Hunt Valley, MD (PRWEB) June 17, 2005
CFOs and HR Team Can Now Have Immediate Access to Quantifiable Data - RewardsPlus, a leading provider of outsourced benefits management solutions, today announced the release of its RealLife Perspectives report exclusively to its RealLife Benefits clients. In providing an analytical report that summarizes the hundreds of benefit transactions processed by HR teams each month, RealLife Benefits is arming employers with an arsenal of new analytics tools that track over 40 different types of HR, payroll and benefits transactions and also can save vital benefit dollars.
ÂEveryone focuses on Open Enrollment as the major activity from an annual transaction perspective when it is actually just one of many transactional events that occur each year related to an employee and his family,Â said John J. Nail, CLU, executive vice president, RewardsPlus. ÂIn fact, our experience shows that in addition to OE, there are nearly 8 changes a year on average per employee. Our tools allow the HR and benefits professional full access to view, assess and analyze this data within the context of their own goals and objectives.Â
The unique report helps employers quickly measure benefits administration and communication activities and cross reference critical information, month-by-month, such as:
Â Enrollments - Monitors the number of employees affected by enrollment-related events which can help HR plan for future benefit utilization.
Â New Hires and Terminations Â Provides details on the number of new hire, rehire and termination activities and their resulting benefit events which helps employers easily quantify benefit costs resulting from employee turnover.
Â Validate Eligibility Â Because the RealLife Benefits system automates the eligibility process, the report easily itemizes the number of employees and their dependents who have gained or lost benefits eligibility. As a result, employers can clearly illustrate the dollars saved by not covering employees and dependents who are ineligible for a benefit plan.
Â Life Events Â Offers a summary listing of benefit changes resulting from employee-related life events such as birth, adoption, marriage, divorce and others. Quantifying the number and type of life events processed helps HR be more strategic in planning for the changing needs of their workforce.
Â System Utilization and Adoption Â This information also details unique logins per day per person, areas viewed et. al., allowing HR to track employee utilization of the RealLife Benefits system. Online usage can now be tied to the reduction of calls into HR and benefits plus online information can be adjusted to better serve the needs of their employees.
Â Call Center Usage Â Comprehensive data is available on RewardsPlus call center activity and employer support services provided, including surrogate benefit enrollments/updates processed, multi-lingual support, services provided by employer support and help desk calls into the client service center.
Â Call Referrals Â The RealLife Benefits platform utilizes a single toll-free number and a dynamic call routing system to make it easier for employees to get help from their insurance carriers. Tracking this data allows HR to see the volume of service requests that their vendors are getting.
Combining RealLife BenefitsÂ survey capability with RealLife Perspectives, HR can now tie qualitative input from employees on the various Web and phone-based tools to their quantitative transactional data to provide a 360 degree view of their departmentÂs services. For the first time, employers are able to quantify all of the related transactions, along with qualitative employee feedback, and can truly validate the ROI for their outsourced benefits administration functions.
Nail commented, ÂFor the last few years we have heard about HR needing to become more strategic. Our RealLife Perspectives truly provide the HR and benefits professional with real information as to the specific work and services their departments provide, the ability to show a true ROI and offer tools to allow them to tie their investments in new solutions to employee satisfaction. We believe this report finally offers a full transparent view of the workings of the most important area of the company, where over 60% of a typical companyÂs budget is spent Â the one that is people-oriented.Â
RewardsPlus recently announced RealLife Benefits system version 8.0 that includes upgrades to the employee communication, total compensation statements and enrollment Web site as well as to the systemÂs real-time benefits administration and OLAP based reporting tools.
RealLife Perspectives will be on display at the SHRM show in San Diego June 19-22, Booth 338.
About RealLife Benefits by RewardsPlus
A leader in benefits management automation and outsourcing, the RealLife Benefits solution simplifies and automates benefits communications, enrollment and administration in addition to offering call center services and a dedicated support team. Serving more than one million lives, RealLife Benefits clients include a wide array of brokers and consultants as well as nationally recognized corporations including Magellan Health Systems, Bombardier, Unilever, AT&T and Comcast. For more information, visit the RewardsPlus Web site at http://www.rewardsplus.com.
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