It might not be obvious, but employee benefits actually play a major role in recruiting, retention and employee engagement. Paycor analyzed data from 30,000 of our customers and found that the right mix of benefits can improve their turnover rate by 138%. SHRM finds similar good news: benefits can increase overall businesses performance by 24%.
However, it’s not easy to manage and administer a competitive benefits program at scale—especially when a public health crisis and remote work revolution are challenging what employees want and need from benefits offerings. Getting it right takes time, money and expertise.
The Importance of Benefits Management Software
The right benefits administration partner can do the hard work for you. By automating repetitive admin tasks you avoid errors, stay compliant and get time back in your day to focus on the bigger picture. When choosing benefits management software, you’re looking for these 3 key features:
- Employee Experience
- Administrator Experience
- Robust Analytics and Reporting
Let’s explore more about what this means—and how Paycor Benefits Advisor can help.
Employee Experience
At the end of the day, a successful benefits program has to be employee-focused. That’s why it’s so important to make it easy for employees to learn about their benefit options. Make benefits education an easy and user-friendly experience, available on mobile, not just desktop.
Paycor Benefits Advisor reduces admin tasks for administrators by empowering employees, who can easily navigate to a dashboard offering a full snapshot of their current benefit offerings, with clear instructions whenever they should take action or make changes.
When it’s time for open enrollment, employees will automatically be guided through every step—with plan comparisons and decision support to help them make the right decision. All relevant information is at their fingertips—that means current benefit elections, plan documents, co-pays, deductibles, provider networks and more.
When an employee has a life event change—like a birth, marriage or civil union—they can get the ball rolling by making the update themselves. A notification will go directly to the HR administrator, saving time and email back and forth.
Administrator Experience
For administrators, benefits management software is all about saving time, streamlining processes and reducing errors. You want to stay in control while empowering employees—which helps ensure admins and managers aren’t bombarded by employee questions.
With Paycor Benefits Advisor, everything administrators need can be found in the Command Center. Here you can customize a dashboard offering quick insights into population data and plan participation. An Open Enrollment Gauge gives you a snapshot of data to help you monitor completion rates.
Set alerts and notifications like newly added dependents, overage dependent warnings, or for any issue that requires action. The great news is, many repetitive tasks—like reminding new hires to select benefits—can be automated by the system, removing the manual burden from the administrator.
We know Open Enrollment can be one of the most frustrating and stressful times of year but with Benefits Advisor’s brand-new Open Enrollment Wizard, it’s a whole new world. Our Open Enrollment Wizard streamlines the entire process by guiding you step by step through the design, set-up and execution of your OE event.
Actionable Insights
Reducing repetitive admin frees up time to focus on the bigger picture of benefits: utilization, performance, overall spend and benchmarking. Paycor Benefits Advisor gives you actionable insights to help you manage performance, contain cost and win against the competition.
Lay the foundation for your benefits strategy with over 350 customizable reports, which can be generated on demand or scheduled at a chosen frequency. Select the fields that matter to you, so you always have the information you value. Then use analytics to make sure you’re maximizing the value of your benefit program.
Keep your retention and recruitment top of class with benchmarking—compare your company’s benefits packages with competitive data on participation, contribution, benefit types, coverage tiers, geography, industry and size.
How Paycor Can Help With Administering Benefits
Paycor Benefits Advisor empowers your employees with access and knowledge about their benefits while cutting down on admin efforts. Simplify open enrollment, receive automated alerts and increase efficiency. To learn more, talk to a member of our sales team.
Previous:
Payroll Tax 101