In today’s competitive work environment employers are enhancing and expanding their benefits portfolios to attract and retain top talent. A 2019 study by MetLife 80% of employers responded that benefits play an important role in building and sustaining a workplace culture. In fact, “better benefits is the third highest request on employees’ lists — behind salary and a positive work environment — of what they need to navigate their work-life worlds and succeed at work today.”
As employers scramble to build compelling packages that meet employees’ wide range of needs, they face growing challenges - both from the management and compliance standpoint. The right technology can help.
Modern HCM solutions that unify HR, Benefits and Payroll data in one system reduce data gaps that can result in lost information or errors. Systems that connect directly with carriers further streamline administration to lower costs and reduce compliance risk.
4 ways modern HCM solutions solve common benefit pitfalls.
Lost Documentation - Missing Forms and Applications
An organization was using a paper-based benefits enrollment process. After they changed their location, an employee attempted to use his benefits and was told he was no longer enrolled. The employee claimed that he had filled out his paperwork; however, the company could not locate his records. As a result of the document loss, the employer is now held liable. Using paper-based systems for managing critical events in the employee lifecycle can lead to a host of problems including damage, loss, and HIPAA violations.
OnePoint HCM integrated Benefits Enrollment & Management solution streamlines the entire process. Our system is built on the employee record for real-time visibility into the employee data without having to synch form separate databases or spreadsheets. Our single database platform reduces errors, omissions and data loss, and ensures that information is secure, accurate, and synchronized across all modules.
Premium Leakage - Terminated Employees Weren't Removed From Health Benefits
An organization has discovered that former employees were not removed from the company’s health benefits, despite being terminated several months ago. According to the carrier’s records, these were active employees eligible for benefits. This result is premium leakage and additional liability exposures for the employer.
As many as 12-15% of invoices contain errors, the majority of which are caused by outdated technologies and manual processes. Rather than manually checking carrier invoices against payroll and enrollment records each month, OnePoint automates Benefits Reconciliation. Our system matches carrier invoices against employee premiums and enrollment data for billing discrepancies. This uncovering hidden premium leakage right away. The solution flags under-deductions, under-coverages, and over-payments in seconds.
Missed COBRA Qualifying Events
To ensure that this and other important life events are not missed, OnePoint HCM unifies payroll, HR, and benefits in one single database and connects seamlessly to thousands of carrier-platforms. This allows for a full COBRA Administration solution that takes COBRA management compliance off employers’ shoulders. Unifying Benefits within the HCM can automatically identify, and respond to qualifying events. In contrast to disparate systems requiring employers to stay on top of potential COBRA events.
ACA Compliance - Documenting Offer of Affordable Health Plans
The IRS has penalized an organization for failing to provide affordable health coverage for several employees, 3 years ago! The employer has a hard time pinpointing where the problem started, particularly because a number of changes have occurred in their HR organization, resulting in loss of information. Meanwhile, they owe the IRS $3,000 per employee.
Our ACA solution eliminates the pain points of managing the complexities of ACA. The solution tracks compliance in real-time and provides a holistic insight into every aspect of ACA compliance. OnePoint full service customer care takes care of sending out the forms to employees and filing with the government. There is also virtually unlimited number of detailed reports, always on audit and other powerful tools that will keep any size organization in control.
Streamline Benefits Administration and Any Other Workforce Management Processes
OnePoint HCM is a modern, all-in-one HCM solution that unifies HR, Benefits, Learning, Timekeeping and payroll in a single database. Partner with OnePoint to reduce errors, streamline administrative tasks and generate real-time reporting to lead to decision and business outcomes. Contact us today to learn how we can support your organization.