How is technology changing employee benefits?
Technological trends are influencing the ways in which employees view and consume employee benefits packages. For instance, they can now track their benefits and stay up to date with all the latest health and employee benefits news with just a few clicks of the mouse. Thanks to the latest tech, educating and informing employees about their EB plans has become easier than ever before.
Advancements in technology also make a Human Resource manager’s work more data-driven, allowing companies who use the latest tech to construct employee benefits packages that help retain top talent and identify areas in which cost reductions can be made.
In today’s article, Pacific Prime is going to discuss the ways new technology is influencing employee benefits, and how to look for and implement new technologies into your workplace.
How is technology changing employee benefits for employees?
New tech, such as online tools and programs, is changing the ways in which employees interact and respond to employee benefits packages. The main three technological tools that make a splash in the employee benefits world are:
Online employee benefits portals
The primary purpose of online employee benefits portals is to provide an online go-to place for all EB-related questions. Information on the current policy, forms, bulletins, and all EB-related news can be stored there so that employees can go through them securely and privately at their own convenience. These portals can also include dedicated sections for health education and risk assessments, as well as a medical reference library, e-learning assets, and online healthcare advice.
By providing a platform for employees to access such information, companies will see a reduction in administrative costs, and HR managers will have more time to focus on other tasks rather than repeatedly explaining the features of EB packages to new and current staff.
Another way to cut costs is to provide a tool for employees where they can find answers to all non-emergency medical questions – without having to visit the doctor’s office in person. Accessing reliable medical information, be it through the app, an online portal, or even via video conference with a medical doctor allows your staff to take control of their own health and resolve their medical concerns immediately.
Behavior enhancing apps
The question of how to keep employees engaged while promoting healthier lifestyles at the same time may be answered with the use of games and apps. Promoting health information through a fun game or quiz can be more effective than through a seminar or long article. Gamification can also be used to drive specific behaviors via competitions, where employees can score points, badges, etc. for achieving certain health or wellness goals (e.g. attending regular health check-ups or quitting cigarettes).
How is technology changing employee benefits management for HR?
Technology can help human resources departments better manage their corporate health insurance plans, and even streamline the recruitment process. Corporate insurance technology tools streamline the administration, reporting, and storing of employee data. Some of the features offered by technological tools include:
Employee benefits administration
Employee benefits administration is probably the main concern for most companies. With some programs, HR teams can access all employee data, view and analyze insurance claims, make updates to the insurance policies, and use the accounting section and direct billing to further streamline administrative tasks.
Passing some of the work on to the employee themselves during the employee benefits package enrolment period is a big time saver. Online enrolment is tightly connected to EB online portals, where new employees can input some of the data themselves, compare insurance plan options, and should they choose to extend it to their families, for example, they do not need to include HR in the process.
Data storage and analysis
Cloud storing of data, and it’s backup, and the backup’s backup, is always a great idea; storing data in the cloud is secure – and costs as much as the traditional printed way. But what human resources can do with the data to improve current employee benefits plans is even more impressive.
Programs that help HR measure the effectiveness of their EB plans by analyzing claims data or spikes in turnover can help companies better understand how their staff is using benefits packages, and what changes should be done to include benefits that are most important to the employees.
Where do I look for a technology-driven employee benefits plan?
In the field of insurance and employee benefits, there is no one-size-fits-all solution. SMEs, start-ups, and MNCs will all have different needs, budget requirements, and approaches to their EB solutions. But what they all have in common is the need to find a provider that will enhance the employee benefits experience for their staff, minimize costs with the latest technological solutions, and streamline work for HR staff.
Talking to an employee benefits consultant is the safest approach any HR manager can take. Not only will EB consultants help design and implement tailor-made EB plans, but they’ll also help negotiate premiums and may even offer technology-driven portals.
The Pacific Prime difference
Pacific Prime’s employee benefits consulting services include an initial assessment of the current insurance state of your company, advice on designing employee benefits packages, as well as further help with the administration of your plan (e.g. claims, updates, training) and setting up a dedicated online portal for your staff.
With Pacific Prime’s help, you will be able to analyze all of your claims data and make data-driven decisions to improve and adapt your employee benefits plans in the future.
To find out more about how we can help you, contact us today for a non-binding call or meeting.