And the Winner is... Best-of-Breed HR Technology Solutions

Written by Lauren Fischer | August 9, 2019

Best-of-Breed Software Solutions

You’ve heard the age-old expression, “you can’t be all things to all people.” That especially rings true in today’s world of HR and benefits administration technology.

While Human Capital Management (HCM) systems once reigned as the end-all-be-all of HR administration, more and more companies are turning to best-of-breed software solutions.

Why? The answer lies in the evolution of both technology and available benefits options.

That was Then, This is Now

The early days of benefits and HR technology focused heavily on eliminating paper and streamlining basic tasks such as payroll and benefits enrollment. This was also a simpler time, where employees had far fewer benefits choices and open enrollment was a simple multiple-choice exercise.

Now, a new set of system requirements sits on top of basic solutions. For instance, today’s brokers and benefits leaders are seeking superior technology coupled with a consultative relationship with their benefits platform provider. This, in part, is because employees and employers are seeking more than just administrative help, but guidance and education on benefits selection, as well.

Decision-Support Matters

Benefits education goes beyond the impact benefits choices have on your paycheck – it should also include a guided process that helps employees make the best decisions based on their unique life situation. For example, superior best-of-breed software solutions will incorporate algorithm-based decision-support tools that use employee demographics and other advanced data to recommend health plan selections.

An intelligent platform can even go a step further by supplementing health plan recommendations with suggestions about voluntary benefits. For example, critical illness and hospital indemnity coverage might be suggested to an employee based on data the system used to make its health plan recommendation.

The Value of a Dedicated Benefits Team

In addition to state-of-the-art technology, an efficient benefits operation requires the platform provider to address questions and issues that cannot be handled by technology alone. This, in turn, will require the expertise of external professionals dedicated to specific facets of benefits administration - such as strategy, design and compliance. Best-of-breed HR technology vendors implement a staffing structure that ensures maximum service and client satisfaction. At benefitexpress, this is achieved with three distinct management functions: 

When it comes to benefits administration, more and more professionals are seeking help from outside their organization than ever before. Among these organizations, the average number of HR technologies used range from two to five (depending on company size), a telltale sign that enterprise companies are choosing best-of-breed software solutions more than years previous.

Still wondering which type of benefits administration solution is best for your company or organization? Download our e-book! We uncover the differences between benefits solutions, including the advantages and disadvantages of best-of-breed software solutions vs. human capital management systems.

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Topics: Benefits Technology, For Brokers & Consultants, For Employers