How to Identify the Right Compliance Partner
Innovation. It’s often seen as a corporate buzzword. But true innovation is groundbreaking, cutting-edge, well-designed, and forward-thinking. So, can you have an “innovative” benefits compliance solution? We don’t just think so, we know so!
Even in the world of regulations and audits, innovation is more important than ever. Especially to maintain benefit plan compliance and save labor cycles of busy HR professionals. In fact, it’s the secret sauce that can set companies apart in an increasingly complex and competitive landscape. At its heart, benefits compliance is meant to assist plans in operating correctly, helping to reduce or even eliminate errors and mitigating impact on employees.
Keeping up with compliance for HR and benefits
You probably already know that the regulatory environment is constantly evolving in complexity, even if you aren’t a compliance nerd like we are. New laws and guidelines emerge regularly, and keeping up can be daunting and time-consuming. Innovative approaches to compliance can help you stay ahead of the curve, build your professional competencies, and help ensure you’re always in line with the latest requirements.
What compliance challenges are you solving for?
Innovation is necessary, but for busy HR pros like yourself, it can be challenging to find the time and resources to implement a solution just for compliance. The first place to start is to identify what problem you are solving within your business, such as:
- Navigating the complexity of laws and regulations governing your health plan: HR needs additional resources to handle the complexity of tracking federal and state laws for every location. Especially when dealing with intricate benefit compliance questions such as determining health plan reporting requirements.
- Determining which laws and regulations apply to which health plans: With the scores of state and federal laws that regulate the variety of health plans (fully insured, self-insured and/or level funded), having a tailored resource that you may rely on for your compliance needs is imperative.
- Supporting HR teams: Compliance expertise and labor are crucial for the profitability of the business, especially in the eyes of leadership. Finding the right compliance partner, means saving precious time and using that time for more strategic planning.
5 questions HR and brokers should consider when evaluating compliance technology
Compliance is challenging and you likely already have a hefty workload. Having the right technology and support in place can both drive efficiencies and peace of mind for you and your team. This can look like having the right compliance notes at your fingertips to automated reminders to help you stay on top of critical deadlines.
Here are some questions you should consider as you look to integrate compliance technology into your HR tech stack:
- How will important benefit compliance information be conveyed?
a. Is it going to be communicated via a dense white paper that is sent out to employers that it may or may not be covered?
b. How far in advance will compliance content be sent and is it timely?
- With more states adopting reporting requirements, mandatory paid leave programs, and mini-COBRA laws, how will the compliance solution tailored to specific plans and company specifications?
- HR’s top resource is labor capacity. How will the compliance solution save them time in determining if the rules or regulations pertain to their plans?
- Given the complexity of compliance, how is the business going to ensure that the compliance actions are correct and transparent?
a. For example, with HR turnover how will the compliance solution ensure visibility into what compliance actions the HR pro is taking, when they took it, and if it was the correct action?
- How does the compliance solution ensure that the HR pro’s inbox is not flooded with unnecessary tasks that are not tailored to their plans?
a. Streamlining complex tasks, reducing plan errors, providing transparency, and utilizing custom and automated algorithms may sound futuristic and new-fangled, but ComplianceDashboard is doing this today to support thousands of employers, from Fortune 50s to family-owned small businesses.
Making it easy
Adding technology should make our jobs easier, not more complicated. Streamlining processes within a well-designed user experience allows for greater productivity, easier prioritization, and straightforward collaboration. At Businessolver, we continually invest in improvements to our technology, because to us, sometimes “innovation” simply means “making it easy” for our clients.
ComplianceDashboard has recently upgraded its UX to increase efficiencies for HR pros.
