Reconciliation (noun): the act of causing two people or groups to become friendly again after an argument or disagreement; the process of finding a way to make two different ideas, facts, etc., exist or be true at the same time.
After reading those definitions, doesn’t it feel like the process of reconciling your group benefits is more the job of a counsellor than a benefits or payroll administrator? It’s like you’re the tireless peace-keeper between two feuding data families. That can start to feel pretty stressful. Make a mistake, forget to update information about new hires or terminations, and you could put your organisation at risk of a lawsuit, unnecessary fees, or worse.
But there is a light at the end of this tunnel, and it comes in the form of two concentric golden circles. Yes, I am describing the Rise logo. But as the only HR software solution in Canada with the capability of automating your benefits reconciliations, we feel uniquely poised for this moment of braggadocio.
Let’s say that integrating your payroll and group benefits on the Rise platform is the functional equivalent of hiring a robot sidekick to manage all of your reconciliations, including adding new hires and removing terminations in a timely manner. Instead of mediating the tense relationship between your payroll and group benefits, you can go back to doing the work you love. Here are a few reasons why you’ll love automating your payroll and group benefits:.
1. Automation helps you avoid risk
So you forgot to add a new hire to your group benefits plan, and now it’s the 91st day since they were hired. Not a big deal at all, unless—and let’s hope this never, ever happens—they get into an accident. Now your organisation is liable, and covering that could cost thousands (upon thousands) of dollars.
These mistakes can happen, so it’s in everyone’s best interest to mitigate that risk.
Cue the computer, the hero of our tale. The accuracy of machines is precisely the solution your organisation is in need of. Integrating group benefits and payroll under one roof means that you can automate salary changes, onboarding, and terminations. That will drastically reduce risk to your organisation because computers don’t forget.
2. Automation saves you time
Risk is costly, but more than that, manually reconciling your group benefits and payroll is extremely time consuming.
When reconciliations are automated, that’s one really big task off your plate each month. And when you have that report in front of you, it’s easy to scan and look for inconsistencies, changes, or revisions that need to be made. You don’t have to look back and forth between two data sheets until you’re blue in the face. It’s all there — automatically.
What will you do with all that extra time? Take that online course you’ve been wanting to get through? Plan a team-building activity for your organization? Finish working on your corporate wellness plan? Oh, automation will save you so much time!
3. Integration gives you data-driven insights
Truth number one: data makes decisions easier. Imagine you find yourself in the depths of a cave so dark you can’t see anything at all. You hear a voice echo through the blackness, “Open door number one to go home; open door number two to stay in the cave forever.” You can’t even see your own hand, so how are you expected to choose the right door?
In this story, data is a lamp. Turn it on, and you clearly see “1” and “2” inscribed on the door in black ink. You exit, you go home, life is good. Data makes decisions easier.
Truth number two: reconciling payroll and group benefits gives you additional data and, therefore, additional insights. Imagine you’re an HR manager. You’re in a bright boardroom, and you hear a voice bellow, “How can we reduce employee turnover?” How are you expected to choose the right door…we mean stop people from walking through it?
You pull up a report showing that, of the people who have left your company, they’re the ones who used the fewest of their group benefits. Your process of communicating your group benefits to employees is long overdue for an update, and you routinely answer questions about how it works because no one really knows.
“Why don’t we try revising our benefits communication strategy?” you ask. Standing ovation. Reconciling payroll and group benefits gives you additional data and, therefore, additional insights.
We’re firm believers that payroll and group benefits are better together. In fact, we predict that this is where the whole industry is going. That’s why we’re so happy to be the first—and only—company in Canada to offer these automated reconciliations.