Benefits Administration Systems – What’s in it for me?
In a recent study conducted by Software Advice, 89 percent of survey participants said that employee self-service online portals saved a tremendous amount of administrative time by allowing employees to manage their own benefits. With this overwhelmingly positive response, it’s worth taking a good look at BenefitMall’s custom-designed, benefits administration solution, EmployerFocus. In this article, we will look at Software Advice’s research to explain why EmployerFocus is the right benefits administration system for you, and how it can lessen your workload, which in turn gives you the time you need to focus on your business.
To understand what online benefits administration tools employees value most, Software Advice, a company that researches and reviews benefits administration software, surveyed approximately 150 HR employees that have employee self-service portals available to them. Software Advice found that 49 percent of those surveyed actually have and use a benefits administration system.
Small businesses, those with less than 100 employees, appear to use benefits administration systems quite a bit less than larger companies. Only 31 percent of small companies surveyed take advantage of employee self-service portals, whereas 85 percent of large companies, with at least 1000 employees, noted that they do in fact use these timesaving systems.
When it comes to employee access, 74 percent of employees reference their personal benefits administration portal for choosing insurance options and managing PTO, if available.
It was estimated by HR World that HR departments spend roughly 80 percent of their time managing paperwork and handling administrative tasks, mainly caused by insurance enrollment. And, as you can see in the pie chart below, 48 percent of survey participants spend the majority of time handling insurance-related tasks. Brian Westfall, Market Research Associate at Software Advice, said, “Any task that can be automated through ESS, whether it’s something as complicated as insurance enrollment or as simple as checking PTO, can ultimately save valuable time for HR departments.”
Nearly half of the respondents, 42 percent, said employees should have access to all benefits administration tools so that they don’t have to go through HR for insurance, PTO and other benefits potentially available through a benefits administration system.
BenefitMall’s benefits administration portal, EmployerFocus, offers many valuable tools to brokers, clients, employees and HR departments. As a significant timesaving solution, EmployerFocus minimizes paperwork and errors, provides for employee self-service, offers various reporting options, shares news and documents, provides a dedicated customer service representative, and above all else, handles all personal information with the utmost, robust security. To review just a few online tools available through EmployerFocus, take a look below:
- Enroll for and manage benefits plans
- View carrier websites
- Order ID cards and print coverage verification forms
- Edit profile and view messages
- Manage and create employee profiles
- Enroll and manage employee benefits plans
- Manage and approve employer contribution information and life event changes
- View and edit company information
- Run various reports with ACA compliance
Brokers can also take advantage of using benefits administration systems, like EmployerFocus through viewing reports, advertising, managing portal branding, creating broker alerts and more. Everyone can benefit from using an employee self-service system. As stated by Westfall, “ESS has clear efficiency benefits for all HR departments, especially in the areas of insurance ... Companies that realize these advantages will be able to free up their HR departments for more profitable ventures.”
Benefits administration systems, specifically EmployerFocus, are useful to all, and are valuable, timesaving, efficient and allow for more profit-generating responsibilities. Be sure to take some time to view Software Advice’s full report here. If you have any questions or want to learn more about BenefitMall’s EmployerFocus tool and how this high tech system can free up time, click or watch an introductory video here, and call your BenefitMall Sales Representative today.