Thanks to technology, allbenefits activity can be consolidated into online hubs thatintegrate to help eliminate manual processes.

Today's candidate-driven market requires your employer clientsto work even harder to attract, engage and retain the talent thatwill allow them to compete in their fields. Thankfully, technologyhas transformed a substantial part of how employers and theircandidates interact, from recruiting to hiring to onboarding. While employee benefits are oftenthe second most-valued job offer criteria, few employers aretapping into the power of technology to optimize their benefitsofferings in a way that attracts and engages top talent.

Related: How HR can adopt and scale AI to keep up withrapidly evolving technology

There are specific ways technology can transform benefits to theadvantage of both the employee and the employer. First, brokers andbenefits managers are increasingly privy to critical data thatallows them to develop employee benefits packages that cater to theunique needs of their workforce. It is also enabling employers toadminister and personalize benefits in waysthat improve engagement. Finally, technology now allows employersto make benefits flexible, catering to the needs of individualemployees.

Administering benefits

Benefits managers can now lean on technology to shift from atask orientation to one that is more strategic. Automated dataexchange allows administrators to reduce repetitive tasks that areoften both time-consuming and error-prone. Thanks to technology,all benefits activity can be consolidated into online hubs thatintegrate to help eliminate manual processes. This shift ultimatelyallows benefits managers to focus on more strategic priorities.

Even more, new benefits analytics tools give managers real-timedata to showcase which benefits are being utilized and by whichemployee segment. This data can help HR and benefits advisorsdetermine future offerings and also assist with developing newbenefits for different generational needs. With these analytics,employers are able to offer employees and candidates the benefitsthey value most.

Personalizing benefits

Brokers and benefits managers are always looking for ways toeducate employees about the many availablebenefits options. Technology-driven personalization can help.Online benefits communication tools also allow benefits managers topersonalize communications based on the needs of individualemployees. For example, if an employee enrolls in a high deductiblehealth plan, online communication tools can be configured to sendthe employee a personalized email about the pros of enrolling in aHSA plan. When employees understand how a particular benefit willaffect them individually, they are more likely to utilize thebenefit.

This is absolutely true when it comes to open enrollmentperiods. Employees often feel overwhelmed when enrolling in a newhealth plan, so when employers personalize the process with aguided, online enrollment experience tailored to each employeebased on their unique preferences, employees feel more confidentabout their choices. For instance, if a millennial employee isenrolling for the first time in his or her company's benefits, itcan feel a bit daunting.

However, if a list of questions is provided to help identifytheir specific needs and then a package is recommended that alignswith their preferences, the employee walks away feeling good abouttheir choices. Personalization is opening up doors for new levelsof engagement in employee benefits, and companies that provide abetter employee experience will continue to recruit, engage andretain top talent.

Transforming benefits

It's true that employees are in the driver's seat of theircareers with today's unemployment rate. It's also true that neverbefore have there been more diverse ages and backgroundsco-existing in the workforce. The pressure is on to engage theworkforce while also catering to distinctly different needs andpriorities.

Leading-edge employers are enabling flexibility in theirbenefits to meet both challenges. Technology has transformedbenefits from a static offering to a dynamic one, putting theemployee in charge of when and how to apply them. If, for instance,an employee is struggling with paying down their student loan debt,they can transfer the value of their unused paid time off (PTO) tothis specific need. Employees can also choose to use the value oftheir unused PTO to fund a vacation, cover an emergency expense, ordonate to a charity of their choice, or even transfer vacation timeto a coworker in need. It's a win-win for employees and employers.Employees finally have the power over their earned benefit andemployers gain more satisfied workers.

Technology is shaping the benefits industry in ways unheard ofjust five years ago. Brokers and employers have the ability to usetechnology in ways that redefine how benefits are administered andpersonalized for the good of the employer and employee. Thebenefits industry is constantly evolving thanks to technology, andcompanies that unlock the impact technology is making on benefitswill more readily win the war for today's talent.

Rob Whalen is founder and CEO of PTO Exchange,the world's only patented flexible benefits platform.

Read more: 

• 5 technology and data trends affecting employeebenefits
• How HR can adopt and scale AI to keep up withrapidly evolving technology
• Data analytics offers a peek behind the curtain inemployee benefits plans