Benefits are a perk that will make any employee stand to attention. There is no doubt the promise of guaranteed insurances and paid time off greatly boosts morale and work turn out, which makes managing employee benefits so vital to success. Even with a smaller work force, keeping track of all benefits for each employee can be daunting and time consuming, not to mention expensive. For a solid benefits package a company can expect to use 30% to 40% of its total payroll expenses, encompassing health insurance, retirement plans and some extra perks.
More and more small businesses are adopting the practice of offering benefits to full time employees, with 75% now offering paid vacation time. For smaller companies this can be a lot of added work. Luckily employee benefits software was developed to simplify the entire process. Between health insurance quotes, Paid leave and extra incentives, such as commuter benefits which can save employees up to 30% on their travel costs, benefits software compiles all of this information into an easily accessible portal.
However, even with all of this information in one neatly wrapped package, human resource professionals must traverse the files in order to consolidate the payroll costs of the benefits. Luckily human resource software is available to further streamline the process. Not only does this make the benefits easier to manage for any employee working in human resources, but can also save the company money on payroll deductions. With the hr software solution’s precise mechanics, small percentages of payroll can be salvaged. Over time these percentages will build up to substantial savings.
Employee benefits software companies understand how important helpful assets are to retaining positive, hardworking staff. Besides the obvious financial advantage of benefits, the less outside burdens weighing on employee’s minds, the more attention they can give to their work. Human resource software has quickly followed suit and worked to take the concept to another level.
With the implementation of mobile human resources software, hr information is more readily accessible than ever. While still operating within the same streamlined processes, mobile software can be available on one’s cellular device for any quick edits or information one might need to access at any given time. At this rate, systems could become so automated and efficient that the expenses saved could lead to more benefits being offered to employees. Coupled with the employee benefits software, the number and quality of perks simply appears to be growing. For those of us working, it will hopefully never stop.