How can organizations manage plan renewals in Workday?

Organizations can effectively manage plan renewals in Workday by using the Benefits Configuration tool to update plans annually. This tool is specifically designed to enhance the management of benefits offerings within the system. It allows businesses to streamline the process of updating and renewing benefit plans, ensuring that any changes in policy or offerings are accurately reflected in the system without unnecessary complexity or risk of error.

Using the Benefits Configuration tool allows for a systematic and comprehensive approach to managing benefits, enabling organizations to quickly adapt to changes each year during renewal periods. It helps in maintaining compliance and enhancing employee satisfaction by ensuring that benefit offerings are reviewed and updated as needed, promoting a seamless transition into the new plan year.

Conducting annual employee surveys, while valuable for gathering feedback regarding employee satisfaction and needs, does not directly manage plan renewals within the Workday system itself. Manually re-entering all plan data would be inefficient and prone to error, undermining the advantages of an automated system like Workday. Outsourcing plan renewals to third-party vendors may relieve some administrative burden, but it may also result in a disconnect from the organization’s internal systems and policies, making it less ideal for effective management. Thus, leveraging the Benefits Configuration tool is the most efficient and integrated approach to manage plan renew