Perhaps one of the most valuable assets to having a full time job are the benefits you receive from that job. With good benefits, even a lower paying job can be worth it, if you’ve got great health insurance, a retirement plan, and good vacation time or sick leave. For an employer though, negotiating employee benefits — especially for small businesses — can be something of a logistical nightmare. Employee benefits for small business owners may be more limited in scope than what a larger business could take advantage of, because there are fewer people participating in the benefits plan. In these cases, looking at employee benefits enrollment software can take some of the headache out of hiring new employees and streamlining the whole benefits process for business owners.
What’s the Big Deal With Benefits?
Benefits are important enough that even the government regulates them. For example, FMLA (The Family and Medical Leave Act) allows employees to have at least 12 weeks of unpaid absence (and job security) over the course of one year for maternity leave, family care, or self-care for a grave medical issue. And other legislation makes it mandatory for organizations to offer health benefits to their employees if their staff is equivalent 50 or more full time employees, even if that number is reached with half time employees.
Benefits make it affordable for people to pay for expensive necessities, like healthcare or time off work for a family emergency. Good benefits can make a job more attractive to potential applicants and make a company more competitive when recruiting. Indeed, paid leave is the most common benefit in a benefits package. It includes paid holidays and vacation time, both of which are available to almost 80% of employees. Almost 100% of full-time workers have paid sick leave and 99% of full time employees get medical benefits. Additionally, half of employees say that their benefits are a main reason that they stick with their employer.
What Is Employee Benefits Enrollment Software?
Employee benefits enrollment software is a type of software that lets companies manage their benefits packages and their employees more efficiently. You can view health insurance quotes, see who qualifies for coverage within your company, immediately enroll new employees in health coverage, and estimate coverage costs for the future, so you can manage your budgets more effectively. For example, if you employ a mix of full time and part employees, software can help keep track of part time employee benefits versus full time.
More and more companies are investing in software like this — indeed, almost 60% of companies have a huge new HR software buy on the horizon for the next 18 months and over 80% of companies use three to four different HR systems to manage their staff. Employees can view their coverage and benefits easily with the online portals and you never have to worry about your paperwork being lost again! Insurance cards can even be printed directly from some enrollment software programs.
Streamline your life and how your business does its business. You can gain a great competitive edge by using this type of software. Investigate now!
