than ever.
A platform containing advanced data analytics and reporting opens the door to a world of possibilities. These valuable insights enable HR teams to garner the confidence and understanding to help their strategies.
For instance, with Businessolver’s data analytics, our client KeHE Distributors realized a 59% open rate for more personalized benefits emails, showing that benefit communications are critical for employee awareness and engagement.
This is just one of many ways benefits leaders are leveraging data analytics and reporting to understand how their employees are interacting with their efforts.
With these tools, we can uncover what questions are coming up the most—and discern where we can simplify benefits for those employees. Given the ability to see that level of insight allows HR leaders to make data-driven decisions—tailoring benefits offerings to meet the needs of the workforce, optimizing spending, and driving better outcomes.
In today’s ever-evolving compliance landscape, it’s critical to have a platform that adapts to regulatory updates and keeps you up to speed.
We all know compliance failure can add up quickly, with penalties such as up to $2,760 per day for an ERISA Form 5500, to $310 per return per statement for 1094 and 1985 forms, and more.
But compliance shouldn’t be a huge headache for your team. If managing risk and staying compliant is becoming overwhelming, it may be time to invest in technology designed to handle varying state laws and ongoing regulatory updates.
With this peace of mind, you and your team have the extra time and energy to focus on what matters most—your people.
Our post-enrollment survey of over 250,000 members across nearly 100 Businessolver clients, shows high premiums, lack of coverage, and plan choices are key drivers of employee confusion and frustration. Despite this confusion, employees using the Benefitsolver platform expressed overwhelming confidence in their plan selections, and—better yet—are delighted by their positive enrollment experience, with 85% rating their enrollment experience as “good” or “excellent.”
While benefit confusion or frustration may persist, it doesn’t have to hinder benefits selection, engagement, or activation—and that’s where upgrading to the latest benefits technology with an enhanced employee experience makes all the difference.
An outdated system with poor navigation, a lack of effective education, and technical issues can leave your employees feeling frustrated and lost. In addition, this lack of innovation means your employees are missing out on critical capabilities, such as decision support and AI-propelled solutions.
Over half of HR leaders said their top challenge with their current solution is inadequate employee engagement and communications.
Upgrading your benefits technology may seem daunting, but the rewards far outweigh the challenges. By embracing innovation with the help of an industry-leading platform, you can streamline HR tasks, reduce manual work, and improve efficiency—freeing up time for strategic focus and empowering your HR team.
Schedule a demo to see how our technology is helping HR teams like you do more.
