Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.
Benefits September 12, 2000
Web Delivers for HR, Employees
September 11, 2000 (PLANSPONSOR.com) - A new Towers
Perrin study finds that the implementation of HR transactions
of the Web has increased two- to threefold in the past
year.
Reported by Nevin E. Adams
Towers Perrin’s annual HR Service Center Survey noted that last year only 10% of respondents provided annual benefit enrollment on the Web, but in 2000, that number jumped to 39%.
Similarly, 12% of companies allowed employees to track their 401(k) plans and make changes on-line last year, compared with 35% this year.
Faster, More Accurate
Among employers that allowed employees to make family status changes via the Web, 100% reported improved timeliness, half said it reduced HR workload and 38% noted improved accuracy.
Today, the most prevalent HR web transactions are:
- 39% – annual benefit enrollment
- 31% – personal data changes
- 35% – 401(k) changes
- 19% – new hire benefit enrollment
Annual benefit enrollment and personal data changes are considered likely additions for this year.
Employees are most likely to find job postings (86%) on the HR Web, with HR/benefit plans and policies a close second at 83%. Sixty-five percent can find 401(k) data online.
Looking Ahead
New transactions targeted for 2001 include:
- family status changes
- new hire benefit enrollment
- employment events.
The Towers Perrin HR Service Center Survey is based on Web and mail-in responses from HR executives representing 92 companies, most in the Fortune 500 companies.