3 Key Factors to Adopting Powerful Benefits

The challenging PEO marketplace has companies scrambling to stay ahead of their competitors. Part of the struggle is finding new employee benefits that will increase client satisfaction while taking minimal effort to implement.

According to LIMRA, 76% of employers think their employees will expect a wider variety of benefits options in the future.

Most PEOs feel the pressure to add more benefits but have to balance that with the time it takes to offer a new benefit, especially around open enrollment.

Finding The One

Finding a seamless new benefit that delivers great value and fills employees’ needs is difficult—if you don’t know where to look.

When considering new benefits, PEOs are looking at three key factors:

The effort it takes to integrate a new benefit.
The time it takes to start offering a new benefit.
The need the new benefit fulfills.

By quantifying these three factors, PEOs can find benefits focused on the future needs of employees without taxing their resources.

Integration Takes Effort

Within the next five years, over 80% of employers at mid- to large-sized companies say digital capabilities will play a larger role in their company’s selection of insurance benefits. Integrating benefits into digital platforms and major benefit administration systems, like PrismHR, makes it simple for clients and employees to receive the benefits they need.

As benefits continue to evolve in the digital age, it’s clear that adding new benefits that aren’t innovative can be a costly decision. When examining a new benefit and the effort it takes to implement it, PEOs should look for fully digital platforms that integrate into their existing benefit administration systems. Look for a solution that takes the work out of setup and the effort out of maintenance, which leaves more time for the PEO to focus on growing its client base.

Time to Launch

No one wants to sit around and wait for a new benefit to be setup. Especially not PEOs that are extremely busy, particularly around open enrollment time. Sitting through onboarding for weeks and having to follow up with partners is not a valuable use of time.

Finding a benefit that can launch in a week or two at the most is a must. Those types of offerings come from a well-oiled onboarding process that won’t waste anybody’s time. Easy implementation also shows that the new benefit has been properly vetted and has a successful team supporting it meaning there is one less thing to worry about. When selecting benefits, always ask about the onboarding process and the time it will take to go live, especially as open enrollment approaches.

Meeting Needs and Filling Gaps

What good is a new benefit if employees don’t need it? The majority of employers (88%) believe they “mostly” or “completely” understand the needs of employees compared with just 40% of employees who believe their employers understand their needs “very well.”

Research and evaluation into employee needs and future benefit requirements can give a PEO a competitive advantage. There are a variety of free tools and webinars available that discuss the future of workplace benefits and look at data-driven research to find and close coverage gaps.

And as big data and artificial intelligence take center stage, it’s not too surprising that the benefits arena is following suit. Benefits offerings can now incorporate these advanced technologies to cut down on underwriting times and reduce paperwork. That’s a win for both PEOs and employees.

The Future of Employee Benefits Is Here

One benefit built with the future in mind is individual life insurance. Pendella is an embedded, white-labeled platform that curates and recommends the best individual life insurance policies to fit employee needs, so coverage is tailored to their financial situation. Employees can quote, apply and buy online in under 10 minutes. It’s that simple!

This benefit checks off the list:

Integration effort: Pendella does the heavy-lifting, delivering a modern user experience styled to your brand. There’s no administration, no payroll deductions and no reconciliation.
Time to launch this new benefit: Less than a week.
The need the new benefit will fill: PEOs know that offering group and voluntary life insurance won’t cut it for a family truly in need. Your employees who desire more coverage to protect their families can get up to $2 million in coverage 100% online in less than 10 minutes.

Pendella’s white-labeled, turn-key individual life insurance platform effortlessly lets PEOs bring much-needed important financial protection to employees while earning new revenue. See for yourself.