In the digital age, companies, large or small, encounter the same technologies driving radical change in business strategies and models. However, while digital technologies may disrupt, it also enables. According to a 2017 Deloitte study on human capital trends, 56% of companies have been redesigning their HR programs to leverage on digital and mobile tools. Clearly, this shows that companies have been keeping up with the changes in the digital environment.
Employers have various tools at their disposal to provide benefits for their employees. So how can technology enable companies, especially SMEs, to maximise employee benefits? Here are 6 ways technology can empower SMEs to maximise employee benefits.
1) Reduce paperwork
Tired of the administrative paperwork involved in processing employee benefits claims? Leverage on technology to digitise your company’s claims and invoices. Free up your to-do list of handling day-to-day administrative operations and focus on higher value work that grows your business.
2) Revenue growth
According to a 2016 IDC InfoBrief, there is a correlation between digital transformation and revenue growth. Fast growing SMEs with more than 10% annual revenue are more likely to indicate major progress towards transformation than slower growing firms. Over 50% of fast growing SMEs are actively engaged with digital transformation. As such, using technology to automate functions and optimise processes is clearly associated with performance gains.
3) Lower costs
By digitizing more work, you spend less resources having to hire additional manpower to do administrative work, reducing costs incurred by your business. Furthermore, technology enables you to conduct data analysis on what your employees need most and help you better target your resources to provide what is really needed.
4) Improve benefits offerings to compete with large companies for attracting, engaging and retaining talent
A 2017 Forbes Insight report found that SMEs are more agile to react to market and employee trends as compared to large companies. The same 2016 report by InfoBrief also found that 40.8% of SMEs cite their size as an advantage over larger companies that are less able to take advantage of digital innovation in a timely way. Digital technology has altered the business playing field today and enables small businesses to level the playing field with large companies for recruiting, retaining and developing employees.
5) Get better return on investment (ROI) on employee health benefits with data analytics
With technology, you can now collect data and information on the effectiveness of the benefits your company is providing for employees. Analysing the data can help you find out what your employees need the most and better decide what to provide to cater to the needs of your employees. By providing what is most needed, your company can reap better returns on investment and maximise the use of your resources.
6) Enhance overall employee experience
As technology permeates the daily lives of employees in today’s digital age, companies are also adopting digital technologies so that they can provide the same consumer-grade technology experience in the workplace. By enhancing employee experience through digital capabilities, companies are able to be more up-to-date and competitive in attracting talent and engaging their digitally savvy employees.
Mednefits helps businesses take care of their employees with its automated, affordable, and accessible employee benefits platform. Request to join Mednefits for free to help process and track claims in real-time, while controlling costs.