How to Choose a Benefits Administration Provider
A comprehensive benefits administration solution is intended to serve as an extension of your HR team, transforming the benefits experience for administrators and employees. So how can you choose the optimal benefits administration provider for your needs?
Benefitfocus, a Voya Financial Company, can help identify the solutions that will support your strategic goals.
What should you look for in a benefits administration provider?
It's important to consider how your benefits administration provider will support both administrators and the employees. Here are some key features you may want to look for in a benefits administration software provider.
- Reduces workload
- Provides end-to-end service and support
- Manages employee benefits compliance
- Streamlines data and reporting
- Creates a user-friendly experience
- Offers benefits decision support
- Can deliver personalized benefits guidance
- Supports year-round employee engagement
Three-Step Process to Choose a Benefits Administration Provider
Organizations have several options to choose from when sourcing a benefits administration provider. The spectrum of these providers can vary from basic HCM modules to a comprehensive benefits administration vendor with full service and support. Use the resources below to help guide your selection process.
Step 1: Evaluate Provider Types
Use our checklist to understand the main differences between a comprehensive benefits administration solution and a Human Capital Management (HCM) software provider to help narrow down your vendor search.
Step 2: Complete a Thorough Evaluation
It's helpful to compare benefits administration providers across four dimensions: core administration functionality, service & support, employee experience and partner fit. Our comprehensive benefits administration buyers guide will help walk you through the selection process.
Step 3: Build a Business Case
Before choosing a provider, you will likely need to create a business case for your stakeholders. Our playbook can help guide you through establishing the business need and demonstrate the cost impacts.
End-to-End Support from a Benefits Administration Provider
If you're looking to reduce administrative burden and simplify the benefits experience, consider a full-service provider. Partnering with a dedicated benefits administration company can result in end-to-end support in areas such as:
- Compliance management and reporting
- Year-round employee engagement
- Decision support and care navigation
- Health care data analytics insights
Whether you’re looking to reduce your administrative workload, control benefits costs or optimize your employee communications, our team of benefits professionals can help.
The information provided does not, and is not intended to, constitute legal advice; instead, all information and content herein is provided for general informational purposes only and may not constitute the most up-to-date legal or other information. Benefitfocus does not act in a fiduciary capacity in providing products or services; any such fiduciary capacity is explicitly disclaimed.
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