For many companies, benefits represent the second largest workforce expense after salaries and wages. And as you already know, the cost of employee benefits – and particularly the cost of health insurance – has been rising at a staggering rate. In an effort to contain these costs, some companies choose to pass a larger share of the premium increases onto employees. But there’s another option for cost containment that’s somewhat under-utilized; that option is technology.
A Benefits Management Solution can lower the overall cost of providing services to your employees while helping address the fastest growing source of rising costs.
Many employers offer multiple benefits such as health, life, and disability insurance. This requires multiple insurance carriers, each with complex packages and plan options. Each individual plan must be set-up and administered by HR, and each plan requires an employee enrollment with transmission of census data to the benefits carrier. Adding to that complexity is this simple fact â€¦ nothing generates more employee questions and requests to HR than benefits. It’s no wonder that HR spends up to 30% of its time on routine benefits administration activities.
Introducing Sage Abra Benefits Enrollment
Sage Abra Benefits Enrollment enables employees to self-enroll in programs, review their benefits data, and report life event changes online. By empowering employees to make their own elections and manage open enrollment online, you can save your HR staff hours of unproductive administrative work, paper shuffling, duplicate data entry, and countless other inefficiencies of a manual paper-based process.
Automation at Its Best
Don’t worry, your employees are not left on their own. An easy-to-use wizard guides them through the process, prompts employees to choose plans based on eligibility criteria, and helps them compare costs and coverage of previous elections against new offerings. Then when the open enrollment has been completed, Abra HR is automatically updated with the benefit election updates. No duplicate data entry necessary!
Benefits: Let Me Count the Ways
In addition to eliminating the cost of distributing and collecting paper enrollment packets, Abra Benefits Enrollment can:
- Shorten Enrollment Cycle – The open enrollment process takes 2-3 weeks instead of 6-8 in a paper-based system.
- Reduce data errors – Employees enter their own information with better accuracy, avoiding time-consuming mistakes.
- Reduce calls to HR – Employees have access to complete information that helps them answer most of their own benefits questions.
- Employee satisfaction and retention correlate with benefits satisfaction, so it is important to find cost-containment strategies that do not sacrifice the quality of benefits.
Contact Us to learn more about adding Benefits Enrollment to your Sage Abra HRMS system.