2019 was a vital year for benefits administration. Various new tools and technologies were rapidly adopted across organizations. 2020 will continue to observe changes and extensions to this landscape, making benefits administration services better and accessible. Digital convenience will be a critical trend as seamless functionalities will be in demand to make benefits administration easier for employers and employees. This implies growing access to decision support tools to support employees make selections that best fit their health needs.
Additionally, the consolidation of mobile functionalities and incorporating features into one central location channelizes the administration process, making it more capable for employers to manage and simple for employees to obtain everything they require. For millennials and now Gen Z employees, personalization is a key value driver. This will undoubtedly impact HR functions, and companies will upgrade and expand their benefits administration service capabilities in-line with both internal and external stakeholder desires. The rise in healthcare costs is also a big problem for employees across businesses and industries. While a single standalone solution isn't yet available to tackle this issue, companies will look out for service providers that utilize technology to address this scenario.
At present, employers will leverage cutting-edge tools and services to offer data-centered plans which are cost-optimized. Further, intelligent communication strategies will facilitate to enhance wellness plans, monitor performance, and drive behavioral change, so that benefits program becomes more result-oriented. Also, as the use of smartphones continues to rise, benefits administration providers will look towards these devices for a more effective and efficient delivery mechanism. Additionally, HR leaders will foster and improve benefits engagement; as the on-ground situation for employees today is very complicated. This year will also witness targeted and holistic financial wellness initiatives, disseminated via benefits administration platforms to strengthen and fortify employees' future.
To help CIOs navigate through the list of benefits administration consulting/ service companies, Manage HR brings the 10 benefits administration consulting/ service companies that exhibit competence in delivering robust consulting/service.
We present to you Manage HR’s “Top 10 Benefits Administration Consulting/ Service Companies - 2020