Have you ever lost some important data and realized you should have done a backup? Did something in your administration system go bad because of an oversight or human error?
We all make mistakes, but the key is to catch them before they blow up in your face… waste your time, cost you money, or end up as a legal liability.
In many cases, we learn from these mistakes and apply the proper risk protection going forward right? Well, not with everything. In fact, we find mistakes related to employee benefits administration and data all the time. We discover employees that were not enrolled, enrolled incorrectly, not even eligible for benefits, or have outdated earnings amounts or incorrect payroll deductions, and more.
Some of these mistakes can really cost you. Once a claim occurs it is really difficult to negotiate a claim payment after the fact.
So the only way to avoid these mistakes is through proper administration training and regular checks of your data. It doesn’t take a lot of effort, but imagine the potential savings in time and money.
No one wants to report to the President that you have to “fix” an admin error by writing a cheque. No one wants to face the boss with a problem that could have easily been avoided.
Introduce proper benefits plan governance and controls, and you will very likely never have to deal with these hassles again. Our clients depend on this, but don’t execute on these audits themselves. They depend on us to be proactive and get it done for them… without them having to ask.