Simplifying HR administration

Costs continue to climb for employers

Whether it means providing traditional employee health and benefits programs, or an evolved plan that includes well-being initiatives, flexibility, and choice to attract, retain, and engage their talent.

No matter the program type, there is an increased focus on cost containment and simplification. In fact, 70% of human resources and risk managers feel strongly that governance and financial risks related to their people pose a serious threat to the business, as noted in The Five Pillars of People Risk 2021.

Errors or poor decisions around design, financing, administration, and vendor management can have substantial implications for the business. Claims frequency and cost are rising, while employers have little visibility around what’s driving this cost, and have other fiduciary or compliance obligations to meet.

Pension benefits, in particular, can be onerous to administer and manage – especially where dynamic investment strategies are in place – and many defined benefit plans are now legacy arrangements.