Benefits are one of the most important, yet least streamlined and efficient parts of the HR landscape today. Even if digital solutions are used, the HR team is usually still heavily involved in most processes. To really make the most of your benefits, both for your employees and your organization, you should focus on these areas:
1. Control Costs
- Create a Clear Overview
An organizations’s benefits program can be a multi-headed monster. And like in the ancient myth, removing a head, ie. addressing a specific challenge, can result in new, unforeseen issues emerging. To really stay on top of your benefits, including how they perform and what they cost, you need a clear overview that brings together all available information in one place. Up-to-date data will make the management of the benefits program and any related issues a lot easier and more consistent, even when looking across borders at multi-country plans.
- Manage and Analyse the Benefits Budget
By uncovering previously inaccessible information across your local and global benefit schemes, benefit analytics enable you to see where benefits and providers can be standardized, reducing the complexity of your benefit offering and delivering greater cost efficiency. It also allows you to maximize your benefit budget, making sure to allocate it to where it has the biggest impact – enabling you to do more with less.
- Increase Engagement
Employees often underestimate – and underuse – their reward packages. With an online platform, you can keep your employees engaged, continually reinforcing your employee value proposition, and highlighting your investment in them, keeping take-up high and increasing employees’ perception of value of your offering.
- Automate Processes
HR departments are under increasing pressure to deliver more, often with flat or shrinking budgets. Busy benefit teams can greatly benefit from automating manual administration processes, enabling them to focus on value-add work.
- Automate Data Transfers
Unreliable, inaccurate data costs businesses money. Instant automated transfers minimise the risk of errors creeping into your data, ensuring your employees are on the right cover at the right time - and you only pay for employees who should be on cover.
2. Manage Risks
- Minimise Human Data Handling
Data breaches come at a huge cost, damaging relationship with clients, partners, employees and prospective joiners. Automated processes and transfers eliminate human handling of data and provide full oversight and audit tracking for strong governance.
- Use Enterprise-Grade Security
Some of the most security-conscious organizations in the world trust online platforms with their employees’ sensitive data. Enterprise-grade data security ensures your compliance requirements are met and you and your people’s information stays safe.
- Analyse Gaps
There’s an increasing focus on gender equality in businesses. Analytics can help you find and fix any potential gender gaps in your benefits offering, ensuring you’re doing the right thing for all your people and removing the risk of reputational damage.
3. Streamline Administration
- Digitize and Automate Your Admin
Complicated rules, manual processes, diverse carriers, and multiple systems make benefit administration a difficult and time-consuming task. You can achieve extensive efficiencies by streamlining, digitizing and automating your administration processes, no matter how complex your benefits are.
- Bring Your HCM Applications Together
Most HR teams use lots of different HCM applications – but they don’t really speak to each other. With a digital platform at the center of your HCM ecosystem, data between your HR, payroll and providers’ systems can be swiftly and seamlessly transferred, minimising time and resource manipulating data between systems.
- Don’t Give Up Control
Most benefit platforms are offered on a “managed service-only” basis - forcing you to give up control. By retaining full visibility of the process, you can manage every aspect of your schemes – from administration and reporting to content editing and communications.
- Empower Your People
A major part of a benefit team’s day-to-day work is responding to employee queries. By enabling your employees to self-service wherever possible, an online benefits platform reduces their reliance on you and minimises the volume of work your team has to do.
A digital benefit platform such as Mercer DarwinTM can help you achieve significant increases in the efficacy of your benefits and allows you to control both costs and risks while also increasing the engagement and productivity of your workforce. Contacts us now to learn more or to request a live demo.