Enrollment in company benefit plans usually occurs when an employee begins working with a new company. Benefits can be selected, changed, and/or renewed each year during open enrollment. Historically, enrollment has occurred through coordinated in-person events, which however, with recent advancements in benefit support platforms, the case for online enrollment is strong and should be a consideration for both cost and accuracy, no matter the size of your business.
The benefits of an online platform include:
1. Efficiency
Online enrollment eliminates paper applications which, in turn, drastically reduces the time Human Resources spends on the often-tedious open enrollment process. A digital platform also safeguards against human errors, which can occur with a paper application. The online process ensures correct information is relayed to a carrier for a quick turnaround. Also, a digital process is a powerful tool that reduces the administrative tasks hindering the Human Resources department.
2. Location Flexibility
Employers should explore the option for an online open enrollment platform to maximize efficiencies and to mitigate the risk of COVID-19 transmission. In response to the pandemic, many employers have moved their workforce to a remote setting. A new Gallup poll found that, as of January 2021, 56% of American workers are “always” or “sometimes” working remotely. A primary challenge for this year will be to coordinate employees returning to work and on-site enrollment. With a digital platform for enrollment, employees will have the ability to enroll in benefits with the ease of a click of a button from a remote setting. Not only is it socially responsible and mitigates risk, but it has also become an expectation of a millennial workforce – which is now the largest represented generation in the United States workforce.
3. All-In-One Benefits, HR, and Compliance Platform
A streamlined benefit platform eases the administrative burden and explains benefits and costs in a straight-forward manner to employees. Employees also have a one-stop-shop for their benefit needs. An employer can customize its onboarding, and integrate with vendors and carriers for seamless communication. In addition to online enrollment, employers have access to an HR management platform, which includes payroll integration, PTO tracking, asset management, and COBRA administration. These features relieve the HR department of arduous tasks and thus leads to cost savings.
BlueStone Advisors offers sophisticated employee benefit and captive strategies for employers throughout the country. Make your benefit plan a competitive advantage for your business and not a liability. To discover what BlueStone can do for your business please contact:
Michael Hansen
VP, Employee Benefits
mhansen@bluestoneadvisors.com