Posted 2 years ago - by Payroll Systems

Benefits Administration Platforms Explained

A benefits administration platform is a software system that manages workplace benefits. These platforms help companies streamline common HR administrative processes by automating tasks such as benefit eligibility rules, benefit elections, enrollment in health insurance, as well as other benefits such as voluntary life insurance and company sponsored retirement plans.

It is common for employees to opt-in and select benefits when they are starting with a company, during open enrollment, or when they have experienced a qualifying life event. Benefits most offered include:

• Healthcare coverage
• Life insurance
• Dental and vision insurance
• Short & long-term disability insurance

Generally, benefits consist of many moving parts that require regular maintenance to remain compliant. Implementing a benefits administration platform to automate these processes can help you:

1. Save time– Manually processing the mountain of paperwork necessary to keep all of your benefits information up to date can be time-consuming per employee and often requires constant duplicate entry on various pieces of data. Benefits admin platforms help speed up the process for both the employer and the employee. This allows the employee to receive their information and benefits faster to make their election decisions.
2. Reduce errors– Benefit Admin platforms automate the transfer of necessary data and can often eliminate the need for duplicate entry.  Since all information is captured digitally, reports can be created and often times the insurance enrollment forms can be printed directly.  This can significantly decrease mistakes in the data that has been submitted into the system. Data can also be shared with carriers and automatically updated via electronic data feeds.
3. Simplify it for everyone– In addition to automating the data flow, benefit admin platforms allow both the employee and the employer to access benefit information online at any time and place, even from a mobile device. This often empowers employees to manage and update their benefits on their own time, while keeping management and HR in the know.

Additionally, when benefits administration platforms are paired with Payroll technology and HR management platforms, the capabilities go beyond streamlining open enrollment. When paired, you can integrate:

• Benefit deduction information – deductions generated or changed via benefit enrollments or qualifying events automatically sync to the proper payroll deductions.
• Time and attendance tracking– Crucial information necessary for payroll and in some cases eligibility of benefits.
• Paid time off– Part of the benefits package and sometimes even determined by hours worked.
• Applicant tracking– Helps you manage candidates and tracks the employee from day one to ensure a seamless transition when they are brought on.

By streamlining all of this information together, your organization can make the overall onboarding process smoother which can positively affect your retention, quality of candidates, and even your overall company culture.

Do you have additional questions regarding Benefits Administration & HR Management Platforms? Payroll Systems offers solutions that are easy to scale and a dedicated payroll specialist to ensure your specific payroll needs are met. Talk to us to learn more.

This article provides general information and shouldn’t be construed as legal or HR advice. Since employment laws may change over time and can vary by location and industry, please consult a lawyer or HR expert for advice specific to your business. You can also contact Payroll Systems to inquire about our HR support services.