Employee Benefits & Payroll is a complex department that demands a lot of respect. Once upon a time, it was the HR department’s responsibility to find (and explain) plans that fit right with each and every employee. However, each business is unique and requires the right tools and resources to effectively work. Here are 6 reasons why Employee Benefits Administrators are worth the investment.
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1. Reduce Employee Stress, Fatigue & Frustration With Benefits
As an employee, one of the greatest difficulties is knowing how to save money on my health insurance. Many reasons are because plans and health insurance companies run you through hoops and don’t often get down to brass tacks in a simple way. Qualified Benefits Administrators do not beat around the bush – and often reduce stress levels which result in poor job performance and inabilities to complete tasks.
2. Industry Connections
In today’s world, it pays to know someone who knows someone. Employee benefit professionals who are worth their weight in salt often have industry connections for your company. These connections lead to low-cost healthcare plans with high reward for your employees you might not otherwise have access to. (For example, it’s like being a journalist, and having a good friend who is the editor of the local newspaper. Your stories and columns may receive more exposure because of this relationship.)
3. Software Makes It Easier
The Benefits Administration, I’m sure you’re aware, requires a staggering amount of time, resources, and professional expertise to maintain. Not to mention that Administration has to deal with Payroll on top of other in-house duties. This is why benefits administration software will help in managing to save employers money, as a qualified professional does not need to be hired. This software can either be used by the employer or the HR team.
4. Helps HR Team
Benefits Administrators also take some of the load off the HR team regarding the open enrollment period. Anyone who has undergone this period knows how frustrating this time can be – and how much planning ahead is required to stay within the company’s budget.
5. One-For-All
Quite simply, Benefits Administrators help people get more health care for their buck. These professionals provide in-depth analysis of benefit types. Compared to HR Generalists, benefits specialists are experts in industry training and require education certificates – meaning they are more knowledgeable about their profession. (On top of standard HR protocol, such as payroll reductions reflecting non-compliance.) This specialty also ends up saving the company time in the process, as employers merely direct employees’ insurance concerns to the appropriate administrator.
6. Expertise
As an administrator for employee benefits, this title requires complete dedication to staying on top of federal regulation Health & Welfare laws. This reduces risk. Benefits Administrators are also tasked with providing employees with the best choices possible concerning their health. They are considered experts who know their business inside and out – similar to how Elon Musk is staying on top of the space-travel market.
Conclusion
Whether hiring a professional Administrator, having your HR team manage Payroll & Benefits, or going with software, the evidence is clear: your team morale will remain high. Employees will be healthier – resulting in less sick days. And because benefits packages are fair, employees won’t feel stifled. Which means the right employees you hired will remain your employees for (hopefully) a long time.
If you are interested in even more business-related articles and information from us here at Bit Rebels then we have a lot to choose from.
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