Raleigh, N.C.-based Morganite Industries has reaped a 178% return on the investment it made to put its benefits enrollment, communication and data exchange online.
It took only seven months for the 2,500-employee organization—which provides tax, benefits, health, safety and financial services for its parent company, Morgan Crucible—to recoup its initial investment.
The transition from paper to online got under way in 2009. When it began, Morganite offered 20to employees in 10 U.S. locations. As the company converted its paper-based benefits , it also whittled down its program to four plans.
Now, a single portal gives employees access to benefits information, integrates the firm’s multiple payers and synchronizes payroll systems.
The firm estimates that its employees spent 75% less time on benefits-related inquiries than they did with the paper system. Plus, they took care of them on their own time rather than at work.
Employees also required less assistance from HR administrators, helping to bump up HR productivity by 20%.
A dependent-eligibility audit provided by the new system, called Benefitfocus, uncovered more than 100 people who had been taking advantage of benefits they weren’t eligible to receive.
Contact: Joy Capps of Benefitfocus, at (843) 375-4950.