Managing employee benefits can be one of the most stressful parts of working in human resources. Between all of your other daily responsibilities, you simply don’t have time to be informed on everything you should know about when it comes to employee benefits.
Thankfully, there are tons of options at your disposal on how you wish to handle dealing with employee benefits. As technology has continued to advance, there is even human resource software solutions to make the benefit process less complicated and more efficient. Here are three quick things to keep in mind when you’re looking to better manage employee benefits:
The Commuter Benefits Program could save you tons of money. With this great program, employees save taxes on parking, transit, and other related transportation costs incurred when they commute to work. With the Commuter Benefits Program, your employees save about 30% on their commute to work. The benefits are offered as either a tax-free employer paid subsidy, a pre-tax employee paid deduction, or a combination of both.
Know your options for dental/vision plans. One of the biggest expenses you incur when managing employee benefits is for dental and vision insurance. Many businesses don’t know exactly what their options are when it comes to paying for these plans. Your company could opt for one of three plans: fully-funded employer plans (you pay all costs), partially-funded employer plans (you pay about 80% of cost), and fully-funded employee plans (you only pay for administrative costs and payroll deductions). Make sure to consult with a professional benefits administration system to know what the best option is for your business.
HR management software can streamline the process. Managing employee benefits with online HR software can make all the above mumbo-jumbo finally make sense, mainly because the program will take care of all the dirty work for you. By investing in HR management software, you have more time to deal with your actual business, and you’ll never have to worry about potentially-catastrophic oversights in payroll and benefits again.
Keep these tips in mind when you’re struggling with managing employee benefits for your business. The HR software could safe you hours of time and thousands of dollars in dealing with the minutia of employee benefits. Do a little research on your own and find the software that best suits your company’s needs.