Employee Benefits Administration system is a selection of software that Human Resources personnel, Managers and the employees use in the management of all the work place benefits that are applicable to an organisation.
Workplace or Employee Benefits refer to any type of non-wage compensation that is provided to employees in addition to the normal salaries or wages.
These can be: Fringe Benefit - anything extra to salary; Ancillary Benefits - commonly health insurance covering smaller medical expenses; Voluntary Benefits - those offered by the employer, but, paid for by the employees through salary/wage deductions and Statutory Benefits - those that are required to be provided as per the law of the land.
Common types of employee benefit administration software are:
Benefits Administration Software - This is the overall software package that helps in the management of all the benefits provided to the employees.
Benefits Enrollment Software - This focuses on the actual act of applying for the benefit plans and the employee’s experience with the process, usually when joining a company or a change of employee status within the company.
Benefits Providers Software - This software streamlines all the processes included in connecting the various external benefits providers, like for example, insurance companies, to work seamlessly with the company..
Key reasons for using these types of software:
Time Savings and Error Reduction - duplicate and inconsistent data entry is avoided; employee details and benefit package chosen details need to be uploaded only once, all leading to extensive time saving for all concerned.
Satisfaction and Convenience - by allowing all concerned to access benefit details anytime and from any place, the system allows the employees to include others in their decision making process, making it a convenient and satisfying system.
Analysis - employers can track the process of the employees from enrollment to full employment. It allows HR teams time to focus on high value tasks rather than on administration and answering benefit queries.
While the Covid pandemic may have eased, and workers have started streaming back to offices, the entire employer-employee chemistry has changed. And, organisations need all the help that they can get, especially from specialists like Jaivam Life, a digital transformation consultancy and software development company, who can provide exceptional HR tools for a fast growing company.