Benefits are an integral part of attracting and retaining talent. For HR professionals managing those benefits and controlling costs can be time consuming and overwhelming without the use of technology. A benefits administration software platform has to be simple to navigate yet able to deliver robust results all while maintaining HIPPA compliance. BenefitWerks can significantly streamline an organizations benefits administration tasks required to manage the company’s benefits programs, onboarding, payroll, ACA reporting and COBRA administration all through an intuitive dashboard within the software.
Companies with 50 or more employees would greatly benefit from having an employee benefits software system, such as the BenefitWerks platform which provides a organization with a cost effective, easy to use resource, that provides employees with a user friendly (web or mobile) enrollment website. The system tracks each employee and where they are within their enrollment, contributions, COBRA, lifestyle events and access to a wide variety of customizable reports. In today’s fast paced working environment having a benefits administration software is a powerful tool to educate and empower employees to get the most out of their benefits packages.
Another perk of benefits administration technology is the flexibility of the software to be customizable to your organization’s evolving needs. A critical function of benefits administration software is integration of enrollment and payroll files through an Electronic Data Interchange (EDI) with insurance carriers and financial institutions. This eliminates the need for manual data entry, carrier and vendor eligibility management on multiple systems, thus reducing data entry errors and saving valuable time.