Selecting the optimal benefits administration provider has the potential to significantly influence an organization’s ability to reach their benefit plan objectives. And today, top objectives are largely around reducing costs, simplifying plan management and increasing employee engagement.
In recent years, employers have adjusted health plan designs, introduced wellness benefits to try to mitigate claims and encouraged employees to take advantage of these benefits. While these changes are intended to lower costs, they can add complexity – leaving administrators with additional work and employees so overwhelmed by choices that they decide to stick with what they know.
Employers are looking for benefits administration providers who can help, but it’s important to understand the different types of solutions available. HCM software providers typically offer basic administrative functions such as enrollment, confirmations, and data maintenance, but may still leave a number of responsibilities with the administrative team. In contrast, comprehensive benefits administration providers may deliver additional services and oversight intended to reduce administrative workload and supply data and insights that help identify possible cost-saving measures.
It’s important to weigh needs and expectations against what these providers can offer. Use this checklist to help you decide which type can best meet your organization’s needs.
