Depending on the employee benefits technology solution you have in place in your organization, your employees may or may not be actively engaged in getting the most out of your benefits offerings. While offering benefits is an important part of maximizing employee engagement and loyalty, if you’re not using the right approach, it’s likely you’re making investments that may not see the return you’re looking for.
Companies need to know how to communicate effectively with their teams to get the most out of their benefits offerings. The key is leveraging technology for better engagement and a better experience for your employees.
Coordinating employee benefits: Challenges to overcome
Employee benefits are one of the most important investments you’ll make for your team. So, it’s important to make sure you see a return on your investment. Businesses may underestimate the challenges of implementing employee benefits, which lead to less than desirable ROI. Common challenges include inconsistent messaging and communication, and a need for more personalization and individualized support.
Inconsistent messaging and communication
Communicating about benefits with employees is difficult. To tackle this challenge, it is essential to craft an effective communication strategy with benefits technology that allows employees to easily access benefits information. Your benefits technology is an invaluable tool to inform employees about their benefits, plan changes and upcoming enrollment deadlines, and ensure everyone actively participates in open enrollment.
Lack of support
Benefits are complicated, and sometimes employees need help understanding what’s offered. Employees who don’t understand the benefits they’re offered will choose options that don’t align with what they really need. Uninformed decisions lead to less engagement with benefits. HR is there to help employees navigate benefits, but spread thin HR teams struggle to help. That’s where technology comes into the picture. Your benefits technology should have decision-support functionality for employees to access at any time. Glossaries, side-by-side plan comparisons, and educational videos go a long way in supporting your team by breaking down the complexity of benefits.
What you should be getting out of your benefits technology
When effectively managing benefits, using the right technology can be a differentiating factor when it comes to how much actual value you’re getting from your system. Below are some of the features you should make sure your benefits technology is providing your business:
Increased functionality
Not all benefits technology solutions are created equal. And while some promise to increase your operational efficiency, many systems fall short. Ask yourself… is your employee benefits technology really providing a more streamlined and effective administration of benefit programs?
Your system should be able to handle different types of benefits, and their plan designs. In a day and age where employees and prospects want more voluntary benefits like pet insurance or tuition reimbursement, your technology must be able to support these types of plans. If your technology prevents you from offering the benefits you want, employee engagement will drop where you have to compromise.
Improved accessibility for employees
Your employee benefits technology should simplify enrollment for employees – if not, it’s time to implement new technology that will. Your system should have self-service functionality, enabling staff to access their benefits information from wherever the internet is available in a convenient and reliable central hub. Self-service functionality allows employees and their families to make critical benefits decisions on their own time while keeping the lines of employee benefits communication open.
Helpful business insights
Benefits technology greatly enhances a business’ insights into its workforce. Your technology should allow you to easily access enrollment data. By leveraging this information, companies can craft tailor-made employee benefit plans that maximize employee value within the company’s budgetary limits.
Increased morale and company loyalty
Companies that offer robust employee benefits packages that are easy to understand often enjoy increased job satisfaction, higher levels of retention, and lower turnover rates among their workforce. Your benefits technology should give you the ability to provide comprehensive education about the advantages associated with your organization to foster greater workplace engagement and inspire loyalty from employees who feel valued by the additional healthcare coverage or retirement plans you provide.
Implementing employee benefits technology: Key steps to take
When looking to employ employee benefits technology, businesses should consider the following steps:
Work with a technology partner
You don’t have to be a benefits technology expert. A technology partner can be an important asset for business and help to simplify the process. You can discuss your pain points and goals with an expert who can ascertain the features that are most important and find the right fit for your benefits technology.
You have plenty of options to choose from, but the bells and whistles aren’t as important as the core functionality and how suited it is to your needs. A technology partner can connect you with the ideal platform.
Create a technology implementation plan
Once you’ve evaluated the situation, it’s time to craft an implementation plan. Structuring this initiative in a smart and considerate way will ensure the successful adoption of new technology solutions. Your roadmap should incorporate particulars such as budget restrictions, deliverable dates, and required resources – all while keeping your goals firmly in view throughout the process.
Streamline communication across teams
Effective collaboration is necessary for successfully implementing a benefits technology solution. Regular communication and progress sharing among teams ensures no one gets left behind during the transition process. Encouraging team members to stay in touch keeps everyone on track while also helping make all stakeholders aware of needed changes.
Provide employee support where necessary
To ensure a smooth transition, it’s essential for employees to receive comprehensive training on the new system and have all queries addressed with prompt support. Going beyond this, instituting an effective feedback loop allows your team to submit comments or identify areas needing improvement, which will promote continual refinement as you move forward.
Monitor the progress of your solution and make improvements
After implementation, ensuring your employee benefits technology solution is living up to its full potential is critical. Monitor progress regularly and make necessary adjustments based on user feedback or other external factors. This will ensure your benefits technology stays current and effectively meets user demands over time.
Maximize employee engagement with benefits technology
Managing benefits administration can be a challenge for any business, but technology-driven employee benefits solutions can make this process easier. By leveraging innovative platforms that allow employers and employees to connect quickly and effectively, companies can create positive, productive experiences for their workforce while maximizing the value of their investments in benefits programs.
Frank Mengert continues to find success by spotting opportunities where others see nothing. As the founder and CEO of ebm, a leading provider of employee benefits solutions. Frank has built the business by bridging the gap between insurance and technology-driven solutions for brokers, consultants, carriers, and employers nationwide.
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