The HRIS Equation
By Kelly Conroy, Assistant Vice President, Customer Experience Management, Lincoln Financial Group; Jamie Shannon, Senior Consultant, Strategic Planning, Lincoln Financial Group
Investing in a human resource information system (HRIS) can be a daunting experience, and getting the most out of it is increasingly important as the human resources (HR) technology market is expected to grow from $47.4 billion in 2021 to $90 billion in 2025 — an 89.87% increase.1
Research provides an interesting perspective on why the benefits administration market is expanding so rapidly. As recently as 2019, 63% of respondents’ enrollment processes were manual, as were 49% of their claims and leave management processes, 39% of billing processes, and 16% of evidence of insurability (EOI) processes.2
While EOI is the most consistently automated, others are catching up. Today, 39% of enrollment processes, 37% of claims and leave management processes, and 31% of billing processes are manual, according to a survey of 153 participants representing a variety of industries, including manufacturing, healthcare, retail, construction, and technology, from the Northeast, Midwest, South, and West regions.2
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