There is no doubt about the fact that technology is indeed taking over everything as we know it (even Employee Benefits). Everything we have is prefixed with ‘smart’ thanks to technology; right from smart watches and smart phones to even smart cars and smart homes. However, employee benefits have not yet gained the tag. For instance, how many times have you or any of your working friends made use of paper applications to enroll for health benefits? Exactly, that is the point!
However, the good news here is that this trend is also witnessing a change. There are numerous ways by which technology is affecting health employee benefits, and we have covered 5 of the most impactful ones ahead.
1. Technology is streamlining administration of employee benefits
A large company has the resource to employee more staff for complying with the complicated regulations that come with employee benefits, but for smaller businesses, this is still not possible. As per Employee Benefits News, entrepreneurs are realizing the importance of investing in technologies for bridging the gap and decreasing the stress that lies on the overworked employees.
2. The Cloud Migration
The migration of data and technology to the cloud has been going on for years. As per Employee Benefit News, businesses are making use of these cloud technologies for management of employee benefits as well. With cloud storage, data is more secure, backed up and decreases the paperwork that the HR teams have to go through. The expense incurred for paper, labor and toner shifts towards the considerably low expense of cloud services.
3. Technology giving a boost to wellness initiatives
Since a few years, wellness programs have been becoming an important part of employee benefit packages, helping to catch illness in the earlier stages and to encourage them to adopt a healthier lifestyle. This has allowed for availing free gym memberships, wearable tech gadgets, nutrition classes and walking groups; all of which make use of innovative technologies.
4. Better processes for employee benefits enrollment
All the technology innovations have allowed businesses to move towards a more efficient online registrations platform. If your employee is still enrolling you for benefits using pen and paper, then you can directly check with the broker or the providing company for an online process that will allow you to skip a process and the hassle.
5. Technologies powering consumerized employee benefits
Employee benefits are no longer provided by the ‘one size fits them all’ packages. With time, American workers demanded greater variety of options, which is responsible for the development of contribution packages that give them the freedom of selecting health-care options that work for themselves as well as their family members. Powerful software along with online tools are helping companies shift towards consumer benefit packages for their employees.
Technological advancements and trends have a lot of influence in how small businesses manage employee benefits. The investments made in these can provide alternative solutions with better results and decreased stress for you and your employees, all of which help you to focus on the most important aspect of your business- customers and their requirements.