Gabby Prawoto, Benefits Analyst
March 17, 2022
At Watko Benefit Group, we understand our client’s needs are always evolving. This is why it’s important to us to stay up-to-date on industry trends, as we are dedicated to enhancing our client’s overall experience. Over the last couple of years, we’ve seen technology evolve, as well as employee’s desire for certain benefit offerings.
The customization of benefits is a hot trend in today’s workforce. Employees desire more flexibility, along with a greater variety of benefit offerings. Tailoring your enhanced benefits is a great way to improve your benefit offerings, while in most cases not requiring an additional expense to the employer.
Enhanced benefits are products that provide added value to an employer’s core benefits. Examples include dental, vision, life, disability, critical illness, pet insurance, financial wellness, cancer, accident, and hospital indemnity. Oftentimes, employers expand their voluntary benefits to help offset increasing health care premiums and out-of-pocket costs. These benefits can be a great way to attract and retain employees.
There are several advantages to adding enhanced benefits, for both employers and employees.
Benefits to Employers:
● Products can be offered with no added company expense.
● Attract and retain employees; many employees are seeking employers that can offer these benefits.
● Control rising health costs; voluntary benefits help fill the gaps when an employer is forced to offer a less rich and less expensive medical plan.
Benefits to Employees:
● Flexibility; the ability to select benefits that align with their lifestyle and personal circumstances.
● Financial safety net; helps employees with expenses that may not be covered by their medical plan.
● Employees are able to take advantage of lower group rates and the convenience of payroll deductions.
How might employers add further value to their employees, especially the HR department?
A Benefits Administration System.
A benefits administration system enhances day-to-day HR operations, streamlines the benefits experience for employees, and tracks benefits eligibility. All carriers are hosted in one centralized platform to ease administration and improve workflow.
A benefits administration system is a customized solution, tailored to your employees and your benefit offerings. It enhances transparency, as employees can determine how much they owe per pay period and view their elections throughout the plan year.
The Integration of Voluntary Benefits and a Benefits Administration System
The implementation of a benefits administration system, while adding voluntary benefits, enables employers to round out their benefits program, without adding more work to their plate.
Studies show that employees’ overall engagement is heightened, which allows them to make better healthcare decisions.
Benefit Administration Systems offer employees an online shopping experience, plan comparisons, the flexibility to view their benefits with their family, and access to benefits information all year round.
We have found an increasing number of vendors that will fund the cost of benefits administration systems which put the employer/HR team in a much more administratively streamlined position.
