Understanding integrated employee benefits software solutions
Integration is a popular word often coupled with the phrase software solutions. But what does integration really mean in the area of employee benefits software options?
Equitable recently commissioned SourceMedia Research/Employee Benefit News to conduct a survey of HR professionals around the topic of employee benefits technology simplification. The findings point to awareness of integrated employee benefits (EB) solutions but gaps in usage and, possibly, understanding. Indeed 85% of the respondents who participated in the study are familiar with integrated EB solutions. However, only 19%, report that their organizations are currently using an integrated EB solution (see Figure 1).
Figure 1: Awareness vs. Adoption of Integrated Employee Benefits Software Solutions
|Are familiar with integrated software solutions||85%|
|Are aware that employee benefits carriers provide integrated solutions||50%|
|Have an integrated software solution||19%|
|Do not have an integrated software solution||81%|
Source: SourceMedia Research/Employee Benefit News, March 2019
An integrated EB software solution can manage the full gamut of human resources and benefit administration needs, and offers access to a variety of applications including:
- Personnel administration
- Benefits administration
- Employee self-service
- Workforce acquisition, management and optimization
As such, the integrated EB solution provides a single place where managers, human resources specialists, executives, benefits advisers and employees can manage a variety of benefits. In addition, with such systems, data is normalized, making it easy to access and understand information that formerly was scattered in multiple systems. And, an integrated system also streamlines workflow, by eliminating the need for duplicate data entry.
As one of the survey respondents notes, “Integration is the future. There is no reason to replicate activities when there are all-in-one solutions” that can be used to update all systems simultaneously.
Broker Tip: Understand how an integrated EB solution works in theory and practice so you can explain it your clients. They may have heard the team, but may not know all of the elements that can be integrated or how this can save their business time, stress and, ultimately, resources.
For more information on integrated EB solutions, please visit the Benefit Technology Resource Center on employeebenefitadviser.com.
In February and March of 2019, SourceMedia Research/Employee Benefit News conducted an online survey of 401 HR professionals. The study, commissioned by Equitable, had the following requirements for participants: manager level or above; benefits technology decision-making responsibility; organization size of 10 to 500 employees; organization 2018 gross receipts of $250,000; and organization usage of at least 1 software solution for HR functions.