Paperless Open Enrollment is just one of the automated payroll services which can save a company money by offering a more green payroll solution.
According to a SHRM study done in 2008, companies spend between $25 and $75 per employee to process paper-based enrollment packets. Much of this cost can be saved by converting Open Enrollment from paper to a paperless online or web based system. Key reasons include:
Time Savings from an Automated Payroll System
Your Human Resource staff will experience a dramatic decrease in time spent administering paperless open enrollment. This time savings is accounted for by eliminating paper distribution, collection, data entry, and filing time by staff. In addition, administrative errors are greatly reduced, resulting in additional time savings.
Potential Reduction/Reassignment of Staff
The 2008 SHRM study reports that, on average, companies employ two full time HR employees. By administering paperless open enrollment, those staffing needs may be able to be reduced, with staff able to turn to unrelated administrative tasks.
In addition, as a company grows, existing HR staff may be able to handle the increased demands of expanding employee numbers, without needing to add to the HR staff. Salary and benefits savings can be quite substantial, offsetting the costs incurred by moving to paperless self service payroll system.
More Control Over the Process
Managing open enrollment using HR software ensures better visibility of the process. Employee progress may be monitored, including the ability to reject an enrollment if an error is made. Doing this before the enrollment elections get to the carrier can result in time and cost savings as well.
Convenience for Employees
Employees can access their open enrollment at any time via an employee self-service (ESS) portal which is available 24 hours per day. Because they may start and stop as often as necessary, enrollment can be completed at their leisure during work or non-work hours. In addition, information entered once can be automatically populated in all enrollment forms, which saves time and eliminates errors associated with transcribing information manually.
Automated Data Transfer
At the end of the open enrollment period, companies with an integrated ESS, HRIS and payroll system can have the data automatically transferred, which fully automates the whole process. Some HR software transfers enrollment data directly to benefit carriers, further streamlining the process and eliminating keying errors altogether. In addition, all records can be electronically stored, ensuring the data is available and can be easily retrieved months or even years later.
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