Lou Morin, CEO and Chris Bowerbank, VP Business Development
Traditional Human Capital Management systems are disparate, with information spread across multiple databases. This creates duplicate data entry and prevents the streamlined management of everyday tasks. Chris Bowerbank, VP Business Development and Co-Founder, Magellan HCM explains, “True HCM systems should have all features programmed into one single database, offering clients the ability to use features such as payroll, HRIS, time and attendance, onboarding, employee self-service, online benefit management, applicant tracking and ACA compliance, all in one place. “We are in a strong position to meet the needs of our clients with integrated features in one native system giving them the ability to access all HCM features and reports with one login,” affirms Bowerbank.
In 2002, Magellan HCM started a payroll division in their employee benefits agency. In 2010, the industry began to change as insurance brokers were losing clients to other payroll companies who became insurance agencies. “We realized that the industry was changing dramatically and we had a unique offering—payroll and benefits service—in-house. Magellan took this opportunity to partner with insurance brokers, and today much of their business comes from their affiliate partners.
“Since our payroll and online benefits enrollment software is one and the same, when any change is made, such as managing open enrollments, adding new hires, processing plan changes and employee plan terminations, the payroll is updated automatically,” he affirms.
“We can automate all the ACA and COBRA compliance, and even automate sending benefit data directly to the insurance carriers with our EDI data feeds.”
Native to the HCM software is iSolved Time, time and attendance tool that allows employees to clock in and out via the web, mobile device or physical time clocks such as magnetic card, proximity, barcode card or biometric clock. “Our sophisticated time collection technology saves an employer time and money by streamlining the payroll process, ensuring the clocked time data is accurate, and employers are paying only for the time worked,” adds Bowerbank.
Magellan’s software is cloud-based and can be accessed on any device or operating system. “Since data is stored in one database, all information is shared seamlessly with all features of the HCM system,” says Lou Morin, CEO and co-founder. With the changing federal regulations, there is also a need for greater integration concerning employee tracking and reporting. Magellan’s technology is highly configurable and can be adjusted to meet each client’s individual needs.
The impact Magellan’s offerings have can be witnessed in one particular success story where a client was manually completing payroll tasks. The company had 150 employees working at five locations, and all employee data was handwritten on time cards. That information was then sent to a payroll company where it was calculated and entered into their system. Not only did the process take multiple days, but it was costly and fraught with errors. Magellan was able to provide a single solution to fully support the company payroll, HRIS, and time and attendance system. In the Magellan system, employees have real-time access to their payroll data including paystubs and w-2s. The payroll process was reduced from five days to approximately one hour.
Magellans’ innovation roadmap looks buoyant as they continue to enhance and improve their offerings. “Our upcoming solution portfolio will have business intelligence, benefits billing reconciliation, benefits billing consolidation, eVerify Service, and employee expense tracking and reimbursement among its added benefits,” concludes Jake Runyan, President and co-founder.