How Can an HCM Help You With Benefits Management?

One employee decision-making experience that has the potential to be difficult, frustrating, and time consuming is Open Enrollment. At the end of an already busy business year, it can mean headaches for employees trying to make an informed decision about their benefits, and a huge workload for your HR team as they try to answer questions and assist employees.


This is yet another way that a Human Capital Management (HCM) system can offer value to your company and engage your employees. HCM can streamline the benefits management process, taking some of the burden off of your HR team, and it can empower your employees to make informed decisions by providing a smooth open enrollment experience.

 

An HCM makes it easy to…


Educate your employees

hcmHaving all your benefits information in one easy-to-use system is an investment in your valuable human capital. It empowers your employees to be smarter, and fosters the health and wellness of your valuable people.


By offering benefits managed through an HCM, your employees can easily see what one plan offers and how it compares to other offerings. They can review rates and coverage, and choose the best plan for their needs. The system stores medical, dental, eye, life and other plan details all in one spot, and it can be accessed anywhere and anytime in case they need to make some important decisions with their families.

 

Enroll in benefits

Once decisions are made, it’s time to enroll, and an always-online HCM makes it fast and easy. An HCM system makes it a simple process to sign up, cancel, or decline plans. Elections can be made directly into the system, and it’s easy to make changes after a significant life event.


Employees can view benefits statements to see how their compensations and deductions break out. In addition, payroll will automatically be updated with deductions, and you can even set up automations that transfer enrollments to your insurance carriers automatically.

 

Give personalized service

Sometimes employees will still have questions, or will need assistance. Human capital management software helps the specialists on your HR team give personalized attention to employees. It lets your HR team manage changes and updates across the company, share valuable information about benefits offerings, and more easily communicate with employees through the various steps.


They can see beneficiary information, and will receive automatic notifications when enrollments are completed or pending. Plus, your HCM can automate many processes, easing the workload on HR during the busy open enrollment season.

 

When a person buys something online, they expect an experience that simplifies the process and gives them as much information as they need to make a decision. They want to find out as much as they can about a product, and compare it with other similar products before making a purchase decision.


In the modern world, employees expect the same experiences in work as in life, and an is an ideal tool for simplifying the benefits administration process and empowering your employees.

 

Benefits management is just one way an like FastPay 360 can assist your company. Want more info on what it can do for you? Download our free ebook below.

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