Recent studies have shown that the HR departments have been struggling hard to gain operational efficiencies in all the tasks to not only stay afloat but to stay strategic. Similar to other core HR activities, to leverage benefits administration software is another aspect that hold potential to drive operational efficiencies. On an average, employers spend upto 30% of their time on benefits administration tasks that are done at the cost of sacrificing the time that would have been invested in more productive and strategic initiatives for the organization.
Therefore, Benefits Administration Software comes as a remedy by automating the process completing thereby reducing tedious documentation and manual intervention. However, benefits administration is a prime organizational function and is the first, for which the organizations plan to adopt the technology; still selecting software to solve the purpose is a daunting task. Given that this type of tech-adoption can help conserve time and costs and enhance the effectiveness of the process, you need to consider a few important aspects before selecting one.
In order to help individuals get their administration done in the proper manner, specific feature sets are required. Here are a few benefits administration features that you need to look for in your Benefits Administration Software :-
#1: Easy Usability
It is proven fact that to get your return-on-investments and successful software integration, prime most factor is ease of use. If the benefits system is easy-to-use, then only a positive user-experience can be achieved. The main requisites include easy configuration, simple data importing, and configuring benefit plans without getting into much hassle.
#2: Multi-Plan Support:
Majorly, benefits administration involves maintaining multiple plans and coverage for your workforce. Your benefits system must be highly capable of integrating unlimited number of plans and plan types. Moreover, if the system fails to deliver the flexibility, then HR teams need to additionally maintain the record that may affect the efficiency of the process.
#3: Automation of Processes:
Needless to say that if you are using the tool, you are automating the process, but make sure that your system provides end to end solutions thereby freeing you up with a workflow perspective. The system must be able to run complete administration process including determination of benefits eligibility, entitlements, coverage levels, report generation, etc. from start to end with zero error efficiency.
#4: Employee Self-Service:
This is an undeniable fact that HR departments spend a significant amount of time on employee benefits administration process. Thus, the workload can be alleviated through an employee self-service functionality in the software that will allow employees to themselves manage their benefit plans and information and get self-enrolled.
To conclude, the increasingly demanding corporate environment requires more impact with limited resources. Thus, organizations need to liberate their HR departments from the tedious tasks. Benefits Administration Software can help organizations achieve it by efficiently handling the administration process.