Today, as companies are constantly judged on their workforces’ well-being, organizations are constantly seeking to implement technology tools that can help them transform their existing employee benefits endeavors. This rising need for next-gen, tech-driven employee benefits programs is poised to have a big impact in the overall business landscape as The Bureau of Labor predicts the U.S. corporate workforce to comprise of 19 millennial employees by 2025. And due to their digital savviness, the future workforce will prefer to join firms that offer digital services for medical insurance, vacation, profit-sharing, and retirement benefits, among other key employee benefits.
In pursuit of building a company that future candidates would prefer joining, industry leaders and executives are looking at newer aspects of employee benefits like overtime, salary exchange, 401 (k), and more. However, as there are no services that can cater to the unique and specific needs of all the organizations, C-suite executives are driving collaborations with innovative employee benefits services providers. These vendors collect the existing workforce management, wellness, and benefits structure of a firm and leverage their extensive industry expertise to tailor programs that ensure increased employee engagement and program usage. At the same time, as the current employee benefits service providers employ emerging technologies within their offerings, their clients often struggle to sift through the complexities and gain the promised benefits. This problem is also addressed by services and consultation companies and their offerings geared to aid clients in effectively implementing and integrating their employee benefits deployments with other tech tools.
Looking ahead, the employee benefits arena is poised to become a space where HR departments automate cumbersome paper-based tasks and develop programs based on insights extracted from large datasets of employee information. As a result, organizations across several industry sectors will be able to draw in the rising millennial candidates and help them boost their productivity through the provision of seamless and extensive employee benefits.
To simplify and help CHROs navigate the employee wellness services landscape, HR Tech Outlook has come up with special edition, where HR Tech Outlook’s editorial board has identified the “Top 10 Employee Benefits Consulting/Service Companies – 2020.” The companies showcased in this issue have exhibited extensive knowledge, strategy, and means to delivering services that ensure effective and long-term employee benefits.
