You already know that employee benefits are not a luxury but a strategic tool for recruiting and retaining bright talents, increasing your company's profitability, and improving productivity.
You also know that having a one-size-fits-all benefits program is already obsolete in this day and age. Your competitors are offering a slew of attractive benefits that could lure your top talents away. The most apparent counter-measure is to provide even more flexible and more relevant benefits.
However, expanding or customising your benefits comes with a risk.
How would you keep track of so many types of benefits for each employee? And how do you ensure your benefits are strategic expenses, not a waste of money?
This is where employee benefits software comes into play. Over 43% of employers now use some kind of benefits software to automate manual work, save time, and offer flexible benefits without losing track of them.
Now, you might be wondering:
"How do I choose the right employee benefits software for my company?"
You're precisely at the right place. This guide covers all the factors you need to consider, including user interface, usability, ease of use, and so much more.
A benefits administration software is a cloud-based or on-site benefits management system that helps you administer the company's health insurance, retirement plans, paid time off (PTO), and other employee benefits.
Typically benefits administration software covers three major modules:
Nowadays, most benefits management software offers a portal as a one-stop place for everything related to benefits and some benefits platforms like Mednefits offer mobile apps for added convenience and transparency.
The market for employee benefits software is highly fragmented, but the three major types of benefits administration platforms are:
Benefits administration software. A cloud-based or self-hosted suite that offers easy access to your company's benefits plans through one common account.
This is one of the most popular among employers as they're easy to use and offer sophisticated benefits administration tools such as automatic reimbursements, paid time off tracking, etc.
Mednefits is one of them. It is a cloud-based health benefits portal that offers continuously dedicated support to help you with onboarding, setup, customisations, and managing your employee benefits.
It comes with an easy-to-use app that allows HR to track benefits expenses and employees to track their benefits usage at their fingertips.
The costs of benefits, especially healthcare, are already rapidly rising, stretching you thinner than ever. So, why should you invest in an employee benefits platform? Is it worth it? Let's look at 5 reasons why (#4 is the biggest).
When it comes to managing your compensation and benefits packages, you have 2 choices: 1) buy a benefits software service or 2) outsource benefits management to someone else. In this section, you'll find out the pros and cons of each choice and see which is the best for your company.
So, how do you evaluate the best-fit software for your business? Given the number of solutions currently on the market, this may be intimidating. Don't worry; we've got some solid factors for you to consider at this stage:
Want to see how benefits software works in your company? Contact our Benefits Specialists for a free live demonstration.