Yes, it is time. You are ready to look for a new Benefits Administration system. You are ready for the vendor demonstrations. You have been giving a lot of thought to the new features your system should have. You are excited that this may be the opportunity to finally get that Health and Wellness initiative off the ground.
With the path to choosing a new Benefits Administration system comes a lot of press around the (ACA) Affordable Care Act. Where ever you sit on this topic, take the ACA as an opportunity to rethink your healthcare benefits strategy. Yes, you need to ensure that the new system will provide the reporting you require and yes, HRMS vendors are taking many different approaches in fulfilling these requirements BUT what the new system provides in tangible benefits to your corporation and its strategy is where it will become a big winner (or loser, but let’s not go there!).
Take the time to review the value of employee self-service, especially during open enrollment and how a well-designed portal will improve the workflow for your HR Team. Review the ease of enrollment for your employees at work or at home discussing options with their family. Look for the quick wins like being able to keep your company employee policies up to date and in one location where everyone can access them. Enjoy the cool videos you can add to improve communications and engage your teams. These are all important.
Then take a step back and look at your workforce, what will they be looking for tomorrow? What will help attract and retain those high performers? How can a defined contribution plan with a private exchange bring value at a manageable cost? Allowing employees to tailor their benefits to what matters most to them will bring value to both sides of this equation, the employee and the corporate strategy.
The number of features to consider in a benefits administration system number in the hundreds as do the number of vendors vying for your business. Benefits administration deals with sensitive employee information that needs to be safeguarded by the proper application design and security. Focus on your corporate goals and let HRchitect help you realize the cost benefit through thorough analysis and vendor selection, change management through to implementation including carrier set up and open enrollment support. Let’s talk about what is important in your benefits administration today and even more important what is important to your strategy in the future.