Advantages of Supporting Your HR & Benefits Teams with a Benefits Administration Partner
June 16, 2021 | Winston
At Winston, we know your Human Resources and Benefits teams are often busy, and their day-to-day workload can be unpredictable. During open enrollment, these pressures double, leaving both your team and company finances drained.
Ernst & Young (EY) recently published a comprehensive study titled, “Estimating Labor and Non-Labor Costs Associated with Common Human Resources (HR) Functions/Tasks.” The study surveyed approximately five hundred HR employees in leadership roles and detailed the average costs, facts, and figures of everyday HR and benefits department tasks.
The study also portrays the extensive workload that many of your HR departments face, especially during open enrollment. Companies usually defer to sources and methods outside of their everyday business doings to get their teams through these times. While these methods may have short-term effectiveness, they can add to the strain on finances.
Benefits Administration (Ben Admin) partners like Winston can act as your team’s HR ally to streamline productivity and support you during open enrollment and daily year-round tasks. Keep reading to learn why offering your HR department the added assistance of a Ben Admin partner could be a valuable business move for your company.
Did you know that onboarding a new employee is less expensive than termination? Many departments feel obligated to hire temporary employees, especially during open enrollment, because of the strict deadlines and increased workloads. While temporary employees may seem like the logical explanation, their positions are not built to last. Therefore, the turnover rate is high, and so are the costs.
Ben Admin partners acclimate quickly to the demands of your company, eliminating the need for temporary employees and can help build benefits programs to increase employee retention. At Winston, we know how to help year-round and during open enrollment with retention through our benefits administration technology and services that can result in a positive return on your investment.
Another financially draining factor is labor costs for tasks that are not automated. These tasks are pricey, with the most expensive relating to benefits enrollment, and the inflated hourly prices can sneak up on employers over time (see chart below).
|Task||Cost (Per Hour)|
|Obtaining/providing information about benefit plan changes||$18.47|
|Obtaining/providing information to compare benefit plans||$19.01|
|Confirming and processing plan changes for employees||$16.36|
Ben Admin partners can help in this instance again by taking on these added responsibilities and making them more efficient. These tasks would also be included in the overall package of services with your Winston partnership, therefore you wouldn’t need to account for the extra expenses, even during open enrollment. In addition, our training and development team will handle training your team, rather than your team being responsible for it.
According to a study by MetLife, two in five employees claim that knowledge-sharing has become more difficult, and roughly 50% say they are more likely to work outside of their normal working hours.* During open enrollment, it’s not uncommon for your HR department to work fifteen-hour days. Between that, training new employees, and completing ongoing tasks, it’s safe to say your role can become easily overwhelming.
Overworked employees are susceptible to resigning, losing focus, and even health issues. In these cases, having a Ben Admin partner to lighten the load of your HR teams is crucial. At Winston, we know how to best support your teams, which can take pressure off of their shoulders and help save your company money.
Are you interested in providing your team with the added assistance of a Benefits Administration partner? Connect with us today to collaborate on a partnership because we’ve been there and want to give your HR and Benefits team’s their time back!
*MetLife’s 19th Annual U.S. Employee Benefit Trends Study 2021
Disclaimer: This content is strictly informational and should not be used as specific advice on insurance products, legal, accounting, and/or tax related matters. Insureds should always contact the appropriate licensed professional for their insurance, legal, accounting, or tax needs.