The Workplace Is Changing — Has Your HR Tech Kept Up?

FEBRUARY 7, 2023

Your organization may have evolved to accommodate work from home, but has your human resources (HR) technology kept pace with the rapidly changing workplace? Employers rely on various HR and benefits administration platforms to assist with complicated and time-consuming processes, including:

• Open enrollment and plan selection
• Benefits communication and education
• Day-to-day administrative tasks

Whether your organization relies on a top-of-the-line system with the latest features, or has been juggling several platforms to address all its needs, there may still be gaps your HR or benefits administration system is not able to address:

• Workarounds that don’t operate in sync with plan design and benefits can be time-consuming and prone to errors.
• Failing to complete evidence of insurability (EOI) may prevent certain benefits from taking effect, such as life insurance and other voluntary benefits. EOI completion is a critical component of HR technology to ensure employees have the full benefits they expect.
• Employees are much more likely to report satisfaction with their employer and participate in benefits offerings if they understand what is being offered to them. Decision support resources can help with employee education and enrollment in the plans best suited to meet their needs.
• Lag between your open enrollment data and your insurance companies sometimes results in inaccuracies that can be challenging to resolve. Syncing enrollment data with your insurance companies helps reduce and resolve errors before they become an issue.
• Your remote employees may not always have access to an on-site location. Mobile/remote accessibility is a must-have for remote employee engagement and retention.
• Data breaches caused by third-party software vulnerabilities cost U.S. businesses an average of $4.55 million per incident in 2022.¹ Employers must evaluate the data security of their HR technology to ensure personally identifiable information and protected/personal health information is safeguarded against a breach.
• Failing to provide required notices can result in costly penalties and fines. For example, the U.S. Department of Labor may impose a penalty of $110 per day per participant for failing to provide COBRA notices. HR technology that can keep you current on regulatory requirements at the federal, state and local level can help your organization maintain compliance and avoid fines.

With a new plan year in effect, now is a great time to review your HR and benefits administration technology to ensure it’s up to date and addresses your organization’s unique benefits, enrollment and compliance needs.