Tips to Help you Evaluate Your Options
Today, it takes a lot more to attract and retain talent than it did just a couple of years ago, such as more work-life balance, flexibility, and satisfaction with job responsibilities.
To lure people back to the workforce and continue to earn their loyalty, employers now need to offer robust benefits programs that holistically support individual lifestyle needs and preferences – beyond higher pay.
Many of today’s offerings include everything from physical wellness plans, financial education and student loan assistance to mental health services and flexible work arrangements – not to mention unlimited paid time off.
Seventy-six percent of surveyed employees said that benefits are a major factor in their decision to stay with an employer. Source: Corestream’s “2021 State of Voluntary Benefits” Report
The Problem
How can you effectively and efficiently manage an expanded program of flexible benefits that workers can mix and match according to their own personal needs? And how can you do that without straining your existing team with the added workload that this requires?
A Solution – Benefits Technology
If you’ve been putting off upgrading or implementing a new benefits administration platform, now may be the time to consider one that can streamline and automate activities, help eliminate human error from required processes, and free up resources.
With so many different platforms to choose from, deciding on the best one for your organization can take time. Where do you start? What questions should you ask? Here’s a checklist that can help you evaluate your options, prioritize the features and benefits you need, and narrow down your choices:
| Can the platform provider be a strategic problem solver? In addition to helping you enhance your benefits administration, can it:
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| Can the platform holistically address key HR functions? Can it automate the full range of activities within your department, such as:
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| Can it seamlessly integrate with other systems? Explore how easy (or difficult) it will be to integrate with platforms you already use. For example, can it:
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| Is it designed to handle key phases of an employee’s lifecycle? Can it help with these important processes:
Since remote work arrangements have become a norm for today’s workforce, making sure employees are engaged with your company and all you offer is ever-more important. In fact, studies show higher engagement rates can keep turnover down and productivity up. Mobile access could be one way to strengthen ties and engagement with employees who no longer work together in a single office. So, check to see if the platform you’re considering offers a mobile app that employees can use from just about anywhere to help them:
Can the platform handle the complete range of benefits you offer?
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| Does the service provider have a reputation for excellence in service and support? Since any upgrade must be implemented according to your company’s situation, you’ll want to find out how implementation will be handled, as well as how you’ll receive ongoing support. Ask:
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| Does the vendor adhere to sound cybersecurity practice? With the growing threat of cybercrimes, it’s important to make sure any platform you consider is structured with the latest security protocols that make it difficult for malicious actors to steal confidential employee data . Of course, your cyber team will want to thoroughly review protocols, but for starters, you can ask some preliminary questions, including:
Can the platform be customized? Are regular updates included at no cost?
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These are just a few of the questions you can ask that can help guide your decision-making process when evaluating benefits technology platforms. Of course, selecting the right one depends on your unique situation. Reach out to our employee benefits team for an assessment of your current technology and possible solutions.
Pro Tip:
Compare available software and services in the Benefits Technology space. Visit https://www.g2.com/ to view numerous comparisons for payroll, HR, Performance Management, PEO providers and more.
DISCLAIMER
This material has been prepared for informational purposes only and was generated from information provided to BKS from the client and/or third-party sources. Therefore, BKS makes no warranty or representation(s) as to the accuracy or appropriateness of the data and/or the analysis herein. This information is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your tax, legal and accounting advisors for those services.
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