Year over year we consistently see a vast amount of technological advancements, which are having an increasingly large impact on the HR and benefits industry. David Reid, Co-founder & CEO at EaseCentral shares why SaaS platforms will be the driving force behind tech in the HR industry in 2018
In what has largely been a pen and paper industry, online management platforms are now allowing HR and benefits management professionals and insurance brokers to drastically increase efficiency and allow for wider access to insurance and benefits packages for both employers and their employees. By increasing accessibility to important insurance package information, consumers are empowered to make better decisions for themselves and their families when it comes time to elect benefits. Â
In the vast employee insurance and benefits space, it has become crucial for HR and benefits management professionals to implement technology that can automate tasks and increase efficiency. These individuals are increasingly adopting cloud-based software and automated technology to alleviate some of the more time-consuming, meticulous tasks.
In 2018, the widespread transition to SaaS platforms will only continue to accelerate, creating an enhanced ability for HR and benefits managers to better serve their clients in a rapidly changing and increasingly tech-friendly industry. A few added benefits include:
Reduced Costs + Waste
Paperwork and printing are some of the costliest items for small companies. Additionally, compliance and enrollment season can be stressful and expensive, especially with a relatively small HR team. By utilizing SaaS technology and digitizing the experience, HR and benefit management professionals are experiencing savings across the board.
The influx of millennials in the workforce has also made technology not only a necessity but a requirement. The number of millennials (those between ages 18 and 34) on the planet is projected to rise over 75 million this year, making this group the largest living generation by population. That said, over a third of the American working population will be comprised of millennials, who are increasingly demanding that their employers offer tools to facilitate benefit enrollment by incorporating tools like online portals and apps, thus eliminating paper and waste.
Reduced Room for Human Error
In addition to reducing paperwork to minimize waste and associated costs, the absence of paperwork also reduces the likelihood of human error when completing sensitive, and often complex, documents. Moving these documents into streamlined online templates allows for more standardized formatting and organization, industry-wide. For example, when employees are required to choose an option from a designation dropdown list, it can be useful to eliminate miscellaneous responses that might cause confusion later on down the line. With physical documents, should an employee wish to change a previous selection, they’ll likely have to cross out the first choice, which often leads to confusion or ambiguity, or redo the entire document to restart the process.
**When dealing with items as important as healthcare, it is crucial that employees understand the options they are selecting and that HR professionals are able to accurately act on those selections**. Revisiting to correct mistakes of this nature can be time-consuming for busy HR professionals and can also be costly. By managing all documents online, there is less room for critical communication errors.
Greater Efficiency
In today’s world of increasing paperwork and compliance demands, it is more important than ever for HR and benefits management professionals to leverage intuitive and efficient tools. According to a poll from Career BuilderOpens a new window , HR managers currently spend 14 to 30 hours per week on manual tasks that could otherwise be automated.
By implementing SaaS technology, HR and benefits management professionals are able to automate mundane tasks, leaving them room to prioritize other responsibilities that are equally as important, like cultural initiatives and employee satisfaction projects. Incorporating platforms that are all-encompassing and include the functions HR and benefits managers need to execute standard processes, reduces workflow redundancies and creates greater efficiencies. Â
Increased Accessibility
For most, engagement with benefits package information usually begins and ends with open enrollment season. There are often complaints on both sides of the employer/ employee relationship regarding the level of engagement with this information. On the employer side, the frustration often lies with disengaged employees neglecting to take advantage of the programs offered. This disengagement can seem like a waste to employers who are allocating resources to programs that they feel are being ignored. On the employee side, it can often feel as though there is not enough time designated to benefit education throughout the company.
**Employers can drastically increase engagement and feedback from their employees simply by increasing accessibility to the information necessary for them to make informed decisions about their benefits packages**. Through innovative SaaS platforms, employees can access benefit information, request PTO and even make healthcare enrollment choices directly from their mobile devices. This can ultimately encourage employees to complete items in a timelier manner and eases frustrations on both sides.
 Remaining Compliant
**Integrating technology into the HR onboarding processOpens a new window can help increase company organization and support compliance, which has been a major issue in the modern HR world**. In the very near future, the technology that automates and alleviates that burden will allow HR professionals to put their resources into discovering new benefits and increase employee engagement.
SaaS platforms can help ensure compliance for HR professionals and employers by standardizing core processes and making them easily searchable. It is all too easy to misplace or damage paper documents when filing, but an online portal ensures that all important documents are saved and filed in a way that they can be easily accessed as needed. This increased organization can save companies thousands when the compliance officers come knocking and can highlight any red flags before they become serious issues.