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In mid-February of 2023, BambooHR announced a surprising addition to their product suite: a new benefits administration module. Benefits administration has historically been the major functional gap preventing BambooHR from being an all-in-one option for customers. Learn more about what this update means:
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In February of 2023, BambooHR announced a new product module. The missing piece in BambooHR's quest to become a true all-in-one HRIS solution for companies has been a benefits administration module.
Now that the module is live, this can make Bamboo an even more relevant option for businesses:
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BambooHR's announcement of their new benefits administration module came as a surprise to many. Bamboo had always steered clear of offering benefits management tools in their HRIS and had, instead, forged partnerships with 3rd party tools like PlanSource and Ease.
However, BambooHR's latest announcement will allow customers to manage their benefits enrollment and benefits administration processes natively in the system.
Bamboo's program allows administrators to populate new benefit plans and eligibility rules into the system. It also allows users to have a user-friendly experience when enrolling in benefits, whether that be at the time of hire, when a life event takes place or at open enrollment.
What wasn't covered in full detail in the announcement was details about BambooHR's carrier integration and payroll integration connectivity. More to come on this in the future!
BambooHR has always offered a user-friendly solution, at a fair price for small-to-mid-sized businesses. And, they consistently have some of the most helpful customer support representatives in the industry.
Despite all of those positives, BambooHR hasn't been a no-brainer recommendation for all of our customers for one big reason: Bamboo couldn't be an all-in-one system.
Bamboo always offered a nice HRIS platform with good recruitment and talent tools, but they historically stayed away from payroll and benefits administration
A few years ago, they acquired a national payroll company, Trax, and have been slowly but surely integrating that platform into their existing tech stack.
And just this week, BambooHR has announced a homegrown benefits administration platform that will provide the missing piece to their all-in-one capabilities.
BambooHR hired a new Chief Product Officer last year who has provided a much needed lift to their development team.
It's great to see a company with their level of success continue to accelerate and push the product forward. If you're interested in demo-ing the new BambooHR, you can request a demo here
BambooHR announced the launch of a new benefits administration module, filling a major functional gap in their product suite.
BambooHR had previously relied on partnerships with third-party tools for benefits management, so the decision to offer a native benefits administration module was unexpected.
The module allows administrators to set up new benefit plans and eligibility rules within the system. Users can also enroll in benefits easily, whether during onboarding, life events, or open enrollment.
The announcement did not provide full details about BambooHR's carrier integration and payroll integration connectivity. More information on this is expected in the future.
5. What does this update mean for BambooHR and its customers?
This update makes BambooHR a more relevant option for businesses, as it now offers a comprehensive HRIS solution with benefits administration capabilities. It fills a major gap in BambooHR's offerings and demonstrates their commitment to improving their product.
