Businessolver has added a new tool to allow employees to manage their benefits — including HSAs, FSAs, HRAs, fitness reimbursements and commuter — all on one tech platform.
The tool is meant to help streamline the benefits enrollment and payroll deduction process for employers, says Brian Cosgray, head of innovation works at Businessolver. More than 700 employers currently use Businessolver’s platform.
“This solution is fully integrated so employers can stop managing multiple systems and vendors across their benefits offering,” Cosgray says.
Using the software, employees can manage their workers’ financial benefits as well as customer identification program processing, data reporting and account administration. Because employers can manage a number of financial wellness benefits on the platform, it eliminates the need to use multiple systems, Cosgray says.
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“The integrated consumer accounts benefits platform removes the need for HR personnel to manage multiple systems and vendors for employees’ consumer accounts,” he says.
Employers are looking for more integrated technology solutions. Research from Reward Gateway finds that More than a fifth of companies use 10 or more different systems and applications at work, and roughly 60% are using more than five systems everyday. In addition, HR professionals spent 512 hours a year, nearly two hours a day, manually checking, responding to and keeping up with multiple HR applications, Reward Gateway says.
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Using MyChoice Accounts, employees can enroll in benefits year round. They can also submit claims, check their balances and view employer contributions, among other things. Employees are also issued on debit card for purchases made from their consumer accounts. The tool automatically deducts from the relevant account based on the purchase.
Cosgray says employees are struggling with financial wellness and benefits literacy and having the option to enroll in benefits year-round on one platform could help boost benefits education.
“This access and engagement with benefits year-round will create more opportunities for employees to learn and understand their financial well-being and make more informed decisions for them and their families, resulting in less mental stress, increased engagement at work, and overall improved well-being,” he adds.
