Everybody has heard of electronic enrollment. It's NOT a new idea. In-fact, there are a multitude of electronic enrollment software systems in the market. Many companies have seen demos before. Why didn't they implement an electronic enrollment system?
The main reason they have not implemented a system yet is they have only seen one demo. Many brokers don't offer an alternative if that one system doesn't work for your organization.
We understand that in many instances HR is stretched thin. This may leave them dangerously unable to keep up with new compliance regulations.
With more companies offering more benefits to their employees it can sometimes be a burden for one person to explain everything, never mind keep track of it all.
With an electronic enrollment system we can put all the company's benefits online for people to view at home or one-on-one with a member of our live enrollment team! We have several open enrollment solutions and can meet your benefits technology needs.
Employees will be able to select or waive which benefits they want, view payroll deductions, view benefit details, see their total benefits cost and even total compensation statement. All the elections can be done at work or in the privacy of their home with their family.
Your HR team will be able to see who has enrolled and who has waived the various benefit offerings and more importantly, who hasn't started yet, so that we can keep the ball rolling in a timely manner. It's also a protection mechanism. For example, if an employee claims to have made a certain selection (eg. vision plan enrollment) mid-way through the plan year, you will be able to create a report of the employee's selections. You can pull the report and prove to them, via electronic time stamps, that they waived the benefit. Problem averted.
Now comes the administration part. How does all this info get to the carriers and into your HRIS and payroll system? Almost every system will allow you to create and run custom reports in excel to send to both your insurance carriers and payroll vendor. We do have systems more advanced that will feed the insurance carriers and payroll vendors in REAL TIME! This is a huge advantage especially for those mid-year additions and terminations.
With the workforce changing and evolving you now have three types of employees all working together which makes communication of benefits difficult. You have baby boomers, millennials and everyone in between. They each want and need to be communicated to in their preferred style.
The solution in many instances can be an electronic enrollment system but in others it can require live, on-site enrollers. This satisfies millennials by doing everything online and baby boomers by having someone there to answer questions. We can enhance proper employee and dependent communication. One study showed that you can likely reduce your benefits cost by 20% through proper communicate of benefits to your employees and their dependents.
With these systems in place you're well on your way to becoming an Employer of Choice!
What does WDA have for Electronic Enrollment Systems that is unique?
We have several systems to meet our clients' specific and varied needs. What works for one doesn't necessarily work for all.