In the current economy, with strong job growth, and employment near an all-time high. it’s getting harder for companies to recruit and retain employees. And while a gut reaction might be something along the lines of, “just offer more money,” other economic forces are keeping wage growth low. In fact, the current wage gain of 2.7% is roughly in line with inflation.
In the hopes of attracting new hires, and encouraging employees to stick around, many companies are reexamining their benefits plans.
The latest employee benefit trends
By keeping an eye on trends in employee benefits, you can see that certain shifts are about giving today’s workers more of what they want. For instance, from a recent trends report by SHRM:
- Financial wellness programs, which focus on the financial well-being of workers, have become more popular, especially as more workers deal with things like student loans, credit card debt, and retirement planning.
- The growth of the gig economy—a catch-all phrase for freelance, or “gig” workers—has influenced the types of benefits some companies offer. This includes offering flexible, personalized, and voluntary benefits to part-time employees.
- Some companies are increasing PTO benefits for new parents, and even grandparents, in an effort to help employees take care of their families.
As you track benefits trends, and explore the connections between benefits, hiring, and retention, one thing becomes clear: relying on a flexible, benefits administration software solution might be more important than ever, especially when things are changing so rapidly.
Below, we’ve outlined two of the ways that benefits administration software can help your company get more out of its benefits plan, and keep up with trends.
In today’s competitive hiring environment, don’t let a manual or paper-driven benefits administration process slow your company down. BeneTrac, a cloud-based benefits administration solution, is designed to be flexible, employee-friendly, and easy to use. Request a demo, and learn more.
Regardless of trends, employee benefit administration is vital
As an HR professional, you’re most likely aware of the role that employee benefits can play in the health of your people, and the success of your company.
- Employees consider benefits to be one of the main reasons why they stay with their current jobs—or choose to look elsewhere.
- Nearly one-third of organizations surveyed increased their benefits in the past year. Why? Because they understand that their benefits package is one of the top ways to retain and attract talent.
Are you leveraging benefits as part of your recruiting and retention strategies? If so, put your benefits administration software to work for you.
Offering benefits that get people excited is only part of the equation. But if your benefits administration is cumbersome, difficult to administer, or doesn’t offer user-friendly features that today’s workers want, your company might have a difficult time getting employees to buy in, or take advantage of the plan features you offer.
Below are two of the most important ways that benefits administration software can help you and your employees get the most out of your benefits plan:
1. With benefits administration software, you can facilitate open enrollment easier than if you use a paper system.
Most benefits administration software includes an administrative dashboard, which lets you view and adjust benefits packages when you need to. Dashboards also help employees take control when it comes to making claims, and update their personal information when necessary.
- With features such as employee portals and self-service menus, employees gain control over making updates and changes.
- They can manage and change personal information when they need to. And, they can update their coverage options during open enrollment, or other times when they’ve had a qualifying event, such as a change in their family status.
- When employees make their own updates, it saves you time from having to do so for them.
2. Benefits administration software helps create new levels of transparency.
When an employee submits a benefit request for approval, your benefits administration software makes every step of the process traceable. This will help mitigate misunderstandings.
- You and employees will have access to information that the benefits provider shares. This can help sidestep any miscommunication.
- And, this level of transparency can also help employees understand issues related to required benefits contributions.
- This level of transparency can also help you stay compliant with state and federal regulations, including items related to the Affordable Care Act (ACA), the Health Insurance Portability and Accountability Act (HIPAA), and other regulations.
Today’s employees and job seekers care about benefits. By optimizing your benefits picture with benefits administration software, you can get more out of your efforts to recruit, retain, and take care of your employees.
Benefits administration software is becoming a must-have for most small- to mid-sized companies. With features that support HR and employees, BeneTrac can help get rid of guesswork, control costs, and get employees excited about the benefits you offer. Contact a BeneTrac representative today to learn more.