5 Ways Benefits Administration Technology Enables HR Benefits Risk Management
Staying ahead of risks is a critical priority for HR leaders, but ever-evolving regulations and shifting complexities make it challenging. Concerns can quickly spiral into major issues that are costly and time-consuming to resolve – but smarter solutions will help you take a more proactive approach to human resources risk management.
Effective employee benefits administration will not only streamline enrollment and engagement processes, but also allow for easier risk management with fewer benefit burdens overall.
Empyrean’s latest At-A-Glance Guide explores five ways technology can address and alleviate many of your most pressing employee benefit risk factors:
- Stay Up-to-Date With Regulatory Compliance
Maintaining regulatory compliance is an extremely important task for any benefit team. Though this aspect of your administration may not be the most engaging, it is nevertheless a critical component of your team’s overall success.Utilizing technology can help you take a more proactive approach to managing employer risks surrounding Affordable Care Act (ACA) compliance, COBRA obligations, HIPAA requirements, and more.
- Accurately Automate Processes to Eliminate Errors
Expert automation is a huge factor in ensuring data integrity, but in-house, paper-based, or poor technology will expose you to significant error risks.A complete benefits administration technology solution will truly automate processes to minimize the risk of errors and inaccurate data, plus offer powerful and customizable reporting tools to leverage your clean data.
- Easily Manage Participant and Dependent Eligibility
Each employer has their own unique populations, benefits, and eligibility standards. These variables are continuously – and oftentimes rapidly – evolving to respond to business and industry changes.Given this dynamic nature, it is absolutely critical that your benefits administration solution takes a modern approach to eligibility rules management and gatekeeping.
- Adapt to Change Without Driving Up Costs
As an HR leader, you must ensure you have the flexibility to proactively meet your company’s evolving needs, as well as rapidly adapt to quick shifts and organizational changes alike.However, user interface is not the most accurate indicator when it comes to determining the sophistication and flexibility of the processes actually running your platform. It is your solution’s back-end technology that will determine its ability to scale and adapt to changes, both small and large.
- Drive Communications to Educate and Inform Employees
At the center of your benefits success is your employees, but they may also be a source of risk when not properly educated around their options. A strong communications strategy minimizes the risks of uninformed participants.Your benefits administration platform is the central channel through which participants engage and learn about their coverage options. In addition to streamlining enrollment and administrative processes, a supportive partner will ensure that the communications and engagement aspect of your strategy is made easier to execute.
For more, we invite you to download Empyrean’s new At-A-Glance Guide to minimizing HR risks. This free guide takes a close look at how benefits administration technology can help you better control your risks in these five ways.
Download this At-A-Glance to learn how to avoid headaches, lower costs, and gain greater peace of mind around your benefit programs. As you read, we’d love to get your thoughts. Feel free to contact us with questions or comments at firstname.lastname@example.org.