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 Arizent Research/Employee Benefit News to conduct a survey of HR professionals around the topic of employee benefits technology simplication. 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
Source: Arizent 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
The goal for employers should be to have a single place where they can seamlessly manage all of their benefits offerings and administer needed changes and updates. With this kind of integration, they can offer employers an optimal experience while minimizing errors and the need to do double or triple data entry work.
As such, an 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 integrated technology solutions available from a trusted partner, visit https://equitable.com/powerfullysimple
In February and March of 2019, Arizent 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.
Equitable is the brand name of Equitable Holdings, Inc. and its family of companies, including Equitable Financial Life Insurance Company (Equitable Financial) (NY, NY); Equitable Financial Life Insurance Company of America (Equitable America), an AZ stock company with main administrative headquarters in Jersey City, NJ; Equitable Advisors, LLC (member FINRA, SIPC) (Equitable Financial Advisors in MI & TN); and Equitable Distributors, LLC. The obligations of Equitable Financial and Equitable America are backed solely by their claims-paying abilities. All group insurance products are issued either by Equitable Financial or Equitable America, which have sole responsibility for their insurance and claims-paying obligations. Some products are not available in all states.
GE-2630662 (8/19) (Exp. 8/21)