Could HR Professionals be the Key to Saving Your Organization Money?
Human Resources departments are essentially the administrative eyes and ears of a company, providing direction for employees when it comes to “what” working at an organization should look like. However, they are also some of the most statistically overused teams – stretched thin on a daily basis. They contribute to huge tasks including effective management of payroll, employee benefits, employee retention, and remaining in compliance with federal and state regulations. Without the HR department, your company could very well fall apart from the inside out.
At first, it may not seem like there are many options to ease the workload being placed on Human Resources professionals. But, with advancing technology and alternative strategies, saving time and alleviating stress to this critical department isn’t just on the horizon, you can actually begin an implementation process right now. Here are a few examples of how to get started:
How Can Your HR Team Save Time with a Benefits Marketplace?
If your HR team hasn’t transitioned to a benefits marketplace, it’s time to reconsider. The marketplace approach to benefits will give your employees the ability to personalize their benefits packages. With the allowance given, they can choose what they need and skip what they don’t. Additionally, they can opt for payroll deductions for added benefits such as vision and dental.
The selection process takes place online and employees are able to explore and choose the options on their own time. When they have updates and changes, for the most part they are able to submit those changes with little effort from your HR team. If every update is a 30 minute appointment for your HR professionals and you have over 200 employees, you could save your HR department at least 100 hours a year. Open enrollment is always chaotic for HR; a marketplace massively reduces the strain on their resources. As an added bonus, this paperless practice helps reduce the carbon footprint of your company.
Can a Self-Funded Employee Benefits Plan Help Your HR Team?
Usually, traditional employee benefits (paying a fixed premium for the year based on number of employees) seems like the ONLY option for many HR teams and organizations. However, there are alternative options that may appeal to organizations trying to create efficiencies and save money.
Captives are a great way to switch from traditional employee benefits to a form of alternative or self-funding. They are like-minded groups who come together financially with the same set of goals in order to make the lives of their employees better. HR managers and team members are asked to participate in group forums with managers from other companies in the captive. During these meetings, ideas and philosophies are shared and Human Resources teams are able to benefit from what other companies are doing.
Also, this type of employee benefits program helps HR professionals make a difference in their organization. This shared sense of creating a program together alleviates stress amongst HR teams in the captive program and gives them a constant support system.
Does Your HR Team Have Time to Implement Corporate Wellness Programs?
The most obvious return on investment (ROI) employers identify with is money saved or money earned. While wellness in the workplace can reduce insurance premiums for employers and out-of-pocket costs for employees, there’s a bigger picture to explore here.
Happier, healthier employees who are actively engaged by wellness initiatives are turning up ROIs that add up on several levels. Companies with effective initiatives can expect greater productivity, less unscheduled paid time off, and increased employee retention and satisfaction.
However, wellness programs are not instant initiatives that happen overnight. Instead, your HR team will bear the brunt of the work to put these wellness workshops into place. Thus, it is critical to implement technology that will assist your HR department as your wellness program grows. Currently, there are many wellness partners who have online-based platforms, allowing employees to log health scores, fitness, and nicotine-free lifestyles. When the HR department utilizes this technology, the time spent “hands-on” is less frequent.
How Can Lawley Help?
From employee benefit marketplaces, to self-insurance, alternative funding and captives, to implementing corporate wellness programs, Lawley Employee Benefits & Technology is here to support and assist your in-house HR team. Our practice group, comprised of 100+ employee benefits professionals, can get your organization on board with everything from transitioning to innovate employee benefit options to implementing technologically advanced wellness initiatives.
