The human resources department of a large and quickly growing company has a lot to manage on a daily basis. Handling payroll and benefits for 50 or more employees is a tricky task, which is why many in the field turn to brokers for assistance.
Some companies have separate vendors for the different roles an HR department fills. For brokers that stress flexibility and efficiency, recommending a single-sourced solution to their HR clients is the way to go. By using a single source for all of a company’s HR demands, companies can focus on aligning their business strategy with their people strategy.
What single-source solutions offer
From a broker’s perspective, there are multiple benefits of using and selling clients on single-sourced solutions. More data centralized in one location allows brokers to learn about their customers and build stronger relationships with them. Recommending software tailored to a specific company’s needs also helps a broker gain trust within an HR department and allows for future business to take place. Many companies increase their reliance on brokers when looking to update their benefits plans, amplifying the need for single-sourced solutions. In fact, 45 percent of companies increase their reliance on brokers when adjusting their benefit plans.
More flexible options
Along with being customized to what a company requires, having benefits and payroll administration under one platform gives a business the ability to make changes or adjustments when needed. Not every employee within a company requires the same type of coverage, so having every piece of information centralized makes the job of an HR employee easier when modifications must be made. Additionally, having one solution simplifies making changes quickly, as opposed to dealing with several different technologies.
Health care laws are constantly changing, so for businesses with major compliance needs, having a reliable vendor is a necessity. A study found only 40 percent of private companies understand health care legislation, so HR departments for these businesses may ask a lot of questions of their broker. Having a single-source approach enables a company have all its medical questions answered by an expert who understands how to help employees receive the best coverage possible while staying within the letter of the law.
Direct fee structures
A top challenge for many industry professionals is diversifying benefits offerings for clients. Unifying HR departments to a single source allows a business offer more options to their employees. And for HR, having a unified solution is much simpler accounting than paying bills and fees to multiple vendors.
HR departments have enough on their plate as it is. Using a single-source solution is one way to ensure payroll and benefits administration is provided in a fast, efficient manner.