Human capital management (HCM) vendors are using simplification, information, and empowerment in the design of benefits administration features. They are giving employees more control while removing red tape.
Workday created a one-stop shop for benefits administration. Life events and HR transactions sit in the same location as the benefits, talking to one another on the same code base, eliminating need for additional interface and/or steps like uploading or manual data entry.
It centralizes benefit offerings, simplifying configuration. The Benefits Dashboard gives a better picture of vendors and usage data. It also provides a snapshot organizations can use to ensure employees are participating in appropriate plans.
While employers are experiencing a more streamlined process, employees also reap “benefits.” They can now confirm benefits and make changes during a mobile Open Enrollment via their personal devices.
Source: Ceridian Product Information
Ceridian is also leveraging the idea of support through information and employee empowerment. Its new Dayforce Benefits Decision Support feature helps employees make the right benefits selection to fit their lifestyle. Employees participate in Open Enrollment, during which they are presented with options specific to their needs and in response to their answers to some simple questions. Employees also have access to tools, helping them to evaluate the impact of selecting one benefit offering over another.
Vendors appear to be recognizing the need to help employees make more informed benefit selection decisions while also reducing time and expense on transactional tasks at the employer level. Ceridian and Workday are in the Leaders quadrant in Human Capital Management at Software Reviews.
Source: Software Reviews Human Capital Management, Report Published January 2019
Positive employee experiences correlate to higher employee engagement; according to our research, 98% of IT employees who are engaged are “very committed” to the organization. In the absence of a single silver bullet, organizations should be examining every avenue to reduce employee frustration and lessen the potential of disengagement. Streamlining benefits administration within your HCM is one resource available to you.