It is predicted that by 2025, 75 percent of the workforce will be made up of millennials - a generation that has grown up with ever changing technology and as such has set expectations on what the employee experience should look like. With millennials at the helm, there has been an increased reliance on SaaS companies, who are moving all information and systems into the tech space, where anything you need is at your fingertips - including employee benefits.
SaaS platforms are revolutionising the HR space, by moving towards a less paper-based environment to one of optimised and automated cloud-based systems aimed to improve security and efficiency, to offer increased accessibility to information, with easy implementation of benefits packages for both employers and employees, allowing employees to make better decisions when it comes to employee benefits.
HR Technologist shares some of the ways they believe SaaS platforms are transforming HR and employee benefits:
1.Minimised Cost and Waste
Companies spend a lot of money on printing and associated paperwork, never mind the time required to collate employee benefits portfolios, fill out forms or submit claims. On top of that, both compliance and the enrolment process can be both costly and stressful, particularly for those with smaller HR departments who are trying to do it all.
SaaS platforms, with all their tools and apps being digital and easily accessible, remove many of these associated time and monetary expenses as well as the stress that comes with the process.
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2. Fewer Errors
Most errors in the HR and employee benefits arena are human in nature, so removing all the paperwork and going digital means that there is less room for mistakes. Many of the documents associated with employee benefits can be complicated and confidential, so having everything in a standardised and secure online format, throughout a company, reduces the risk of errors and privacy breaches.
Having everything standardised online also means that HR teams can accurately and efficiently act on any requests or changes, meaning they don’t have to waste time on fixing unnecessary and sometimes costly mistakes due to documents being incorrectly filled out or not submitted through the right channels. SaaS companies help to eliminate communication errors that could have serious consequences.
3. Increased Efficiency
According to a Careerbuilder survey, HR managers spend on average between 14 and 30 hours a week on manual tasks. SaaS technology offers intuitive and efficient tools, enabling HR and benefits managers to automate these, giving them space to focus on other important projects, such as diversity and cultural workshops, outreach and employee engagement.
HR Technologist believes that “Incorporating platforms that are all-encompassing and include the functions HR and benefits managers need to execute standard processes, reduces workflow redundancies and creates greater efficiencies.”
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4. Easily Accessible
One of the reasons that employees don’t always use their benefits to the max is because either they don’t understand them properly or they don’t find the process user friendly and stop engaging, which can be frustrating from both sides. Employers may complain that they are offering programs that are being ignored, while employees may feel as though not enough time is being spent on helping them understand the benefits on offer.
Innovative SaaS platforms that offer not only easy access to information but that also make the enrollment, claims and updating process simple will increase communication and feedback. This will allow employees to make informed decisions directly, improving not only employee engagement but also employee experience.
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The risk of human error is much bigger when working in a paper-based environment. Paperwork can easily be misfiled, misplaced or even accidentally thrown away, and is not as secure. SaaS platforms have the ability to automate and standardize basic processes, saving, filing and securing important documents, which are then easily accessible at a later date.
Having everything on a centralised, automated database also allows HR professionals to monitor for any discrepancies and deal with them before they turn into compliance issues. Having standardized processes also helps monitor compliance by throwing up red flags when something is incomplete. This increased organisation not only improves compliance but also gives HR professionals valuable time to focus on other projects.
SaaS platforms are the way forward for HR and employee benefits, offering security, compliance, efficiency and ease of engagement. Looking to add treats and discounts to your employee benefits? Book a demo with Staff Treats to find out how.