Paperless benefits administration? A completely digital HR experience? Yes, this dream could soon be a reality with the right technology stack and strategic partners.
It’s no secret that manual processes make every part of HR management cumbersome, inefficient and error-prone. And, mistakes can be costly, especially when it comes to compliance issues, and manual processes waste valuable administrative time that could be used for more strategic initiatives.
Not to mention—we live in the digital age and employees expect a digital experience at home and at work. Not only will migrating to an online benefits enrollment and management experience increase engagement across the board, but it will also provide your workforce with the benefits experience they’ve grown to expect.
See the top three benefits of ditching paper and read about how one company experienced a major uptick in administrative efficiencies with a completely digital solution.
1.) Save Money
Ah, money; the common denominator across any business, industry or language. Why wouldn’t you want to save money? Switching to paper to digital will undoubtedly increase the quality of work you produce and reduce the cost of manual processes and materials related to print expenses. It’s truly a win/win for all parties.
Still not convinced? Consider this. We’ve found that it takes the average small-medium sized organization approximately one hour per employee to enroll in benefits. For a business with 500 employees, that’s 500 hours of manual HR time dedicated to just employee benefits enrollment alone.
Now, consider the efficiencies gained with migrating to an online enrollment process. This process only takes 20 minutes per employee, on average.
For an HR professional that makes $65,000 per year as a salary, this would equate to over $10,000 annually in savings!
This is just one example based on one company we worked with, but it’s not hard to see how the savings could quickly add up over time.
Do we have your attention yet?
2.) Gain Efficiencies
Not only will a digital benefits administration solution save your organization valuable money, but it will also save you something that’s hard to put a price on: time.
By eliminating paper and manual work from your HR processes, you’ll transform your team into a lean, mean, people-managing machine.
Here is just a taste of how going paperless can increase your operational efficiency:
- Online benefits enrollment
- Rule-based automation of complex benefits
- Robust decision support tools for employees
- ACA compliance
- Flexible reporting tools
- Payroll and carrier integrations
All of these handy features are baked into your benefits administration solution to help you be as efficient as possible with managing and administering benefits.
3.) Maintain Compliance
Compliance is a top priority for most HR teams, with fines for non-compliance that can quickly escalate into the tens of thousands of dollars—or more.
The primary issue with monitoring and maintaining compliance manually is that paper processes are prone to errors and cumbersome to proof and correct.
Consider the same company we discussed earlier with 500 employees. Can you imagine filling out ACA forms for 500 employees manually? That’s 500 opportunities for errors, and even a single mistake can be financially devastating.
Think about it this way: can you afford to NOT maintain compliance?
PlanSource and BambooHR recently partnered with Linode to provide a modern HR and benefits experience.
As a high-growth company, making the transition from cumbersome, manual processes to a more expedited, paperless solution was critical for growth. Linode had already transitioned much of the HR process to BambooHR and was seeking a benefits solution that seamlessly integrated into the HRIS system.
Between sending out forms and reminders, answering questions and completing enrollment, the entire benefits enrollment process took about one hour per employee.
See how we helped simplify open enrollment, payroll and reporting, which resulted in a 20% increase in administrative efficiency.
Are you ready to go paperless? Though this process does take time and planning to implement, the investment in time and resources is well worth the effort in the long run!
Let’s Get Digital
Curious about the process or the timeline to go digital? Contact us today for a complimentary consultation.