UKG (formerly Kronos, our HCM platform provider) is purchasing EverythingBenefits, our benefits technology partner. We are hugely excited about this partnership, and it is great news for our clients!
At PayNW, we are committed to providing clients with the most capable, seamless and powerful payroll, HR, time tracking and benefits management solution in the market. We’ve worked with UKG and EverythingBenefits for many years, solving problems and simplifying the complexity of offering and administering benefits for employees. In fact, we made early bets on both technology partners years ago and are gratified to see them come together for even greater results. We must admit feeling a little validated in our choices. Now that they have found each other we’re excited to watch two good solutions become great.
UKG’s significant commitment of capital to purchase EverythingBenefits signals the bedrock importance of benefits management to a truly unified Human Capital Management solution. Our clients know this, we know this, and clearly, UKG knows this. It’s great we are all on the same page.
The platforms of UKG and EverythingBenefits can now more completely integrate (they already did to a large degree), making the employee and employer experience easier and more unified. Now that more employees are working remotely, having entirely digital benefits enrollment and administration is essential. Paper forms, statements and reconciliations won’t cut it anymore. Benefits needs to be fully digital and combining these two technology leaders provides an end-to-end seamless digital solution for our clients.
Insurance companies are another piece of the puzzle in digitizing the full benefits workflow, and they are often the weakest link. Adding the heft and scale of UKG (a global, multi-billion dollar force in Human Capital Management) will provide the stick (or is it a carrot?) that may get their attention and motivate them to step into the 21st century technology-wise. There is a lot of inertia in the insurance industry, and it requires big forces to get them to change. Adding UKG to the mix will make a difference.
There is still lots of room for innovation in the benefits management space. Making benefits more consumer-friendly for employees, less error prone – and thus less risky – to the employer, and far less burdensome for the benefits administrator are all areas for improvement with the right commitment of resources to the space. UKG has that.
For these reasons we are excited about this pairing of two of our favorite partners and look forward to the great things to come from this acquisition, for our clients, their payroll, HR and benefits managers and employees.