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How Technology Is Changing for Brokers

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Quick Look: Distributed workforces. A great resignation. The future of work. All of this is part of what businesses and employees are experiencing today. The HR tools and strategies used in the past are being replaced by personalized technology solutions designed for today’s modern workforce. They’re transforming the industry at such a rapid pace, businesses unable to adapt will ultimately get left behind.

It’s common for businesses to stick with tried-and-true methods of operating. Even when the results are mediocre, the risk of starting something new holds many back. However, a long learning curve wasn’t a luxury in 2020, as the firm push of technology made Zoom a common gathering place, and working anywhere with wifi became the new norm. Although, it’s not only the pandemic which firmly pushed business leaders forward. The workforce itself has changed, too.

Today’s workforce demographic is made up of primarily Millennials and Gen Z employees who are technology savvy and expect to benefit from its advantages in all their daily activities, including where they work. Yet, a 2021 survey of over 400 C-suite execs revealed technology was their company’s greatest internal challenge. The disconnect can feel like a challenge but actually offers an opportunity.

Meeting HR Objectives Through Digitization

Technology is changing how brokers are anticipating industry trends and tailoring them to meet clients’ unique goals. Regardless of the industry, there are three main priorities on nearly all business leader agendas:

  • Recruiting and retaining top talent
  • Staying on par with compliance issues
  • Maintaining benefits costs

These objectives must be achieved while adhering to what the workforce requires today. The plan must include personalization and digitization, all while continuing to streamline processes and create ongoing value. Fortunately, technology is giving brokers new ways to serve clients better by helping them save money, optimize efficiency, and grow their business.

Recruiting and Retention

In addition to online recruiting channels, such as LinkedIn and Indeed, many companies are relying on Instagram and TikTok to find candidates who fit their company culture and vice-versa. Additionally, it’s now standard for candidate interviews to be conducted over video platforms rather than meeting in person. This allows companies to broaden their reach when recruiting potential talent, particularly if a remote or hybrid workplace is already part of their company structure.

Navigating Compliance Issues

HR compliance is one of the biggest challenges for any company, with changing federal, state, and local regulations constantly occurring. Certain features of the latest HR technology, such as automated payroll processing and customizable scheduling, help to eliminate compliance risk by providing greater transparency. Technology also helps to maintain compliance regulations through automation, such as calculating overtime pay, assigning pay structures for employees vs. contractors, and other unique scenarios a company faces.

Maintaining Benefits Costs

Technology streamlines operations and lays out benefits and their associated costs in one place. It replaces keeping track of spreadsheets or paper agreements to understand benefit options when comparing health insurance and 401K plans. Interactive technology can also identify areas of overspending instead of a time-consuming auditing process, in order to save money and offer benefits which matter in today’s market.

The Importance of an HRIS

There are various avenues of implementing technology for a business’ benefit. A human resource information system (HRIS) centralizes client solutions in one place through features to modernize and improve HR processes. Some of these features can include:

  • E-Verify: Companies can verify employee eligibility easily through an integrated HRIS. Electronic signatures have become commonplace for new hires distributing paperwork through email versus in person. It’s also a secure way to successfully start the onboarding process with modules for training and access to company policies and procedures.
  • HR Analytics and Reports: Investing in HRIS is a financial commitment but one with a big payoff when the features are used effectively. One of the greatest parts of an HRIS is its analytics and reporting capabilities. These provide insight to various parts of the organization, such as paid time off reports, title changes, and salary increases, as well as employee headcounts to track retention goals.
  • Mobile Accessibility: A cloud-based HRIS allows mobile accessibility for employees regardless of where they are working from. Anyone can obtain and update their personal employee information and use the system as a resource to answer questions on-demand. Additionally, authorized users can send automated messages, update employee files, and sign off on paperwork simply by logging into their own mobile device, whenever and wherever is convenient for them.

The Advantages of a PEO Partnership

Technology changes rapidly and has many variations of how it can be used. It can be time-consuming and overwhelming trying to keep up with the latest iterations. Brokers who partner with a professional employer organization (PEO) like ExtensisHR gain an advantage by supplying their clients with an expert resource positioned to recruit and retain the best.

Furthermore, the new ExtensisHR Work Anywhere™ mobile app addresses the needs of the modern workforce. It allows users to access HR information, benefits, and payroll in a secure way anytime, anywhere. This technology is necessary in today’s HR world for working with distributed workforces. The addition complements the attentive, personalized service ExtensisHR delivers, allowing brokers and their clients to feel well taken care of in this fast-moving environment.

Personalizing Technology for Optimal Value

It’s not the technology itself making the difference. It’s how well it helps people reach their goals. Whatever new systems and methods are put into place, they must speak to a company’s individual needs. They must also be user-friendly, easy to access, and encourage employee engagement in order to be successful.

Digitization plus personalization has become the rule rather than the exception. Open discussions are as necessary and valuable as ever. Technology doesn’t end communication. When used well, it enhances it and allows brokers to fine-tune their recommendations to truly offer tailored solutions.

At ExtensisHR, we support and guide brokers and companies toward their desired growth goals through a service-forward mentality backed by innovative technology. Contact us to learn how our approach can help you.

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