CATEGORY

Benefits Administration Tools

Benefits administration platforms helps in reducing or eliminating the traditional paper works and helps in automating the employee enrollment, selection, health insurance, wellness, and all other benefits. This simplifies open enrollment and life event maintenance through automated eligibility processing and enhance the employee user experience through self service. This report focuses on providing insights on the benefit administration tools and the key market trends

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    Company
    Adecco Inc.
    Location
    Jackson, Mississipi
    Duns number
    3862211

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    ESG Profile

    Company and Sector Performance
    51

    100
    Robust (1)
    ESG Perfomance (/100)
    Environment
    53
    Social
    45
    Governance
    58
    6 Domains Performance (/100)
    Business behaviour
    50
    Human rights
    55
    Community Environment
    50
    Corporate governance
    62
    Human resources
    36
    Security Scorecard
    85

    Threat indicators
    C
    76
    Network Security
    Detecting insecure network settings
    A
    100
    Hacker Chatter
    Monitoring hacker sites for chatter about your company
    A
    90
    DNS Health
    Detecting DNS insecure configuration and vulnerabilities
    D
    62
    Application Security
    Detecting common website application vulnerbilities
    A
    100
    Endpoint Security
    Detecting unprotected enpoints or entry points of user tools, such as desktops, laptops mobile devices, and virtual desktops
    A
    100
    Cubic Score
    Proprietary algorithms checking for implementation of common security best practices
    A
    96
    Patching Cadence
    Out of date company assets which may contain vulnerabilities of risk
    A
    100
    Social Engineering
    Measuring company awareness to a social engineering or phising attack
    A
    100
    IP Reputation
    Detecting suspecious activity, such as malware or spam, within your company network
    A
    100
    Information Leak
    Potentially confidential company information which may have been inadvertently leaked

    Industry Comparison
    adecco.com
    Industry average
    Adverse Media Appearances
    Environmental Issues
    0
    Workforce Health Safety Issues
    0
    Product Service Issues
    4
    Human Rights Issues
    0
    Production Supply Chain Issues
    0
    Environmental Non Compliance Flags
    4
    Corruption Issues
    0
    Regulatory Non Compliance Flags
    3
    Fraud Issues
    0
    Labor Health Safety Flags
    10
    Regulatory Issues
    3
    Workforce Disputes
    2
    Sanctions
    0
    esg energy transition
    58
    Discrimination Workforce Rights Issues
    8
    esg controversies critical severity
    No

    Benefits Administration Tools market report transcript


    Global Market Outlook On Benefits Administration Tools

    A benefits administration platform is a software system for managing workplace benefits, and this helps in reducing the administrative burden for organizations.

    • Benefits administration platform helps in reducing or eliminating the traditional paper works and helps in automating the employee enrollment, selection, health insurance, wellness, and all other benefits
    • This simplifies open enrollment and life event maintenance through automated eligibility processing and enhances the employee user experience through self service
    • There are benefits platforms, which include other functions in HR, like time and attendance tracking, PTO, etc., as all these are necessary for benefits assessment
    • Nowadays, a single platform that manages benefits and HR administration is used by many large organizations

    analysis-benefits-administration-tools

    BAO: Global Outlook

    • Benefit administration market segment is expected to reach $711 million by 2020, compared with $568 million in 2015, at a CAGR of 7%.
    • DC Arrangement Pension Scheme, Onsite Medical Assistance, and Private Medical Insurance have an adoption of nearly 50–60% among US employees in large Fortune 500 companies.
    • The key activities outsourced in UK, France, and Germany are occupational healthcare administration, employee share scheme administration, flex plan administration, pension administration, and social security benefits admin.
    • North America: Most matured BAO market and has about 40% of the global market share (USD 12 billion)
    • In LATAM, Brazil and Mexico have the highest BAO adoption. Retirement, financial benefits are given more importance here.
    • Europe is the second most mature market in the BAO industry. (31%) .The UK and Germany account for 40% of the European market.
    • In APAC, Australia is most mature in BAO adoption, followed by India and China. Income protection plans, life insurance, and medical insurance are the major benefits in the Asian market.

    Trends in BAO Market

    Around 50% of employers are expanding their benefits web technology as a top strategy to address and manage the complexity of benefits effectively.

    • There is an increase in demand to standardize processes, technology, and governance under benefits administration
    • Employers are trying to identify solutions, which can fit benefits, payroll, and compliance on one single platform
    • Employers are also trying to engage with brokers who have the technological capability or who can support them with a third party collaboration
    • About 85 percent of brokers are expected to partner with a third-party provider to better support their clients' needs. Partners would be:
      –Benefit administration providers
      –Enrollment services
      –Group general agencies
      –Private exchanges
      Vendors are bringing multiple functional areas into one platform via Cloud delivery (core HR, time and attendance, and payroll applications with benefits administration)

    Technology Development and Offerings

     Employers are rolling out different tools to mange their benefits and improve the employee engagement. Benefit enrollment tools and single sign-on logins have been implemented more in 2016 and 2017.

    • One major challenges in the global benefit market is the disparity in local market practice, legislation, and taxation of benefits
    • To overcome this, the latest trend is organizations are implementing both HR Shared Service (HRSS) center and a technology solution to run their benefits programs

    About 60% of multinationals now have a defined, technology-enabled approach to global benefits. As a result, they have:

    • Improvements in engagement, governance and administration
    • Reduction in administration errors
    • Reduction in overcharges from carriers for cover
    • Increase in employee engagement by nearly 20%

    Growth Drivers and Constraints

    The growth of HR benefits and administration services market is largely driven by reforms and complexities in the healthcare sector, and the main challenge to the BAO market is to get a vendor that supports BAO and other core HR functionalities and also meet different regulatory requirements for different countries.

    Drivers

    • Employers are providing self-service benefits platforms to employees through a user-friendly experience when they seek clarity about the benefit plans. Communication tools help understand benefit plans effectively
    • Organizations are trying to centralize their benefits management and streamline the benefit process, also they are looking to integrate different functions onto one single platform, which would make the evaluation and assessment easier, transparent, and reduces costs
    • Increase in demand for personalized communication services
    • Growing regulatory stringency in different regions
    • Compliance
    • Technology advancements and tools
    • Health reforms
    • Increasing relevance of HR benefit functions within an organization, which connects to employee engagement, retention, etc.

    Constraints

    There are few challenges when it comes to BAO services software:

    • When switching over to benefits administration software, it can take several payroll cycles to customize and integrate the software with current paper-based systems
    • When a product is accessible online, the company must make a concerted effort to educate employees about ways to protect their personal health information and report any suspicious login behavior
    • Delayed or no decision-making within the prospect organization
    • A desire to maintain the status quo (either in-house or with incumbent provider)
    • Competing priorities within the prospect organization
    • Tools, which can support different country regulation and different HR features