By BENEFITSCAPE CHAIRMAN Ken Phillips
INTRODUCTION
Alongside Human Capital Management [HCM] systems, employers typically use specialized ben admin software and services to manage health & welfare benefits. These best-in-class employee ben admin solutions have robust specialized functionality and deep integration with both the benefits supply chain and compliance reporting. HCMs have found it hard to match these specialized ben admin solutions.
Till now.
HCM OPTIMIZATION FOR BEN ADMIN
Game-changing advances in HCM Optimization services, including embedded specialist ben admin functionality, mean advanced HCM systems can now match legacy best-in-class solutions for benefits administration — but with all the added advantages of a single, unified admin system and database.
BENEFITSCAPE has been an industry leader in these advances, including:
a] the development of embedded specialist ben admin functionality for major HCMs;
b] friction-free integration into these HCM solutions of the employer’s other critical service, system, and plan providers within the health & welfare supply chain; and
c] the integration of IRS, DOL, and all other compliance reporting requirements.
Hundreds of employers looking to streamline their operations are already benefiting from BENEFITSCAPE HCM Optimization services for employee ben admin.
FIVE WAYS HCM OPTIMIZATION TRANSFORMS BEN ADMIN
1. Unified Database. BENEFITSCAPE HCM Optimization services embed specialist benefits functionality and data flows directly into the employer’s HCM infrastructure. HCM Optimization is not a bolt-on solution but a friction-free deep integration, with all the advantages of a unified database.
Data consistency is enhanced, and manual data transfers eliminated. Platform continuity and integrity are also maintained as an organization’s HCM adapts and evolves to support future growth and/or change management.
2. Enhanced Data Security. By making extended use of a single, unified database, HCM Optimization for ben admin also enables improvements in an organization’s systems security, including reduced data latency.
3. Consistent & Enhanced User Experience. HCM optimization and embedded functionality give employees a unified point of access for all their HR and benefit needs. BENEFITSCAPE also ensures a consistent and intuitive user interface. Navigation is simplified, logins reduced, and employee engagement enhanced.
For administrators, operations and user experience are similarly streamlined and enhanced, with an organization’s training needs also reduced.
4. Real-Time Data Processing & Enhanced Reporting. Advanced HCM systems are equipped with real-time data processing. Optimized for ben admin, real-time HCM data facilitates timely decision-making; agile and responsive benefits management; and accurate and efficient compliance reporting.
In short, HCM Optimization provides a responsiveness and agility for the employer equivalent to legacy best-in-class ben admin solutions, but it also simplifies reporting and analytics within a unified view of HR and benefits data.
5. Consolidated Compliance Management. HCM Optimization consolidates federal and state compliance data. For example, it makes available and processes in one system all the information needed for ACA reporting, including eligibility and offer affordability.
This single data view simplifies the process for other IRS and DOL reporting too, such as PCORI or ERISA; and by doing so, it promotes data accuracy and consistency across all an employer’s different compliance submissions.
FURTHER BENEFITS OF BENEFITSCAPE HCM OPTIMIZATION
“ BENEFITSCAPE represents the epitome of what it is to be a great partner. They are continuously innovating, they challenge us and work with us to get better… to deliver superior client experiences.”
Dayforce VP of Partnerships MIKE FLECK [Linked In, March 2024]
BENEFITSCAPE customizes its HCM Optimization services to fit each client’s specific operational needs, business rules, benefits supply-chain, and unique employee populations, embedding specialist ben admin functionality directly into their existing HCM operations and set-ups.
In this way BENEFITSCAPE ensures even the most complex benefit needs are processed with friction-free accuracy and efficiency.
BENEFITSCAPE has a proven record of strategic partnerships with its clients, providing on-going support and innovation that helps them maximize the business value of their investments in both HCM systems and employee benefits.
CONCLUSION
BENEFITSCAPE HCM Optimization services deliver best-in-class employee benefits administration for employers, including friction-free integration of the health & welfare supply chain. This integration benefits not only the employer but also the operations and efficiency of other service, system, and plan providers in the supply chain. The employer’s IRS and other benefits reporting & compliance needs are all also seamlessly integrated.
Specific examples of the many game-changing advantages to the employer of BENEFITSCAPE HCM Optimization include » reduced resource burdens » enhanced data and system security » streamlined Open Enrollment processes » integrated Carrier Feeds » enhanced Payroll interaction » and friction-free ACA & other compliance reporting.
All within the employer’s existing HCM system.
In short, BENEFITSCAPE HCM Optimization services transform the business value and experience of a company’s investment in both HCM systems and employee benefits.
Let BENEFITSCAPE optimize the role and value of your HCM as a strategic driver of efficiency, security, and employee engagement across your entire organization.
We are always happy to share our insights. Please call +1 508-655-3307 or email info@benefitscape.com if you have questions or to discuss your specific needs.
