Mid-sized companies use benefits administration software to make their HR processes run more smoothly and efficiently.
When your HR team uses a great benefits administration program to support their work, everything works better.
However, you have to find the software program or suite of programs that works well for your business, industry, and budget. Let’s take a look at some of the most popular programs available to help you determine which one is the best fit for your mid-sized business.
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Why Do You Need Good Benefits Administration Software?
These software programs help you with so many workplace tasks that used to be both time-consuming and expensive. These are just some of the things that your benefits admin program should do for you:
- Eliminate traditional paperwork, saving you time and energy
- Drastically reduce your dependence on paper, which lowers costs and helps your sustainability
- Improve your overall efficiency
- Automate processes like benefits eligibility and enrollment
- Manage special workplace needs like elections
- Easily adjust employees’ benefits packages as needed
- Make it easy for employees or HR to quickly update personal information
- Analyze benefits data to determine how employees are using those benefits
- Maintain compliance with local, regional, and national regulations
Advantages of choosing the right benefits administration software
When you choose the right software package, work gets easier.
Mid-sized companies have special considerations when choosing a platform. For example, you now have enough team members that you need a robust administration system that will prevent you from overlooking minor details.
After all, making minor mistakes can lead to major problems, including fines, missed deadlines, missing benefits for your employees, and more. .
How Does Benefits Administration Work with HRIS?
HRIS stands for Human resources Information Systems.
HRIS is a software solution for the maintenance and management of human resources tasks, policies, and procedures. It typically houses the data related to employees’ personal information, too.
Your HRIS can all be associated with one software company, or it may be composed of multiple software platforms that are linked together. (Or, in more frustrating situations, not linked!)
Some of the typical functions of HRIS include payroll management, recruitment, training, insurance and benefits administration, performance management, policies, employee suggestion management, newsletters and announcements, and employee and manager self-service.
Benefits administration is just one of those potential functions of HRIS.
What Should Benefits Administration Software Include?
Although the specifications will vary from one software platform to the next, there are some things that are consistent across most software systems.
These basics are:
- A centralized administrator dashboard: where employees can view the status of their benefits, all in one place
- Access to a benefits marketplace, including benefits vendors
- Benefits portal where employees can access, update, review, and enroll in benefits and insurance programs
- Facilitation of open enrollment
- A way to create compensation statements
- Compliance reporting
- Other reporting and analytics tools for monitoring your HR metrics, such as enrollments, costs, FMLA statuses, and more.
When evaluating benefits administration software, you will want to consider factors beyond the basic specs. You’ll also need to consider things like your budget, whether or not the software offers a free trial, the size of your company, your projected growth over the next few years, and who will be implementing the software.
5 of the Top Benefits Administration Software Platforms
Although this list is not comprehensive, it will give an overview of some of the most popular benefits administration software programs available to mid-sized companies like yours.
You can visit each website for more information –or reach out to us at Europe HR Solutions for additional insights into what will work best for you.
Rippling combines HR, IT, and Finance for small and mid-sized businesses. It is well reviewed by users, especially with regards to how easy it is to use. Rippling does a great job of integrating third-party apps and all of your HRIS tasks, including benefits administration. It also automates several processes.
Paychex Flex is a subdivision of Paychex, a major payroll company. Paychex Flex has an all-in-one approach with 24/7 live support. The majority of Paychex Flex users are small business owners and mid-sized companies. They also emphasize their ability to scale up quickly as your business grows.
Paycom has been around for 25 years. They provide an app that employees use to self-select their benefits and update their personal information. An add-on is a coordinator who facilitates third-party apps and helps you to plan your payroll and benefits strategy.
ADP Workforce Now
ADP Workforce Now focuses on employee navigation and benefits self-selection. It is easy to integrate into other applications, including payroll, financial systems, and most Enterprise Resource Planning (ERP) platforms. ADP is one of the most widely used payroll and benefits platforms available.
Gusto has an easy-to-use app and is especially good for companies who work with independent contractors as well as traditional employees.In addition to payroll management and benefits administration, Gusto offers bonus features like charitable donations management.
Benefits Administration Is Complicated. Europe HR Solutions Can Make It Easy
You’ve got a lot of decisions to make regarding benefits administration. As your company grows, so do your benefits administration needs.
The team of HR professionals at Europe HR Solutions has extensive experience with the top benefits administration software programs in the world, especially in Europe.
We can assist with or manage your HR needs, including benefits administration. Instead of wondering if you’re getting it right while you try to make the best choice, talk to us! We know what works for mid-sized businesses just like yours.
Our multilingual team does more than just benefits administration, though. We also assist with (or completely manage!) your onboarding, recruitment, training, professional development, compensation research, HRIS implementation, and payroll.
Contact us for a free consultation! We look forward to helping you provide your employees with the benefits that keep them happy and satisfied at work.