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Sept 7, 2020

Ways to Improve Your Employee Benefits Management

Employee benefits play a key role in the overall success of each company. A competitive benefit package helps attract and retain the top talent. With a solid benefits strategy, you’ll be able to keep your employees motivated and happy at work. That’s why it’s important to understand and effectively manage benefit programs. Go on reading and you’ll get some actionable insights on how to improve employee benefits management.

Design a Competitive Benefit Plan for Employees

Employee benefits: a quick overview

For starters, let’s take a closer look at the benefits you can offer. A benefit package is typically a combination of mandatory and voluntary benefits. Here are the most popular of them:

  1. health care, dental and vision insurance
  2. retirement savings
  3. life and disability insurance
  4. paid time-off
  5. tuition and professional development assistance
  6. flexible work hours
  7. on-site child care
  8. food
  9. parking passes

Choose the right benefits

The first thing you should keep in mind is that benefits have to meet your employees’ needs. For this, it’s important to consider your company staff demographics to draw up the optimal benefit strategy.

The combination of different generations can greatly contribute to a company's competitive advantage. Yet, this creates challenges for selecting benefits. Many organizations tend to emphasize the value of retirement packages. However, workforces that belong to the younger generation don’t find this type of benefits compelling. Instead, they can be more interested in paid time-off or gym memberships. Still, each generation tends to focus on their health.

There’s no need to spread yourself thin and spend budget on benefits that appeal to everyone. You should find the right balance. Assessing your overall employee population can help you create an attractive benefit package.

Also, you can carry out a survey to find out what types of benefits your employees view as the most important, and include them into your employee benefits list. The members of the human resources department can interview the employees or prepare a questionnaire and send it by email.

Remember that the benefits package you offer should match your industry, reflect your company’s values and meet your organization’s goals. So take time to tailor a competitive benefits package that will serve to your advantage.

Tips on How to Effectively Manage Employee Benefits

Let’s say you’ve created a top quality benefits program that is very likely to make your staff satisfied and keep them motivated. Still, that’s not all you can do. Go on reading and learn how you can maximize your resources to make your benefits strategy even more efficient.

Educate employees on available benefits 

Employee benefit management is a process that demands a great deal of time and resources. However, in this digitally-powered world, we can take a huge advantage of utilizing AI services. Lots of industries automate processes with the help of specialized software. The digital market offers excellent solutions that effectively streamline benefits administration. With quality benefits software, you’ll be able to optimize a range of tasks to successfully manage employee benefits. Let’s take a closer look at how you can leverage AI solutions for more effective benefits management.

1. Store your data safely and improve accessibility

Software solutions help to store benefits data in one place, providing direct access from anywhere and anytime. First off, it substantially reduces paperwork and frees up lots of space in your office. Plus, it saves time for your human resources team: employees can easily access the necessary information without contacting HR specialists. To top it off, you don’t have to worry in case of hardware breakdown: AI solutions provide their customers with safe and secure cloud data storage.

2. Stay compliant

Benefit regulations might change and it’s important to stay compliant in order to avoid issues. Employee benefits management software automatically updates this information to ensure that you don’t fail to observe the laws.

3. Eliminate payroll error

Needless to say that manual payroll processes make you open to mistakes. Unfortunately, even small misunderstandings can result in fines and penalties. You don’t want that, right? Automated tools provide accuracy as the data is shared automatically.

Benefits administration services ensure that you collect the right amounts from the employees’ payroll deductions, as well as whether the carriers bill you the right amount. For this, the AI tools compare enrollments, payroll deductions, employer contributions for each employee against carrier invoices. The specialized software enables you to easily identify deviations and quickly react to them.

4. Keep detailed records and monitor processes

Benefits management tools enable you to keep and consistently update detailed records. Some AI services like Tabulera provide a dashboard that reflects detailed financial and statistical information for benefits plans that are found in your enrollment, carrier, accounts payable and general ledger platforms. It enables the administrator to monitor what exactly is happening and helps ensure that all workflows are fulfilled on time. All in all, benefit administration software helps to maintain efficient organizational communication and  transparency.

5. Streamline a range of processes and save costs

Basically, the main goal of any AI implementation is to automate time-consuming actions and save costs. Benefits administration services allow for automation of multiple tasks like enrollment, billing, commissions, carrier and vendor remittances. Plus, automated platforms are the best solution to effectively deal with benefit reconciliation. What is more, AI tools enable employees to enroll in benefits by themselves, without any assistance from the HR department.

To Sum Up

All in all, employee benefits can substantially enhance productivity, employee engagement and the business bottom line. However, benefits need a flexible approach and careful consideration. To leverage your benefit plan, you should carefully select benefits to offer to your employees. Make sure they best meet your employees’ needs and your business goals. Next, educate your employees on available benefits: face to face or by email. Finally, take advantage of AI solutions for benefit administration to streamline a range of time-consuming processes and save costs. 

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