It’s a challenge to administer benefits throughout the year. There’s no true beginning and end to the process, but a cyclical track that employers constantly have to navigate. You can think of it as the Benefits Lifecycle.
Obviously, there’s a lot going on in there. Each phase involves a unique set of activities, requires specific competencies and is influenced by different external factors. And yet, they all have to work together to drive a benefits program forward. How well they all work together depends largely on the technology (or lack thereof) you use.
Some solutions are great for capturing employee benefit elections, but lack the sophisticated decision support tools to help make sure those elections were the right choice for the employee. Some solutions look really slick and make enrollment easy for employees, but lack the back end competency to securely and accurately transmit the information to all the appropriate systems. Some solutions allow administrators to streamline their day-to-day task load, but don’t allow them to use data to drive strategic benefits planning.
You essentially have three choices when it comes to benefits technology:
- You can go with one of those scenarios above – a solution that does a few things well while sacrificing the quality of other Benefits Lifecycle phases.
- You can try to piece together disparate solutions that address different phases (i.e. one vendor for enrollment, one for communication and one for data analysis) – an inefficient arrangement at best.
- Or you can find a technology platform that fully supports each phase of the Benefits Lifecycle – one unified solution for all benefits-related activity – so you can seamlessly and efficiently move from one phase to the next while keeping an eye on the big picture.
Which one sounds best to you?
A solution that takes a holistic approach to benefits provides optimal command and visibility, allowing your organization to more easily execute a benefits strategy that fits its unique needs – so at the end of the day, every day, you know your employees are being taken care of.
Learn about the functionality required for holistic, year-round benefits administration with this free, easy-to-use Buyer’s Guide to Effective Benefits Management Technology.