In order to improve employee retention and comply with worker’s benefit rules, most employers offer different types of employee benefits incentives and benefit plans, including life insurance, health insurance, pension, paid vacations other rewards. Software products for benefits management give them the tools to set up, manage and administer all types of employee rewards and benefits. The key features of benefits management software include the ability to manage auto enrollment, the ability to view and manage employee benefit data from a centralized platform, reporting capability and the ability to integrate with other applications - most notably traditional HR solutions. Most products offer a self-service solution that enables users to enroll in a plan, track benefits plans, update contact data and manage life events from a single dashboard. Read the full software guide...
Benefits management software is utilized by HR teams to streamline the management of employee benefits. These solutions can enable users to improve employee retention and more easily ensure compliance with worker benefit rules for employee incentives and plans such as life insurance, health insurance, pension, paid vacations, and other rewards. These benefits can represent a significant proportion of a business’ expenses, meaning it is crucial that they are carefully administered.
To achieve these outcomes, these solutions offer a range of features such as auto-enrollment, a centralized employee benefits database, reporting and analytics, and, especially for users with an existing HR software stack, integration functionality—which is particularly important when considering standalone software. Additionally, when considering various benefits management solutions, it is crucial that you opt for a solution that will complement both your current and planned scale of operations.
Furthermore, many of these solutions can also provide employee self-service functionality. This enables users to personally enroll in a plan, track their benefits, and update contact data from a single dashboard interface. As a result, the benefits management burden on HR teams is minimized which can allow for enhanced productivity in other areas of the business due to the time saved.
|360 Degree Feedback||Gather and manage anonymous feedback for employees from co-workers and managers.|
|API||Application Programming Interfaces (APIs) are programmatic intersections with external products or platforms that allow for custom integrations with your own solutions or other solutions you are using.|
|Attendance Tracking||Track employee attendance and absence to keep on top of sick days and hours worked for payroll purposes.|
|Batch Permissions & Access||Control user or group access and permission settings for software or other systems.|
|Budgeting||Planning and tracking capabilities for financial budgets and plans often used to manage funds across different departments or for investor / shareholder oversight.|
|Calendar Management||Manage and update calendars for scheduling or consolidation of events across teams, departments or business functions.|
|Dashboard||Dashboards are digital interfaces commonly used to visualise data or give quick access to important features and functions of online platforms. They often serve as an overview gateway in software applications.|
|Data Export||Exporting functionality can be used to streamline the migration of data sets and information across systems, platforms or applications.|
|Data Import||Importing functionality allows you to use data sets from other systems or platforms to cut down on data entry requirements or to more easily migrate records from similar applications you have used in the past.|
|Data Visualization||Data visualization features render a visual interpretation of data sets through the use of charts, infographics and other visual cues generally in form of a reporting dashboard.|
|Employee Database||Manage and update employee records in a centralised database. Used to keep information about work entry, age, past roles and other employee details.|
|Employee Engagement||Collect feedback from employees to recognize achievements, gather feedback and improve employee participation processes in the workplace.|
|Employee Incentive Management||Manage and track incentive schemes for your employees to improve performance and loyalty / retention rate.|
|Employee Onboarding||Streamlines the onboarding process for new employees in form of checklists, password and access management features, as well as other induction elements.|
|Expense Tracking||Track employee travel and other expenses to stay on top of budgeting requirements and reimbursements.|
|External Integrations||Integrations with other software products or platforms to improve efficiency and compatibility across systems.|
|Feedback Management||Manage feedback through the use of surveys and similar elements issued to employees and/or customers to consolidate new ideas or track employee performance.|
|Forecasting||Forecast upcoming expenses, sales, revenue, user levels, etc. through the use of predictive methods and past data.|
|Multi-Currency||Support of different currencies for payments, accounting purposes, taxes, reports and more.|
|Multi-User||Supports more than just one user account and generally allows for collaboration with colleagues.|
|Notifications||Includes notification support and sends you alerts with information on important events and other time sensitive instances. For example through push notifications on mobile phones or email notifications.|
|Scheduling||Schedule tasks, resources, appointments, payments, communications, etc.|
|Timesheets||Track employee attendance, sick days and hours worked for payroll purposes or billable hours for professional services.|
|Travel Management||Manage travel plans and expenses for employees, prospects or potential recruits through a central environment.|
|Vacation Calendar||Track employee holiday requests and absences for payroll, reporting or shift-planning purposes.|
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