A dedicated employee benefits admin team can help you fully leverage the benefits you select with your broker or if you are self-funded. They can also help you recover lost profits by reconciling bills, overseeing data transfers for accurate payroll deductions, conducting and eligibility checks so that you aren’t paying more than you need to.​
Putting the human element back into health benefits administration hugely differentiates today’s companies. A partner can cut down enrollment paperwork and can be a welcomed third-party resource that employees can call with questions, contributing to overall employee satisfaction.
Benefits admin experts know the latest state and federal employer regulations and can provide counsel for HIPAA, ERISA and ACA. They’ll do the heavy lifting on paperwork to keep you in compliance.
A benefits admin partner can take over the time-intensive tasks that tax your internal HR teams so they can focus on mission-critical, strategic and employee-centric initiatives. This makes employees happier too!
An outsourced employee benefits solution can keep you up to date on what employees expect and where to find the best benefits at the best price, keeping you and your employees happy. You can use your employee benefits package to attract leading talent.
It’s easy to make claims, but does the company in question have a true client retention number that proves a list of happy clients?
There’s an adage that companies should focus on people, process and technology–in that order. Make sure you like the people you’ll be working with and that you can actually communicate with them. Look for a defined process customized to your needs. In the HR field in particular, a blanket technology solution won’t fix benefit admin headaches if the right process and people aren’t in place.
Look for well-rounded companies that have specialized experience in a variety of fields with generalized HR knowledge that can be applied across all industries. The size of your company shouldn’t matter so long as the provider tailors a solution that meets your needs.
Look for a benefits provider that is future-forward so they can research and get ahead on future trends. Again, it comes down to track record. Look for a company that’s made significant impact on a number of trusted brands.
Customer service is everything. Look for a benefits outsourcing provider that will give you one-on-one attention and treat your needs as unique. Ask whether they will work directly with employees or if they are limited to working with HR. Avoid companies that have so many clients that you can never get in touch with someone to discuss the status of your partnership.
As soon as implementation is done, you should expect an immediate difference in the amount of time your HR team can dedicate to other HR tasks.
First, your team’s valuable time will be opened up to focus on more strategic initiatives. Freeing up your team’s time to focus on employee-centric initiatives can contribute to overall employee happiness. A benefits admin partner can also help you save on benefits costs by catching costly internal mistakes and managing the overall benefits process more efficiently. Lastly, a third-party can better inform you about upcoming regulatory changes and position you for compliance.
For a variety of strategic reasons, companies choose to partner with an outsourcing provider to take over some or all key human resource functions including managing benefits, compliance, eligibility, enrollment, QLE’s, and many other areas of benefits.
An outsourced benefits admin solution will begin with an audit of your companies needs. It will outline a plan and services for your team to approve. You’ll also learn about communication expectations and what’s needed from your team to get set up. You’ll get connected to a dedicated staff member or a team, depending on your needs.
With something as essential to your success as your human capital, it’s important to establish an outsourcing relationship based on trust, communication and clear expectations.Â
Employee benefits outsourcing can help your company manage risk by identifying and solving common challenges relating to regulatory and payroll compliance. By automating payroll processing, assisting with onboarding documentation, tax information and enrollment, and by sending out necessary COBRA forms post employment, an outsourced partner helps you stay compliant.Â
At the most basic, an outsourcing partner should assist with compliance, help you save time and money on employee benefits administration and help you offer a better customer experience to help you attract and retain top talent.
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