At the Dig|Benefits Conference in Austin, TX, Joshua N. Jeffries, a partner with Arkin Youngentob Associates, LLC, outline the four most important steps small employers should take when selecting an “efficient, cost-effective” benefits administration system:
Selection checklistStep 1: Define your needs. What are you looking for in a benefits administration system? This step needs to go beyond HR and incorporate all departments within the company. Jeffries reminded HR pros that Benefits has one of the top Profit/Loss (P/L) line items for most businesses. Any soft-dollar spending in this area needs to be justified in your compensation plans.
Step 2: Evaluate your vendor. With the sheer number of vendors out there, this step can seem a bit daunting. But the process is much less intimidating when HR pros break it down into small questions.
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