Highlights from BAN Indy
This past July, several members of our BTR team attended theBenefit Advisors Network (BAN) Summer Conference (BAN Indy). Hosted by our very own Gregory and Appel, the conference took place in Indianapolis, IN, and was packed with great information about the latest in benefits administration and HR technology. Below are a few highlights from the multi-day event, including what we’ve learned.
HCM Technology Predicted to Grow by $8 Billion
Our CEO, Jamie Hawkins, and Strategic Client Manager, Josh Hoover, kicked off the conference with an HR Technology Update. The presentation went in depth on the trends in the HR Tech space as well updates that we’re experiencing with key providers. One of the most notable statics was from research firm MarketsAndMarkets, which anticipates the Human Capital Management (HCM) technology space to grow by more than $8 billion over the next five years! That is an anticipated growth rate of 55%.
However, while this growth is exciting, it comes with concerns regarding provider capacity. For example, Ultimate Software is already turning clients away for 1/1/2018 implementations. Another concern is the ability of these providers to execute well for support. It looks like now more than ever brokers and consultants need to position HR Tech as another line of coverage as this space booms.
The presentation also highlighted the upward trend and use of data analytics within HCM systems. Employee benefits have been using analytics for years with different benchmarking reports and tools, but this is still fairly new within HCM. Being able to easily access actionable data will become a necessity in the coming years. This data will allow employers to better run their businesses, making it an asset in the growing battle to hire and retain talent.
Employee Navigator Best Practices
In addition to presenting these HR Tech and HCM updates, Josh and Jamie also attended a session for the Employee Navigator users group. During this session, other agencies shared how they’re using Employee Navigator. This included best practices as well as the various successes and challenges they experienced, which provided many valuable lessons we can all learn from.
The Evolving Role of HR Consulting
Also in attendance at BAN Indy was our Consulting Team Lead, Kelli Lemieux, who was able to attend the session on The Evolving Role of HR Consulting. This session highlighted the need for strategic HR initiatives. This growing trend departs from focusing solely on the transactional or tactical functions of HR. Traditionally, these have been primary responsibilities for HR departments. However, with the growing availability and affordability of HR Tech, this role is changing.
More specifically, we’re seeing more and more technology modules that will streamline and automate these tasks. As a result, employers are leveraging these options. This means getting tactical tasks, such as updating an employees’ mailing address, off the hands of HR. Instead, these tasks will be placed in the hands of the data owner (the employee). BTR anticipates this trend to continue even further, moving beyond tactical functions into other areas of HR responsibility. We predict that soon technology will automate and provide support for performance management, compensation management, succession planning, and other strategic initiative.
Lessons Learned from the Past
In addition to looking towards the future of HR automation, we also experienced a poignant lesson from the past. Upon arriving at the hotel we learned that it was the 71st anniversary of the sinking of the USS Indianapolis in World War II. In the lobby of the hotel was a model ship to commemorate the event. Moreover, most of the remaining survivors and their families were in attendance for the memorial service. It was very humbling to witness such an event. We were able to shake hands with men who endured nearly five days in the open sea. Such moments serve as powerful reminders of how far we’ve come. We will continue to learn from our past as we move forward in our present and towards our future.
All in all, we had an unforgettable experience at BAN Indy. We look forward to attending the January conference in Miami to learn more.