The modern workplace has experienced a shakeup in the past few years. Between remote work as the “new normal,” the Great Resignation, and the fierce competition for talent, employers have been forced to reevaluate their recruitment strategies to attract talent and develop more robust retention strategies to hold onto the talent when they have it.
Employee benefits are a big part of that, but not just offering competitive benefits, but implementing employee benefits technology that streamlines the onboarding and benefits administration processes.
How Benefits Technology Improves Recruitment Processes
Even top employers are in a battle for the best talent. This is where employee benefits technology plays a vital role, not just in streamlining the recruitment process but in enhancing employer branding.
Streamlined Application Processes
Employee benefits technology improves the recruitment process to make it more streamlined and efficient. This makes it much simpler for candidates to access and evaluate their benefits packages and maintains transparency through the application process.
User-friendly solutions also help applicants and employers execute and monitor the process to promote a more seamless and efficient experience.
Employer Branding
With top talent often fielding multiple offers from different companies, employer branding can help your brand stand out. Having a strong, cohesive brand communicates your company’s values, culture, and advantages, giving prospective employees an idea of how they’d fit in with your organization.
Your benefits technology can showcase what you have to offer in an appealing and easy-to-understand format. You can highlight your benefits and your dedication to employee wellbeing and satisfaction to enhance your appeal as a potential employer.
Efficient Processes
HR technology improves benefits management by reducing human error that can cause payment inaccuracies, recruitment delays, and legal complications that can leave a candidate with a bad impression of your company.
By automating processes and streamlining data entry, benefits technology ensures that employee information is accurate and on time, preventing costly mistakes and ensuring your company meets its legal obligations. This also frees human resources employees to focus on the aspects of their job that only they can do, including delivering personalized customer service and cultivating meaningful relationships with candidates.
How Benefits Technology Helps with Employee Retention
With the time and expense of the recruitment process, retaining top talent is often more important than attracting top candidates in the first place. Benefits technology is a key part of that and offers tools and resources to capture the attention of the most desirable candidates.
Streamlined Benefits Enrollment and Management
Simplifying the benefits enrollment process is a big part of benefits technology. Employees can access, enroll, and manage their benefits packages effortlessly with a user-friendly platform that eliminates a lot of the stress and complexity of benefits management. This not only improves the experience but allows employees to take full advantage of their packages.
Updating and modifying benefits selection allows employees to adapt their packages to their changing circumstances, such as having children or getting married. As a result, these employees can make better use of their available benefits.
Better Benefits Adoption
Benefits technology helps employees evaluate and enroll in benefits more easily, which motivates them to use their benefits to the fullest. Instead of choosing options out of stress, they can leverage communication channels and interactive interfaces to learn about their benefits options and how to use them effectively.
For example, your benefits technology may offer tools to track wellness goals, preventative health screenings, and easy access to healthcare providers. These platforms can help employees make better decisions about their health and financial wellbeing, in turn leading to better satisfaction.
Improved Employee Wellbeing
Employee wellbeing is an important part of retention. Employees aren’t just there for a paycheck – they want to feel valued by their employer and know that they care about their health and wellbeing. Benefits technology supports this by offering resources for physical, mental, and financial health.
Companies can provide a range of offerings to support employee wellbeing, such as telehealth services, comprehensive wellness programs, mental health resources, and financial planning tools to give employees the best possible experience.
Leverage Your Benefits Technology to Attract and Retain Top Candidates
Competitive benefits are just part of the formula for attracting and retaining top talent. You also have to give your employees the tools to make the most of their benefits, which includes benefits technology that streamlines the process, removes the complexity, and ensures your employees feel heard and valued.
Frank Mengert continues to find success by spotting opportunities where others see nothing. As the founder and CEO of ebm, a leading provider of employee benefits solutions. Frank has built the business by bridging the gap between insurance and technology-driven solutions for brokers, consultants, carriers, and employers nationwide.