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Employers are increasing their investments in human capital management systems
The following are four key trends affecting the delivery of employee benefits that are likely to escalate in 2015, as highlighted in a recent multipart series of blog posts by thought leaders at ADP, a provider of payroll and benefits administration services.
The Affordable Care Act (ACA) is forcing companies to look at how they administer benefits.
Gerry Leonard, president of ADP Benefits Services: “Every large employer with more than 50 employees is impacted by requirements to comply with the ACA. The requirements to accurately identify ACA full-time employees, track and understand hours of service, and to provide plans with minimum essential coverage that are affordable are creating the need for employers to reexamine their current processes.
“In 2014, employers have been looking to make sure that their benefits systems are accurately integrating to their HR/payroll, time and labor, and absence systems, and are organized to keep them compliant as the law evolves. Large employers are paying more attention to evaluating all aspects of how they deliver benefits, including technology, service and seeking external advice on best practices. As a result, large employers are increasing their investments in innovative and intuitive human capital management (HCM) systems that make benefits administration as easy as buying a book online.” More here.
As the “globalization” of business accelerates, a shift is likely in how large companies leverage Big Data.
Stuart Sackman, corporate vice president and general manager of ADP Multinational Solutions: “As more large enterprises consolidate their HCM systems, they will move beyond basic metrics (e.g., employee headcount, hours worked) to more meaningful analytics that help solve complex business issues like identifying turnover risk for high-potential employees in specific functions and countries. Expect to see sophisticated dashboards that offer executives mission-critical insights on intuitive visual displays instead of simpler ‘nice to know’ information.” More here.
Self-service is critical to engaging multi-generational workforces.
Dave Imbrogno, president of ADP National Account Services: “Many global companies now manage four different generations within their workforce for the first time in their history. Meeting the needs of these diverse employee groups has turned employee and manager self-service capabilities into a critical asset—and even a competitive differentiator. Intuitive, self-service HCM platforms enable HR departments to better serve employees, who can easily manage their personal HR information when and where they prefer—from a desktop or mobile device.
“Self-service platforms also reduce administrative tasks so HR practitioners can focus on strategic initiatives to help drive business performance, such as employee retention. Increasingly, self-service functionality makes it easier for employees to interact with HR, and this accessibility can help position a company as an “employer of choice” for new and existing employees.” More here.
The “consumerism” movement will accelerate in the year ahead.
Gerry Leonard, president of ADP Benefits Services: “I expect to see greater use of offering employees voluntary benefits among large companies. I also believe large employers will increasingly package employee benefits choices in one place—integrating diverse health, dental and vision benefits with long-term care, pet insurance and more. Employees in this scenario will have one set of funds from an employer, and can best choose how to spend those funds to meet their individual and family needs. Offering a broad range of benefits will play an increasingly important role in helping large businesses reinforce their employer brands to attract and retain top talent.” More here.
© 2014 ADP, LLC. All rights reserved. Republished with permission.
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