Four ways benefits management can gain c-level support
Benefits management can be a complex topic but when done right it provides massive cost, time and effort savings. Are you thinking about implementing benefits management in an HRMS? Here are four advantages that will help to sell the topic with your c-level management team.
1. Streamlining of open enrollment processes
Open enrollment is easily the most stressful and time-consuming part of the year for benefits staff. Potentially your entire organization could decide to adjust plans. When you change providers and policies employees will have questions about new offerings.
Benefits management functionality in your HRMS will help to save time as employees will be able to see the plans they are eligible to choose. Some HRMS allow employees to perform cost modelling, allowing them to see the actual deductions that would come out of their paycheck based on choosing certain plans. Provide plan details and build links so that employees can find answers easily. When employees have made their decisions, allow them to enter the data into the HRMS and finalize their decisions through self-service. Enabling the maximum functionality in your HRMS will allow your staff to focus on open enrollment exceptions as the bulk of your population can be handled by the system.
2. Reduction of administration work
Benefits can be one of the most resource intense areas of your HRMS to administer as employee changes are happening daily. New employees need to be offered benefits and life changes such as marriage or adoption will impact eligibility. Gone are the days of running daily reports to see who has added a dependent and then calling the employee and providing paper forms. Your HRMS will recognize when an employee adds a dependent and will automatically ask whether the dependent requires coverage. The HRMS can take the employee through the steps of adding the dependent to eligible plans. Enabling this functionality will pay off in in reductions of staff time allowing your team to focus on more value added tasks.
3. Real-time benefits management information
How much have you spent on employee healthcare this month? How much is your life insurance costing your employees? Answers to these questions can help you to make informed purchasing decisions that can save money for both your organization and employees. When you have benefits administration these details are easily and instantly available.
4. On-demand situational modelling
Many HRMS allow you to run test scenarios where you can model different providers or cost options. Should you stay with your current provider who is increasing prices or choose a new vendor? The c-level wants solid numbers to justify spending decisions and your HRMS will help you to easily deliver value in this area.
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