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Did you know manual processes can cost you billions?

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Did you know that an average employee spends approximately half a day each month sorting out claims, while managers spend even more time approving them?

According to research, inefficient manual administrative processes can cause Asian employers to lose up to US$ 21.5 billion per year.

Considering the lost hours spent on filing and approving, a potential revenue is lost each year which could have been derived as a result of more productive work. It is observed that 38% of employees file claims by manually doing the paperwork along with physically submitting it. These process are tedious, prone to error, time consuming and definitely is not compatible with the digital age.

Managers who are required to run the organisation towards profit margins and revenue generating are stuck spending hours of their time reviewing and approving these claims, in adding to the time spent on making their own claims.

This is an obvious inconvenience to employees and can badly affect the employee experience. It’s not just about automating the manual claim processes; it needs to be integrated with payment methods too. There needs to be a connection with finance and the administrative actions for an overall satisfaction.

As many organisations try to 'do more with less', automating certain processes can have an impact on a business and economic costs as a result of a multiplier effect. The pandemic has caused a number of people to work from home, which can be a pressing issue towards managing employee productivity. While organisations have digitally supported their employees in many areas of work, certain functionalities have been overlooked and remain manual including claims. This can take up a significant amount of time with employee demotivation, as working from home and roster basis can be expensive for employees for which they need to make claims. This mainly includes broadband and networking charges, software and hardware charges, transportation charges, medical claims and much more.

But realistically, automating a manual claim process is easier said than done. Which is why an employer needs a system that ticks all boxes in your checklist and not purely a bunch of online forms. Here's some of the points you need to look out for:

  • Multiple benefit applications.
  • Administrative users can assign claims with corresponding amounts to the employees with eligibility criteria.
  • Users are able to reimburse payments through the system.
  • Detailed view of the benefits assigned to each employee on an individual level.
  • Configurable benefit applications with approval flow.
  • Detailed history of the benefits applied.
  • Supervisory level users are able to impersonate a subordinate in applying benefits and view history when required.
  • Define a cut-off day for the reimbursement of each benefit type as per the pay frequency utilised by the organisation.
  • Assign the workflow required for the approval process.
  • Rejected applications can be viewed and reapplied when required.
  • Integrated with payroll for transactions.
  • A detailed history can be exported into MS Excel file format.
  • Bulk application can be uploaded to the system through MS Excel.

Stay on top of your game with an analytical overview:

  • Know everything from entitlements, usage and expiry date of the benefits allocated.
  • Send reminders about pending applications with a complete overview of the pending list to keep in track.
  • Drill down into knowing more about the current and past allocations.
  • ‘Favourite’ your most used benefits types for quick and easy access.
  • Filter for a more detailed view on high to low, low to high, recent, fully utilized and favourite benefits.
  • A year’s monitory benefit utilisations, tracked on a monthly basis.
  • Compare benefit types based on current vs previous year to identify fluctuations.

PeoplesHR is one of those systems that tick all these boxes of claim and benefit management but most importantly, its integrated with payroll giving the functional practicality too.