Believe it or not, benefit administration does not have to be a complex affair for any company. Implementing a concise and clear internal benefit administration process will ease any pains, improve internal efficiency and promote a professional image to new and existing employees. If you are either thinking of implementing a scheme or are currently managing a scheme, take this 10-minute challenge to test your benefit administration process efficiency.
Benefit broker and provider details
- Is it easy to locate details of the provider and (if applicable) broker for each benefit?
- Do you know how the provider is notified of starters, leavers and changes?
- Is your finance team aware of how the company is invoiced for benefits?
- Can you access benefit policies and other relevant documents with ease?
- Do you know if an employee can opt out of a benefit?
- Do you know if a benefit has personal tax implications for an employee?
- Is each benefit automatically available to all employees or is this role or length of service specific?
- Do you track what benefits each employee has?
- Can you confirm benefit renewal periods?
- Do you provide new joiners with information on company benefits?
- Is it easy for a new joiner or employee to access details of benefits on an on-going basis?
- Is there a process in place for an employee or new joiner to opt out, change their level of cover or update their personal details?
- Is it clear to an employee who they should contact to discuss any benefit queries?
- Is there a process in place to notify payroll of relevant payments or deductions?
- Are payroll aware of benefit tax implications?
How Did You Do?
If you answered ‘no’ or ‘I think’ to any of the above, we would recommend that you re-visit this area and spend time confirming the process.