Over the past decade, benefits technology has been one of the fastest growing categories of human capital management (HCM) venture capital. And the demand is rising: a majority of employers have increased their spending on benefits-related technology in the past ten years, with more than 50 percent expecting further increases in the next three years.
Yet, despite employers’ desire to shift away from paper, the pace of digitalization has stalled with just 31 percent of employers reporting that they’re mostly digital in 2020 — the same as 2017. The desire for digital innovation is clear: one out of three employers indicate that they would recommend switching to a carrier that offered real-time connectivity, new benefits technology that is likely to take employee experience to the next level and help boost stalled digitalization efforts.
Digitalization may also speed up due to the US workforce becoming more digital during the COVID-19 pandemic. Employers will likely look to expand their use of technology to save time and help reduce costs associated with human resources, including the management of employee benefits.
Download our “Digital Overdrive” report to find out more about how benefits technology advancements and digitization are shaping the ways that employers manage their resources.
- Five tips for employee benefits technology solutions in 2021: Prepare to digitize your benefits administration with these five tips.
- Top benefits technology trends: View our infographic on the top benefit technology trends that are modernizing the benefits experience, including how APIs can help save you 200 hours per year.
- What to consider when looking for a benefits technology solution: Looking for a benefits technology solution to help save time and reduce errors? Download our checklist to help manage the process.
- Benefits technology webinar replay: Watch our on-demand webinar to learn more about the latest benefits technology trends and what you should consider when evaluating your strategy.