The human resources department plays a number of roles in a business. They cover everything from hiring new employees, to addressing employee misconduct, to managing employee benefits and compensation. Because they have such a wide range of responsibilities, it is crucial that HR workers remain organized. The best way to accomplish this is with the use of human resources software. Computer-based benefits administration tools allow the HR worker to easily manage each of their tasks, including the enrollment of new hires in large business or small business employee benefits packages. Some online human resources software also allows employees to access their benefits, manage their account, and select and enroll in a health insurance package.
Benefits administration tools also assist a human resources department in putting together a benefits package that is appropriate for their employees. Studies show that 50% of workers identify benefits as one of the most important reasons they remain with their current employer, so creating an attractive benefits package can help maintain a company’s employee retention rate. What are employees looking for in a benefits package?
Common benefits include, but are not limited to:
- Health Insurance
- Life Insurance
- Dental Insurance
- Vision Insurance
- Disability Insurance
- Sick Leave
- Bereavement Leave
- Retirement Savings
- Tuition Reimbursement
- Transportation Subsidies
The Facts about Employee Benefits
- Of all full-time employees in the United States, 98% have access to paid sick leave
- A whole 99% of full-time employees have access to medical benefits
- Under the Patient Protection and Affordable Care Act, organizations are required to offer health benefits to all employees (full-time and part-time) as soon as they have a total of 50 full-time employees
- The most commonly provided employee benefit is paid leave
- Companies with 50 or more employees are required to provide unpaid family and medical leave
- Under the Family and Medical Leave Act, employees are allowed up to 12 weeks of unpaid leave for the birth of a child, a serious medical condition, or care of a family member
- According to the United States Chamber of Commerce, employee benefits make up around 42% of payroll costs
- Nearly 60% of U.S. companies intend to purchase a new HR software within the next 18 months
Technology is always evolving and improving. If your company does not have any sort of benefits administration software, or your software is out of date, it would be wise to take a look at what is currently on the market, and consider your options.