As today’s workers demand a wider range of basic and voluntary employment benefits — and as the regulatory and healthcare worlds become increasingly complex — those benefits are getting harder for employers to manually track and administer.
At the same time, younger employees are asking for better transparency, interactivity and instant access when it comes to understanding and optimizing their benefits. Not only are they more tech-savvy than ever before, but more apt than previous generations to be working remotely and/or putting in hours that don’t align with 9-5 schedules, according to a recent Mercer study. That may mean they need to log on to their benefits information at odd times of the day or night.
Enter the digital benefit platforms that solve those issues head on — for employers and employees alike.
The best platforms on the market today eliminate the tedious manual work involved in benefits administration and allow employers to efficiently personalize worker solutions, compare benefits options, assess effectiveness and optimize costs. And digitizing those functions can be a huge boon to HR productivity; one CareerBuilder study found HR managers who fail to fully automate lose an average 14 hours a week manually completing tasks that could be automated.
From the employee perspective, such platforms can be enormously helpful when it comes to parsing health plans, mulling their many benefit choices and accessing the data needed to make informed decisions. That ease of access can be especially crucial to those working remotely; already, half of all U.S workers have jobs that offer at least part-time telework, reports research by GlobalWorkplaceAnalytics.com. And having instant 24-7 access to their benefits information is bound to make employees better organized and better informed. It can also improve employee engagement as it makes them feel more connected to what’s going on company-wide; that can only be a good thing, as McKinsey reports employees with higher engagement levels are 20 to 25 percent more productive.
Further, benefits platforms that explain important employee information in transparent, easy-to-understand terms can also go a long way toward building trust between employers and employers. In fact, a recent study by MetLife found “employee trust in company leadership” to be the No. 1 driver of employee happiness in the workplace, while “benefits customized to meet employee needs” came in at No. 5.
“Employers should commit to weaving transparency, inclusion and investments in employee success into the fabric of their organizations — and ensure they are clearly broadcasting these initiatives out to employees,” the authors state. “Offering a thoughtful mix of benefits and communicating their value effectively can also help mitigate employees’ stress — in and out of work.”
At Ochs, we can customize and digitize your benefits plan by helping you choose from a wide range of top-notch carriers, products, technologies, employee education and engagement programs and administrative services. Contact us at 651-665-3789 or email@example.com for more information.