Advantages of Having Benefits Administration Software
Is your office considering purchasing employee benefits administration software? If so, you have probably been asked to articulate the advantages of having such software to senior management. The key is to clearly communicate the amount of time and money this software can save your organization. Below are some business advantages to using benefits administration software that your company should be aware of.
- Benefits administration software helps you with complying with federal law. Federal mandates, such as HIPPA, FMLA, Sarbanes-Oxley, and COBRA, all carry with them complex rules and regulations. Violating any of these laws can result in major financial penalties. In a survey conducted by the Society for Human Resource Management, it was found that error rates pertaining to compliance lower to 1% or less through the use of automated software.
- Your employees will become more familiar with the benefits available to them. Benefits Administration software will allow your employees to go online and conduct their own research regarding the benefits you offer, allowing them to more thoroughly understand plan features at their own pace. Additionally, investment and retirement management available through benefits administration software will empower an employee to save for his or her future, while at the same time having the feeling of security that comes from knowing their employer cares about their retirement as well.
- Your Human Resources staff will have more time to handle special projects. Employee self-service features offered through benefits administration software, such as time sheet completion and approval, will remove a great deal of paperwork from the desks of your Human Resources team. This will give them more time to focus on staff relations, recruitment, and other items of importance to the company’s success.
Benefits administration software will greatly reduce the chances of human error that will cost your company money. It will automatically calculate hours worked and paid time off, ensuring accurate paychecks and leave banks.