eBenefits Edge from The Principal Helps to Curb Employee Benefit Administration Frustration
October 7, 2008 (Des Moines, IA) — Employees are hired. They have children, get married, divorced and experience other life events and challenges — all requiring benefit changes. Couple this with the management of multiple providers, and human resource managers can find themselves on a fast track to frustration. Enter eBenefits Edge from the Principal Financial Group®.
eBenefits Edge by The Principal® takes a manually-intense process off the plate of the human resource manager and simplifies the day-to-day administration of employee benefits. With an online system that can consolidate all employee information for each carrier into one location, eBenefits Edge eliminates duplication while also providing extensive reporting capabilities.
Other advantages of eBenefits Edge include:
- Employees and HR specialists have 24/7 access, wherever an Internet connection is available — at work, at home or on the road
- Integration with virtually all existing carriers and payroll systems
- Weekly updates are sent electronically to carriers and payroll to help reduce, or even eliminate, data entry and improve data accuracy
“The average cost for an HR department to manually enroll one employee’s benefits is just over $100, compared to the $21 on average that’s spent when using an automated system,” said Deanna Strable, senior vice president of the Individual Life and Specialty Benefits Division of the Principal Financial Group. “eBenefits Edge from The Principal not only saves money, but also the time spent on benefit administration, allowing human resource managers to focus on higher priority tasks.”
While eBenefits Edge by The Principal is a helpful tool for companies of any size or industry, it can be particularly effective for growing businesses, those with high turnover rates, a transient employee base or a business with multiple locations.
About the Principal Financial Group
The Principal Financial Group® (The Principal®)1 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $308.0 billion in assets under management2 and serves some 19.0 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
*Insurance products and services issued by Principal Life Insurance Company.
1) "The Principal Financial Group" and “The Principal” are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
2)
As of June 30, 2008
