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Make the Most of End of Year Bonuses for Your Employees
Year-end planning is focused on reducing taxable profit. One popular way to reward employees and mitigate taxes is by issuing year-end bonuses. ...
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The YPD Team Dec 21, 2021 9:37:00 AM
Most businesses have already implemented digital and automated accounting solutions, with research showing that nearly 50% of all accounting tasks can currently be automated — a number expected to reach 90% within five years. An outdated open enrollment process:
Here's everything you need to know about streamlining your online benefits enrollment process.
The most important thing you can do as an employer is value your employees over everything else — if you don't, none of the following ideas will apply. Your employees are your most valuable assets, so prove it to them by going above and beyond with benefits. This can include multiple health insurance packages that meet the unique needs of families and individuals, and when possible, robust benefit contributions that show your team you care.
Anything you can do to make sure they know they are valued, do it. If you don't, another employer will be more than happy to make them feel appreciated.
According to a survey reported by Business Insider, 73% of respondents said they were currently considering quitting their job — one of the top reasons for leaving being 'lack of benefits.'
While some employees prefer paper, digital tech should be your priority. Not only is it more efficient and faster, but digital tech allows instant access to documents. This is significant because many employees get too caught up with their busy schedules and need to address benefits on their own time.
However, different age groups prefer different methods. To appeal to all, consider a little bit of both where the enrollment process is online with the option for benefits to be printed for those who prefer to make comparisons on paper.
Make it easy for employees to compare plans and understand the benefits of each one:
Nobody is able to communicate the benefits of each package quite like those who sell it, and it's no secret how complex the benefits enrollment process can be. Include brokers in the process to ensure that employees have all the access to information they need to make their decisions.
Brokers and experts can help by:
Communication is key throughout the entire process. Beginning with pre-enrollment, make sure that crucial dates are discussed and packages are understood. Throughout enrollment, offer support to your team members by way of one-on-one chats with brokers or additional decision-making information.
You could also create FAQs that make communications easier and more accessible. A great way to ensure you're addressing the most commonly asked questions about online enrollment is to:
Finally, you'll want to provide plenty of reminders and check-ins so employees don't miss out. More often than not, employees hear about open enrollment, intend to address it in the near future, and forget about it because it isn't always in their line of sight. Reminders keep everyone on track and show that you're committed to getting them the most out of their benefits.
Your online benefits enrollment process isn't the only part of payroll that should be digitized and automated. Everything from invoices and timesheets to online access to W-2s, W-4s, paystubs, and personal information should be available online. This is because employees have more control over their information without taking up too much of HR's time, saving time for themselves and the HR department.
Combine Your Payroll Department and online benefits enrollment into one single digital platform. Reduce wasted time on tedious tasks and human errors, improve employee access and understanding of important payroll information, and ensure the entire process is safe and secure with the right partner.
When you're ready, contact us for more insight and resources into making the online benefits enrollment process as easy and efficient as possible for your employees.
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