LAS VEGAS, November 11, 2014 /PRNewswire/ — KronosWorks™, November 10, 2014 ———— Presence of IT today announced a new plug-in to provide Kronos Incorporated customers with real-time visibility into projected and actual healthcare costs to assist with Affordable Care Act (ACA) compliance. This announcement was made at KronosWorks, the world’s leading workforce information exchange, taking place on 9-12 November in Las Vegas.
Jim Munoz, managing partner of Presence of IT, said the new plug-in offers human resources and benefits leaders maximum insight into their Kronos workforce management data. “With this plug-in, Kronos customers can further leverage the power of the Kronos Workforce Analytics solution and drive even more value from their Kronos solution.”
ACA places newfound pressure on organizational leaders to know the status of their workforce at all times and they must be able to provide the Internal Revenue Service (IRS) with relevant audit-ready reporting information about the workforce. The focal point of the ACA plug-in is its ability to compare the amount an organization plans to spend on healthcare versus what is projected to be spent in a given timeframe. With this information, organizations can make proactive business decisions regarding how to manage their ACA compliance and budgets.
“Organizations put significant effort into collecting data to calculate paychecks and develop schedules. There is a large opportunity for organizations to re-use this data again in the context of business intelligence and big data analysis,” said Gregg Gordon, senior director, Big Data for Workforce Management Practice Group, Kronos. “Those that take advantage of this opportunity will have a significant competitive advantage over those that only store workforce data to meet regulatory requirements. With ACA regulations upon us, we are pleased that Presence of IT built its ACA plug-in on the Kronos Workforce Analytics platform.”
Presence of IT’s ACA plug-in uses predictive analytics to highlight variances in healthcare costs from an organization’s planned healthcare allocation, both current and future. The plug-in, powered by Kronos Workforce Analytics, will alert organizations to their risk exposure while there is time to manage their compliance efforts.
Key data metrics of the plug-in include:
- the number of full- and part-time employees compared to plan and budget;
- roll-up and drill-down capabilities through an unlimited number of measurement periods;
- the likely cost of benefits, both current and future, under the current staffing mix; and
- the best-fit coverage options to manage service levels and benefits budget.
“We’ve collaborated with Kronos and created this plug-in to give employers clear visibility into the risk if they exceed their planned healthcare costs, as well as provide viable options for managing the risk,” Munoz said. “This is a classic analytics problem: identify the problem, drill down to the big areas of risk and opportunity, and take meaningful action. Kronos Workforce Analytics offers a tailor-made foundation for implementing any corporate ACA strategy and we are taking advantage of that with this first in a series of plug-ins we plan to bring to the market.”
About Presence of IT
Presence of IT is a leading consultancy and provider of the world’s foremost Workforce Management and Human Capital Management solutions. We provide thought leadership, strategy, process improvement, implementation, and operational support services to many of the world’s largest private and public sector organizations. Our strength is the excellence of our people and our focus is on our clients. This focus has seen us evolve into a global organization to better support our clients in their respective markets, the world over. More information at: www.excellenceinworkforce.com or www.presenceofit.com. Presence of IT: Excellence in People™.
About Kronos Incorporated
Kronos is the global leader in delivering workforce management solutions in the cloud. Tens of thousands of organizations in more than 100 countries ———— including more than half of the Fortune 1000® ———— use Kronos to control labor costs, minimize compliance risk, and improve workforce productivity. Learn more about Kronos industry-specific time and attendance, scheduling, absence management, HR and payroll, hiring, and labor analytics applications at www.kronos.com. Kronos: Workforce Innovation That Works™.
For more information about the Affordable Care Act visit http://www.dol.gov/ebsa/healthreform/
Presence of IT and the Presence of IT logo are registered trademarks of Presence of IT, Inc. or a related company.
Kronos and the Kronos logo are registered trademarks and Workforce Innovation That Works is a trademark of Kronos Incorporated or a related company. For a full list of Kronos trademarks, please visit the “trademarks” page at www.kronos.com.