Employee benefits management is being overhauled by technology. New tech solutions offer effective ways to handle operations like payroll, time and attendance, performance and online benefits enrollment, streamlining all human resource (HR) efforts.
Although benefits enrollment systems have been around for nearly two decades, many payroll and Human Resource Information System (HRIS) vendors have recently brought this tech capability to the marketplace within the last two years.
This availability is causing companies to reevaluate their technology as they now have a tremendous opportunity to improve operational efficiencies by automating paper processes and moving information and transactions out to employees. The trick is to find an employee benefits consultant that can help your company find the best technology solution and navigate the ever-evolving industry.
Making the Tech Investment
Investing in HR technology requires capital and a skilled workforce to keep the system up and running. While technology is commonplace for most employers — from small to mid-sized companies — it’s imperative that a new technical benefits solution justifies the resource investment, that multiple vendors are reviewed and that a smooth transition is in place.
According to a 2017 survey by HR Technology Advisors, 50 percent of companies have an HR system. While 43 percent of employers outsource payroll processing to a third party, only 10 percent outsource all HR services. As employer size increases, a larger percentage of companies outsource more than just payroll and rely heavily on HRIS.
Common HR tech vendors include:
- Ultimate Software
Benefits consultants like BCI Group often have preferred partnerships and competitive pricing models for a large array of vendors — which ensures your company gets the most efficient and cost effective solution.
Overall, companies seek technology benefits solutions because it allows them to provide better care and increase the overall wellbeing of their employees through increased efficiency. This industry transition is just the beginning of the tech revolution, as 20 percent of companies indicated they plan on implementing a new HRIS — now known as Human Capital Management Systems (HCMS) — within the next 5 years.
Need a benefits consultant that’s ahead of the curve? BCI Group can walk your team through different vendor options, technology solutions and HR outsourcing partners to ensure your HR department is transitioning efficiently into the future of employee benefits. Our benefits experts can help. Contact us today.