With technology becoming more integrated into our daily lives, it is no surprise that the benefits space needs to be adjusting to this trend as well. Benefits technology is making its place known in our business world and they can offer advantages to you and your employees’ routine.
The Changing World Of Benefits Solutions
While technology is changing the benefits solution world, it is doing so in a positive way. Jeff Fleischman, senior vice president and chief marketing officer at The Penn Mutual Life Insurance Company, says “Digital is allowing more companies to bring in more opportunities at a cost-effective price.” This is clearly an advantage for a lot of companies in the insurance industry. This is also going to alter those who work in this field. People are going to need to have a general understanding of technology and how it works in order to interact with it efficiently daily. For companies that do not choose to go along with this change and want to push against it, they may see large losses in their revenue and even their incoming of talented new employees.
How Has Technology Advanced In The Benefits Space?
With technology being introduced and integrated into the benefits space we have seen many ways in which it can bring some advantages. Some of these advantages are that technology offers increased ease of accessibility. Items can be viewed and managed from any location where a user can establish a connection to the internet. Technology also allows for enrollment options to be open through digital applications and even improved overall organization and productivity of dealing with benefits.
Offers An Easily Accessible Avenue
Offering your employees access to their employee benefits space through technology is very convenient. Having the ability to interact with the benefits system through a paperless, electronic version allows employees the ability to use their mobile devices, or laptop at any location with greater ease. The ease of accessibility is not just limited to location. Users can also access their information at any time of the day. It can be accessed 24/7 providing the employees with better options that can work for them. This allows employees to have full access and knowledge to their benefits and manage or ask questions about anything related to their benefits programs.
Digital Enrollment Option
Having benefits plans accessible through online portals opens up the ability for employees to choose enrollment options online. This helps to increase ease for employees and make it a lot simpler to choose to enroll in an option and even choose to join them.
The paperwork required for each benefit and each employee can eventually add up. Using technology, your filing system can help with overall organization and eliminate the paper trails being passed along from person to person. This also allows for issues or problems that may arise to be dealt with in a more efficient manner since the point of error can be found a lot quicker and easier. If it is done right, the technology is going to advance the organization and even the productivity of dealing with anything concerning one’s benefits. Automated data exchange also allows administrators to reduce repetitive tasks that are often both time-consuming and error-prone.
How Will This Help My Company?
With the benefits mentioned above, you can experience a positive impact by integrating technology into the benefits space of your company. If you are choosing to embrace the technology and use it in your communication and interactions with your employees about benefits it is going to be a tool that will only help your company as a whole. Some ways in which it could do this specifically is to help with the ease of use, attract and even retain top talent for your company, personalize communication about benefits and even improve employee satisfaction overall.
Easily Administer Benefits
Not only is including technology in your benefits process going to help other employees, but it is going to help the administrators as well. Being able to simply open, see, and manage data all within one sitting on varying devices is going to make the administrative job a lot simpler. There is no longer any need to shuffle through paper to find all the important information. It will be in one location and those who need access to it, will have it.
Attract & Retain Top Talent
Being able to retain top talent at your company is something that everyone is striving for. There are many factors that go into having very qualified employees and even applicants to your business. One thing that can make a difference is the use of technology. With it being such a large and important part of working in today’s world it is imperative that your company is using tech in the right way and is up to date with how to incorporate it into your workforce. If this is done right it can be a huge selling point for new potential hires, and a big reason for current employees to stay for a while.
Personalize Communication About Benefits
Having access to online employee benefits is going to open up communication. This is because it can be easily viewed and accessed by all those that it may apply to. Having technology that is going to be very straightforward is going to appeal to a lot of people. With the accessibility of employee benefits being easily viewed and managed it is going to improve the conversations one might have relating to their benefits and help them be productive and meaningful.
Helps With Compliance
With having all information online and transparent, another benefit is that it could help with your company’s compliance. While working to meet all the rules and standards, having technology on your side is going to increase efficiency and help make sure that you are within all the laws and regulations. Having an extra check on this is only going to help guarantee that your organization is following all the compliance guidelines.
Improved Employee Satisfaction
Employees are looking for companies with a benefits package that is up to date. There are so many resources out there in which employees have the power to stay informed and find information about competing companies’ benefit packages. By offering a well-rounded benefits package that is entirely transparent, thanks to recent technology, your employees will feel like they are in control of every aspect of their employee benefits.
Contact The Knowledgeable Team At New City
Reach out to New City Insurance for more information on how technology can be used to benefit your employees, administrators, and executives. You can reach us by phone at (888) 210-2759 or request a consultation online. Whether your company is mid-sized or large, the team at New City is dedicated to simplifying your administrative processes. We look forward to working with you.