Integrate Benefits Administration Software

Benefits administration software can be used to administer a wide range of employee benefits, including:

• Health insurance
• Dental insurance
• Vision insurance
• Retirement plans (e.g. 401(k), pension)
• Time off (e.g. vacation, sick leave)
• Employee assistance programs
• Wellness programs
• Professional development opportunities
• Tuition assistance
• Life insurance
• Disability insurance
• Flexible spending accounts (FSAs)
• Health savings accounts (HSAs)
• Commuter benefits

Note that the specific types of benefits that can be administered through software may vary depending on the capabilities of the particular system being used.

There are several ways that end-to-end benefits administration software can help organization to cut down on costs.

• Streamline benefits enrollment process: By automating certain parts of the enrollment process with workflows such as sending automated reminders and communication during open enrollment, human resources departments can spend less time administering and more time on more value-added tasks. You also reduce the risk of errors, leading to cost savings.
• Improve benefits utilization: By providing employees with an easy-to-use and scalable platform to access and manage their benefits, you can increase the utilization of their benefits offerings, leading to cost savings.
• Identify opportunities for cost savings: Many benefits administration software include analytics functionality to allow administrators track the usage and costs of their benefits programs. This enable HR professionals to identify areas where costs can be cut or optimized.
• Comply with regulations: Reduce the risk of noncompliance with government regulations and avoid costly fines and penalties. Benefits administration software can ensure you are complying with such regulations, such as the Affordable Care Act (ACA) and the Health Insurance Portability and Accountability Act (HIPAA).

Selecting a benefits administration software typically involves the following steps:

1. Identify your stakeholders: The decision may involve both those inside and outside of the HR department. For example, benefits administration can impact HR payroll, onboarding, talent management, finance and other business processes.
2. Cloud-based vs. On-Premises: Determine whether a cloud-based or on-premises solution is the best fit for your organization and budget. (PeopleSpheres can integrate with both)
3. Gather your requirements: Identify which types of benefits you will need to administer and what features you need to fulfill employee, HR personnel and administrators’ needs.
4. Research and compare: There are so many options on the market, especially when it comes to HR technology. Our PeopleSpheres teams are armed with the expertise to help you make the choice that is right for you and your organization. We help connect with you with our partners or work with any vendors you identify to ensure you are getting the best.
5. Select and Implement: PeopleSpheres handles the implementation process when it comes to integrating your benefits software. We have pre-built connectors with our partners to make implementation as seamless and quick as possible.

When you integrate any of your HR systems to PeopleSpheres, your data will become centralized into one single database which can be used to do cross-application reporting or create centralized employee profiles that contain data from multiple sources. It’s a customizable platform, so you can set up different profiles for different groups of employees and give them access to the right tools and the right communication.

When it comes to analytics, integrating benefits administration allows you to bring that data into other areas of HR management such as compensation management, workforce management or employee engagement.