The majority of U.S. employers are hoping that more extensive use of technology will enable them to manage the costs that come with employee benefit plan administration, according to new research.
Employers expect technology to become significantly more important over the next five years, looking for systems to interface effectively with those of their insurance carriers. About 45 percent told researchers that technology has already improved worker productivity. In addition, they also cited success in using technology to track and manage employee absences.
While they were largely satisfied with the results received so far, employers indicated that employee benefit technology could be improved significantly. Areas noted for potential improvement were claims submissions, payroll processing and employee absence management.
Some reported that technology often presents information in too cluttered a fashion or that websites were too difficult to navigate efficiently. Solving these issues could make HR management software significantly more helpful to businesses, with potential to enhance efficiency and productivity.
For employees, the most commonly used online benefit tools were enrollment or 401k management options. They indicated that technology could be improved by making it easier to access educational information about insurance and retirement plans, which could assist them in taking advantage of their benefits.
