Streamline The Benefits Enrollment Process With Benefits Administration Software
In the digital age, more and more businesses are moving toward using software to aid their human resources departments and gain a competitive edge. This software is commonly called benefits administration software. Benefits administration software helps HR departments manage, organize and streamline their employee benefits packages.
Whether that be 401(k) plans; medical, dental and life insurance; or paid time off (PTO), benefits administration software can help ensure that employees understand and have easy access to the benefits they earned.
What does this software actually do? That may vary from company to company. Generally speaking, benefits administration software allows HR professionals to digitally access and monitor important metrics like company expenses, create new benefits programs and, lastly, connect with external benefits providers (such as health insurance providers).
Basically, benefits admin software is useful for simplifying benefits work for HR professionals, which traditionally would be one of the largest commitments in their job description. Many smaller businesses still must perform all benefits tasks manually, even if they could benefit from benefits software!
Here are the top four perks of using benefits administration software for your business:
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1. Ease Your Workload
Although employees only spend 18 minutes on average enrolling in benefits programs, this can be much more time-consuming on the employer side. Some larger companies have a single or multiple employees just dedicated to managing benefits.
Benefits administration software can ease the workload of HR employees, allowing them to spend more time on things that employees value. It combines all of your different reports and analyses into one easy-to-navigate location, and often, these packages include more than just benefits. Spreadsheets are automatically created and organized!
2. Access Intuitive Reports
Many modern HR departments have chosen to employ web-based deployment methods for the sake of convenience, transparency and accuracy. That is why one of the most notable perks of benefits administration software is the automated reports that come with it.
The most popular reports generated by benefits administration software are cost reports, return on investment (ROI) or benefits/cost analysis. With access to such reports, companies can track finances and analyze what is costing them the most. They can also create quarterly/annual reports and ACA compliance reports and track compensation statements.
3. Connect With Benefits Providers
Benefits administration software can also make it more manageable for companies to connect with benefits providers. This can be a time-consuming task to manually meet with or call providers to request their services, premiums, costs and so on. Software can do the job for you, saving you time and liaising with top-rated benefits suppliers.
4. Allow For Employee Self-Service
Lastly, HR benefits administration software can jointly empower the employer and the employee by allowing them to access their benefits information online. From the onset, it allows them to apply for benefits and enroll from the comfort of their home. Afterward, benefits administration software entails a sophisticated online interface for accessing important HR information. Employees can review their benefits themselves and also alter their benefits options when monumental life events (marriage, having children, etc.) occur.
Bottom Line: Benefits Administration Software Is Worth The Investment
Qualified job seekers are looking for so much more than an excellent paycheck; they also want comprehensive benefits that allow them to live healthier lives. Benefits administration software ensures that they have access to these benefits without fuss.
About The Authors
Frazer Pugh - I work in the investment management sector as a professional. Previously, I advised top financial services companies on balance sheet management, portfolio planning, and valuations as a consultant. I am currently pursuing a part-time MBA at Melbourne University, where I am a lecturer in accounting and hedge fund strategies, as well as a mentor/coach in a part-time equity analysis initiative. I have a bachelor's degree in economics, a master's degree in finance, and am a Chartered Accountant. I enjoy instructing and assisting others in achieving their objectives.
