One of the most challenging aspects of Benefits Administration today stems from managing the many complexities of employee information from the perspective of preserving data integrity. When choosing an outsourced benefits administration provider – or auditing your current provider – it is important to assess that their underlying technology capabilities and infrastructure is capable of assuring data integrity and accuracy.
We define Data Integrity in the context of benefits administration as maintaining and assuring the accuracy and consistency of employee data over its entire lifecycle. Your data must be as correct and up-to-date as possible, both when going into a system and going forward within the system. Data Integrity is essential because errors or gaps in your data can drive up the cost of unanticipated corrective action. Inaccuracies in data, for example, can cause overpayments for ineligible dependents, wrong tier coverage classification, or misreporting on Affordable Care Act compliance, which can lead to significant penalties in monetary fines.
Your company is growing. You’re hiring dozens of new employees, or maybe launching a new, innovative product guaranteed to build your customer base. Whatever it is, it’s big, and it’s going to help you stand out from the competition and improve your bottom line. But only if you have the right employees. That’s the challenge, […]
Research says the process can take, on average, three weeks1 to a month and a half and cost roughly $4,0002. Not to mention, if the new employee doesn’t work out, you lose more than what you sunk into the first hiring process; there’s also a loss of productivity until the subsequent new hire is up […]
For Your Company to Really Tackle the Marketplace, You’ll Need Your Employees to be Peak Performers. But how can you ensure that everyone from seasoned veterans to new hires reach their full potential? By offering coaching. Coaching for professionals is often misunderstood for what it really means, but its benefits are undeniable. Over 70% of […]