News & Events
Product Picks
The editors of Human Resource Executive® announce their selections for the top HR and training products of 2006
It's that time of year again, when the editorial board of Human Resource Executive® chooses what it believes to be the best 10 HR and five training products introduced to the market in the contest's time frame -- in this case, July 2005 to July 2006.
Entries are judged on innovation, user-friendliness and the value they add to the human resource profession. More than 100 entries were submitted this year, most of them exemplifying a growing sophistication in suppliers' applications to the Web and increasing knowledge of HR's overall demands and needs. In particular, many of the selections have something to do with talent management.
But that's hardly surprising, considering the level of pain this area presents to employers and HR departments. Of the entries received this year, we feel confident these products will deliver what they promise, though we continue to stress the importance of conducting the necessary due diligence before making your purchase.
Top HR Products
Benefits Lifecycle Management
HighRoads Inc., Woburn, Mass.
What It Is: Benefits Lifecycle Management is intended to manage the lifecycle of employeebenefit plans, from the initial request for proposals, through an online real-time auction among suppliers, to the generation of a final contract and performance standards. When bidding and buying is completed, the data-management tool allows HR executives and benefits administrators to generate updated summary plan descriptions, track individual supplier performance by the individual performance standards and poll employees about their satisfaction with each plan and supplier. Released in April 2006, the product is designed for large employers with 5,000 or more employees who are managing multiple employee benefits plans in diverse work locations and dealing with complex negotiations for renewals with plan providers and third-party administrators. The product also helps employers maintain and compare performance measures and generate audit trails for corporate accountability under the Sarbanes-Oxley Act. Pricing for HighRoads' full BLM solution typically ranges from $75,000 to $500,000, based on a company's preferred delivery model, number of employees and the number of plans under management.
Why We Like It: Escalating health-care costs have turned employee-benefits administration into an enterprise-risk issue, involving the highest level of executives in the procurement and review processes. As a result, employers are bringing more sophisticated techniques to employeebenefits acquisition and monitoring the processes in a much more detailed fashion. The online auction among suppliers is the flashiest aspect of this product and it is fast and efficient at containing costs. What might be an even bigger value, however, is the product's ability to trim consulting costs. The product creates a detailed audit trail for all transactions, captures performance standards and tracks performance in real time -- reports that consultants charge big money for and deliver less frequently. Nice features include the SPD publisher and employee survey generators that produce in-house products in minutes that used to be farmed out to consultants.