Getting employee benefits right is an essential goal for nearly every organization. Benefits management helps organizations address the increasing costs and complexities of benefits, while optimizing and even freeing resources from the seemingly endless administration of multiple programs. As part of a strategic approach to HR, benefits management can also help improve utilization and the employee experience, potentially resulting in better ROI.
Modern benefits management refers to an end-to-end benefits administration system, which offers a variety of advantages. Outsourcing the management of your benefits programs can save time, provide a higher level of confidence through expert administrators and enable your HR team to focus on strategic initiatives that can positively impact talent attraction/retention, engagement and productivity.
Benefits Management is a Strategic Advantage for HR
Corporate HR teams are increasingly becoming strategic partners in the C-suite. Industry experts from Gartner and others note the growing need for strategic HR. The drive behind strategic HR began well before the pandemic but the health crisis accelerated the trend — in large part because executive leaders faced critical HR issues on a grand scale. Suddenly, the link between diversity, equity, and inclusion (DEI), talent attraction and employee retention and the success of the organization overall became clear.
This new reality means that the work of benefits management is more important than ever, as it provides an efficient way to elevate the HR function from its administrative roots. Today’s benefits administrators need an approach that enables them to focus less on cumbersome tasks and more on higher value initiatives. An effective approach needs to include the right technology and services from a partner with proven experience and expertise.
Key Advantages of Benefits Management
Some of the advantages of benefits management are immediately clear and can be realized soon after adoption. Other advantages surface over a longer timeline. Here are the top three near- and long-term advantages of benefits management that every organization can enjoy:
- Frees up time and resources. Leveraging benefits management technology and services helps offload tedious tasks so your team can focus on more strategic, value-add projects. Benefits management reduces your team’s administrative load, allowing them to spend more time and energy on things like employee engagement, leadership support and professional development programs.
- Better outcomes. You may achieve better outcomes through your benefits program such as better talent attraction/retention, increased ROI and ultimately better employee health and productivity. The impact on employee retention is especially salient: a 2021 Pew Research survey found that 43 percent of respondents said that subpar benefits contributed to their decision to quit their previous job.
- Creates future-ready HR. You can confidently solve today’s biggest challenges and be ready for future opportunities with a visionary and innovative partner by your side. Working with a vendor that brings industry expertise to the table makes it more likely you can deliver a stellar experience for associates and get maximum value from your benefit programs.
Transform the Benefits Experience
Partnering with the right provider of strategic benefits management allows organizations to control costs, reduce administrative load, improve outcomes and stay on the cutting edge of benefits innovations. Effective benefits management can make it easier for employees to understand their benefit options, make smarter decisions and engage with their benefits to achieve their personal goals.
The right benefits management solution delivers hyper-personalized and seamless experiences for everyone who interacts with the platform: HR administrators and non-HR associates alike. In the end, everyone wins and the organization gets to control costs and improve ROI at the same time.
To learn more about how benefits management can help your organization, you can request a demo today.