Best Tips on How to Enhance Your Employee Benefits Management
Tailoring a competitive employee benefits plan is an essential step to growing a successful business. For starters, efficient employee benefits management facilitates drawing and retaining the best employees. Plus, a smart benefits strategy ensures that your staff members feel more motivated and happier at the workplace, which undoubtedly leads to better performance and higher productivity.
Therefore, it’s essential to understand and competently manage benefits plans. For this, you need a devoted HR specialist or team and a bit of tech to streamline benefits administration routine, for instance, solutions offered by Tabulera. In this guide, we share practical advice on how to enhance benefits management. Let’s jump right in.
Work out a competitive benefits plan
First of all, you should map out an efficient benefits strategy that will best respond to your employees’ needs. Your strategy has to be focused on the improvement of the employees’ life quality, and their experience outside work.
A benefits package consists of mandatory and optional, or voluntary, benefits. Mandatory benefits are required by state or federal law, so you can’t avoid including them into your benefits programs. Mandated benefits can vary across countries, but they typically cover social security, workers’ compensation, unemployment compensation and health insurance. It’s up to you, which optional benefits to include into your employee benefits plan. Voluntary benefits may cover dental and vision insurance, life and disability insurance, flexible working hours, on-site child care, tuition, retirement plans, food, commuting, parking passes and even more.
How to choose the right benefits?
Remember that first of all, your benefits plan has to reflect your employees’ needs. For this, it’s essential to take into account your staff demographics. While a combination of several generations may give you a competitive edge over other organizations, it might also present challenges for choosing the right benefits. It’s typical of many companies to focus on retirement plans. Yet, younger staff members don’t view this benefits option as useful. Instead, paid time-off or wellness programs will be more likely to attract the younger generation workforce.
Your employees might have different preferences and needs for benefits. However, you don’t need to allocate your benefits budget so that the benefits package satisfies each and every need. You just have to find the balance.
For this, study your staff demographics and figure out which benefits your employees will be likely to find the most valuable. Next, it’s a great idea to conduct a survey that will help you understand which benefits your team members consider to be the most essential. For this, your HR specialists can interview the employees or design a questionnaire.
Also, keep in mind that the benefits package has to suit the industry, reflect your company’s values and goals. Take your time to map out a great benefits plan, and you’ll see that it will bring amazing results in the long run.
Useful tips on efficient benefits management
So now you know the major steps to design a relevant benefits package that will help keep your staff members happy and motivated. However, there is still some room for perfection. Here are some insights on how you can leverage your efforts and make your benefits plan even more successful.
#1 Inform your employees about available benefits
It’s important that your HR team has a solid communication strategy to explain to your staff members which benefits they are eligible for. Also, it’s a good idea to share this information in smaller portions throughout the year, instead of educating employees on the benefits directly before the enrolment.
Make sure that you educate the staff in the way they find the most convenient. It’s necessary to develop a flexible communication strategy in order to meet preferences of each employer. Let your workers choose the way they would like to be informed about benefits options: by email, face to face, with the help of short videos or print-outs. It’s important to assess the engagement in communication to ensure that the message managed to get through.
#2 Store your data safely
Benefits management means handling a lot of data. In this digitally-powered world, it’s high time to go paperless and replace multiple files and folders with specialized software. Benefits software solutions ensure that your sensitive data is securely stored in one place. In addition, HR experts and employees have direct access to it from anywhere and anytime. Lastly, you don’t need to worry in case of hardware breakdown: benefits software ensures safe and secure cloud data storage.
#3 Remember to stay compliant
Employment is a highly regulated relationship, and your HR team must stay on top of labor laws and regulations to ensure compliance. What is more, keep in mind that benefits regulations may change and it’s highly essential to follow any changes in order to avoid issues. Good news: you don’t need to check the changes all the time, as benefits administration software solutions update this information automatically.
#4 Give no chances to payroll errors
It’s a no-brainer that manual payroll operations make you open to errors. The truth is that even minor misunderstandings might lead to fines or penalties. However, there’s a solution: automated benefits management tools ensure perfect accuracy since data is processed automatically. Benefits administration software solutions control whether you collect the right amounts from the workers’ payroll deductions, and also whether the carriers charge the right amount.
#5 Keep a close eye on the benefits management process
Take advantage of the benefits management solutions that provide for consistently updated records. For example, Tabulera offers a dashboard that covers detailed financial and statistical data for benefits plans that can be found in your enrollment, carrier, accounts payable and GL platforms. This service allows you to maintain efficient communication and transparency.
#6 Take advantage of the automated tools
Pioneering businesses have already started to implement software solutions in the range of HR processes, including benefits administration. AI tools automate time-consuming tasks and help cut down costs. Benefits management services provide for automation of the routines such as billing, carrier and vendor remittances. Plus, with benefits software solutions, your employees can enroll in benefits programs by themselves.
The bottom line
In essence, tailoring a competitive benefits strategy can greatly improve employee productivity and engagement. Make sure that the benefits you offer address your team’s needs and match your business goals. To maximize your benefits management efforts, remember to educate your employees on available benefits on time and take advantage of benefit management software solutions to streamline time-consuming operations and reduce costs.