One might be able to make a strong argument that benefits are one of the most attractive aspects of a full time job. If you as an employer can offer excellent benefits and in some cases, even extend them to part-time employees, you’re likely to get more enthusiastic and diverse applicants. Additionally, if you offer a slightly lower salary, but amazing benefits, some applicants may even be more likely to still apply for the job. They can work to both a company’s advantage and to the employee’s advantage! But for some smaller businesses or a business where some positions tend to be more “revolving-door,” taking care of all the paperwork and minutiae involved with setting benefits up can be time-consuming and tough. However, employee benefits software companies can make your life easier, by offering employee benefits software, which allows you to streamline the process of managing benefits.
What’s the Draw of Benefits for Employees?
In a recent survey, fully 50% of employees cited their current benefits as the reason they were still with their employer today. This goes to show what weight good benefits can really have with employees and potential employees. In an ever more competitive world, with individuals changing companies often, you want to be able to keep the best and brightest of your talent. Benefits are certainly one way to do that.
For employees, good benefits mean access to good healthcare at a reasonable cost, paid vacation time, and sick time at minimum. Some companies may even offer a 401K plan, life insurance plan, and other benefits. If your kid is sick and you have to stay home, you can take a sick day and still be paid for your time. Need to go for a regular check up with the doctor or dentist? Your health insurance may take some of the weight off that bill. Trying to start saving for retirement? A 401K plan started early and matched to a certain degree by your employer can make a huge difference.
Does the Government Have Any Say in What Benefits Are Offered?
To some degree, yes. The Affordable Care Act mandates that if a company has more than 50 full time employees (and that number can be supplemented by part time workers), they must offer health benefits to their employees. For bigger emergencies, FMLA (the Family and Medical Leave Act) jumps into action. This says if workers take 12 weeks out of a total year because of difficult situations — the birth of a child, caring for immediate family members who are ill, or a medical condition of their own — they will still have a job when they return after those 12 weeks are up. In essence: they can’t be permanently replaced while they’re away, so they have a measure of job security while they take care of personal issues.
How Does Employee Benefits Software Companies Work to Help Employers?
Trying to manage your HR system and benefits policies without the help of employee benefits software companies can be a real nightmare. With the software that employee benefits software companies offer, you may be to able to manage your payroll, health insurance, time off, administrative forms, and so much more, all in one place! It makes enrolling in certain benefits a cinch for employees (some companies boast it can take as little as 15 minutes) and they may have instant access to their records via an app or portal. You can link up with carriers and see employment benefit packages, as well as determine who is eligible to start certain benefits at one time. It’s a streamlined process all in one place to make it just a little easier for you! Even better, some companies will also offer tech help and solutions with their program, so if you or your employees have questions, you have a direct line to go to.
If your human resource benefits administration has been complaining about being overworked, try using web based software for human resources. You and your employees are sure to find it easy to use and helpful in organizing and maintaining your records.