A survey published by the Society of Human Resource Managers (SHRM) reports that although 73% of companies use online benefit administration programs, open enrollment is still one of the most time consuming processes for HR. Paycom released an infographic designed to help employers better understand how a single database approach for benefits administration can reduce cycle time and cut down HR benefit inquiries by 50%.
The SHRM survey also reports that employers with more than 5,000 employees take 8 months to a year to prepare for open enrollment while employers with less than 5,000 employees spend three to 7 months preparing for enrollment.
Companies using manual processes and even standalone benefits administration systems can leave HR professionals facing time-consuming challenges in compiling census information, manually setting up benefit plans each year and keying new benefit deductions in payroll.
With a single database solution for automating benefits administration, online enrollment, HR, payroll and COBRA, the time an HR department spends on these processes could be cut in half. From one system, an HR professional can easily generate census reports with all payroll, HR and benefits information in one database, approve elections and automatically populate payroll with new deduction amounts; and control benefits costs with accurate reconciliation reports.
Paycom provides employers technology to work smarter with a single database solution for online enrollment, payroll, HR, benefits and COBRA Administration. Single database technology, automates benefits administration processes and eliminates the duplicate efforts required when maintaining employee benefit data in multiple systems. With Paycom, an employer can streamline their plan setup, empower employees with online enrollment and improve the accuracy and security of their data submissions sent to carriers.
A Paycom infographic on efficient Benefits Administration processes is available.