4 Effective Solutions to Customize the Employee Benefits for an Organization
Employee benefits are healthcare plans that are legally compulsory to be provided to the employees.
Employees are a crucial part of any organization to run a business. Some businesses are handled singularly by one person as well but we can say one thing that, there can’t be an organization without its employees.
Employees are the key to success for an organization because if they perform with dedication, the company could touch another level of success. However, the same employees, if they stop taking an interest in their work, could grab the company out from the market competition as well.
Conclusively, they are the key to the door of success. They can lock it, they can hold it open and they could even close it.
What Are Employee Benefits?
Employee benefits are healthcare plans that are legally compulsory to be provided to the employees by an organization i.e. based in the USA only.
However, such rules are getting prevalent more and more across the globe and are already adopted by many other countries as well and the healthcare sector individually generates a huge amount of revenue just because of this act only.
Enterprise businesses are nowadays adopting employee benefits software to deal with them. Whereas, the enterprise software development companies are earning by developing such software that could handle group plans, brokers, TPAs, and other insurer careers as well.
Nevertheless, we’ll discuss ahead of the effective 4 solutions that could even customize the employee benefits and manage them being an employee benefits portal.
What Is Employee Benefits Management & Why It Is So Important?
Employee benefits management includes allowing the employees to choose their choice of health or benefits plan and providing them the access to customize it whenever required.
Rendering employee benefits is an essential part of the administration as per the enterprise business rules set by the government. But there exist more than a hundred brokers in the market and they bring more than a thousand benefits plan, which makes it complex.
Thus, employee benefits management is all about selecting the right plan and getting the best service out of it as per rules. It involves the communication required with the employees as well as the brokers.
Let us explore all this thoroughly and find out what are those 4 effective solutions that could even customize the employee benefits for an organization-
- ACCOMPLISH EP
It is considered as one of the most advanced hr solutions that are capable of handling all the HR department things including online payroll services, ACA compliance management, employee benefits administration, broker management, calendar management, etc.
AccomplishEP is an HR empowering platform that is designed and developed to assist the employees and make their work smooth by providing them utmost functionalities like online onboarding and check-in check-out services.
It allows the employees to access their leave and attendance online with just one click and can easily check their payroll reports as well.
It assists in employing new candidates with proper rules and regulations and keeps the company safe from all the compliance-related issues later on. It is praised because of its automated functionalities which do not require human intervention.
Gusto is a payroll dedicated software that also offers other management services including benefits management, tax, labor, and immigration laws management, etc.
It allows customization of payroll reports and is considered as a pioneer tool for loan management as well, having the PPP loan tracking feature, has enabled PPP loans worth $2 billion and more in just one past year.
Gusto, with its recent improvements recently, has involved an even better employee experience with multiple pay-rate tools and interactive welcome emails.
As far as employee benefits are concerned, Gusto allows employee onboarding along with customized benefits including dental, vision, and other general health insurance plans. Moreover, it provides workers compensation insurance and pension-related plans that are related to retirement benefits.
In the last decade, Gusto has performed exceptionally well that it has managed to acquire series B funding at the mid-decade period from Google Capital itself.
Zenefits is a successful cloud-based solution that brings payroll management and employee benefits administrations together onboard.
As a SaaS-based solution, it has accommodated small as well as mid-level businesses across the globe since 2003.
Along with the employee benefits administration, Zenefits offers the following functionalities also-
- Payroll services
- Performance management
- Employee record management
- Time tracking and onboarding management, etc.
However, it is claimed that with Zenefits, users face integration issues when they already own some office management tool and want to integrate it as an employee benefits portal only.
4. Clear Company
Clear company has earned its acquaintance as an applicant tracking system and is claimed to be the most successful talent management solution across the global market. It accompanies the HR department in hiring new talents and is an efficient tool to maintain a strong company culture.
It supports the mobile application mode and is capable of effective goal and performance management. However, it is seldom reviewed for its poor mobile optimization and consistent refreshing requirements by the users.
Apart from that, it has earned reliance from its customers, by rendering customization over its available features and services including salaries, employee benefits, etc.
As far as employee benefits administration is concerned, all of the above software can be chosen for it. But a company ideally prefers to have an all-in-one solution when it starts a new business or expands to a newer level of the market. For that, an all-in-one solution that is equally efficient in handling payroll, compliances, employee benefits, talent management, succession planning management, etc. all single-handedly.
Employee benefits can be either specifically chosen as per the requirements, or they could be chosen as a bundle in general as per the desire and need.
However, it is a responsibility for the organization to not utilize the employees without having them enrolled for healthcare benefits and plans.
This is the reason why healthcare benefits and rules are quite strict and are eventually developing a separate business for its management.
Make sure to hire the smartest of all which could assist an organization in keeping brokers, TPAs, employees well-managed with adequate resources, and digital safety.
Author's bio: Scarlett is an adept content writer and is associated with AccomplishEP from the beginning. She has worked with edi solution providers and is often found struggling with some unique areas like hris software for small business, HR analytics tools, and Insurance management for her upcoming projects. She participates also in the discussions over the information exchange and the technologies in-trend around it. When not working on any of her writing projects, she is either reading any of the Agatha Christie mysteries or busy gardening.
Scarlett is an adept content writer and is associated with AccomplishEP from the beginning. With a keen eye on all the advancements, the technology has in store, she is generally found reading journals and training the team.