Over the course of 2018 and 2019, we’ve seen technology revolutionize the administration of benefits across organizations of all industries. Technology like benefits administration platforms have streamlined the process of offering and enrolling in benefits. The convenience and accessibility these tools offered has redefined the benefits landscape.
But it’s going further than that. Rising healthcare costs are driving consumers to seek transparency, cost-effectiveness, and control over their healthcare choices. Empowered by technology, consumers are more inclined than ever before to explore their options for healthcare and other benefits.
This is an excellent opportunity for employers to take advantage of technology to offer consumer benefits, ones that put employees in the driver’s seat.
Why Employers Should Adopt Technology
Advancing the way your organization administers benefits empowers your employees. Employers who have empowered employees often see the most success overall. More specifically, organizations should adopt technology and use it to offer consumer benefits to:
Lower costs. Rising healthcare costs is a chronic problem not only for individuals, but for companies trying to protect their bottom lines. Cutting-edge tools and services, such as benefits administration platforms that access extensive marketplaces, are cost-effective ways to still offer employees a comprehensive benefits package.
Align with cultural norms and mobile experiences. The 2018 League HR Blindspot Report found that 91% of employers believe that companies should offer customized benefits packages. Today’s society is increasingly more focused on getting personalized, individualized attention—especially for the younger generation like Millennials and Generation Z.
Those generations also prefer, and sometimes require, mobile experiences for all of their tasks including work-related ones. Enrolling in benefits is not an exception. Mobile benefits administration apps let employees access, research, and enroll in benefits directly from their smartphones.
Reprioritize HR resources
The HR Blindspot Report found that 80% of texts, emails, and calls to HR operations team were benefits inquiries. Benefit administration software makes employees more self-sufficient when it comes to their benefits questions and concerns. Eliminating this administrative work from HR’s workload frees up the resources to focus on putting together strategies that improve the employee experience.
Give employees the power. Most importantly, benefits administration technology gives employees the ability to choose plans that fit their needs and their budgets. They can truly feel supported by employers who give them the power and tools to do what is best for them. Employees can explore benefits they wouldn’t have otherwise known about, and create a custom-tailored coverage plan.
Technology trends are impacting all areas of businesses. From how employees communicate and collaborate, to where they work from—to how they enroll in benefits. Employers looking to empower their employees while remaining cost effective should take the first step to adopt technology solutions. This allows them to offer customized consumer benefits and put the power back into the hands of their employees, without the hassle of a manual process.