It’s no secret we are referred a significant number of new and prospective clients from benefit brokers. They usually bring us in to their clients because we offer solutions to streamline and improve the client’s capability to enroll employees in benefits, track the employee benefit choices and make sure that translates properly to payroll while communicating that data to the plan carriers. In addition, the fact that we offer a full array of employee compensation statements and ACA compliance tools makes the referral a no brainer.
The ones that refer to us do so because their clients have grown to the point that their traditional manual method of employee ‘open enrollment’ is no longer working. This includes holding enrollment meetings to orient the employees about their benefit options for the coming year (and hoping all employees can make it), delivering to those employees the proper tools for decision-making and with a consistent message, and having them fill out paper forms for enrollment, whose info then needs to be re-collected and communicated with the benefit carriers. They are also looking for better ways to deal with ACA requirements, and employee communication around benefits and eligibility.
When we talk benefits with a client, the first discussion is around employee self-service tools and whether they are using them currently to any degree. It’s not uncommon for an employee to have access to things like their paystubs, W2’s or available time off but to include benefits and an enrollment portal takes the use of employee self-service to entirely new level. Despite this, an employee can see very significant gains in efficiency when using self-service not just for benefits but also to detect changes in eligibility due to employee life events such as birth of a child, spouse loss of medical coverage, or marriage.
The topic of benefits is a complex one, and communicating about issues like 401(k) guidelines and ACA regulations can be a little like playing a company-wide game of Telephone. By the time information provided by your company’s insurance carrier makes its way from HR to department heads to individual employees, details may get lost in translation. Moving to a centralized benefits system eliminates that confusion and gets everyone on the same page from the beginning.
Simplify Cost Analysis
Tracking and analyzing the real cost of benefits allows both employee and employer to get the most out of these offerings. Using iSolved, you can easily and remotely access data related to all aspects of your benefits programs. Check an employee’s usage of paid time off before approving a vacation request, or gather all the data you need to quantify the overall annual cost of your company’s benefits package. That information is essential when you’re looking at ways to maximize your budget without taking away benefits that your employees really need.
Increase Employee Loyalty
Offering a competitive benefits package is one of the most effective ways to attract the best employees to you — and making sure that employees can understand, access and manage their benefits is part of how you can keep them happy. Help your staff achieve the work/life balance they want by simplifying the way they do things like request time off or add new family members to their policies, using iSolved’s self-service technology. Using the benefits portal also fast-tracks the on boarding process, so you can put new employees to work as soon as possible.