Business administration software is important for companies of all sizes, but especially as you grow.
With microbusinesses, small businesses, and small start-ups, you may be able to get away with managing your employees’ benefits without benefits administration software, but that changes once you are established in the marketplace. Mid-sized businesses need benefits administration software to be able to support the work of their employees.
It is important to find the right software program or suite of programs that works for your business, your industry, and of course your budget. You can only make an informed decision after you know what you need and what your options are.
Let’s take a look at some of the most benefits administration software programs and what they have to offer so that you can make the right decision for your mid-sized business.
What is benefits administration software?
Why do you need good benefits administration software?
How does benefits administration work with HRIS?
What should your benefits administration software include?
5 of the Top Benefits Administration Software Platforms
Benefits Administration FAQs
Benefits Administration Is Complicated. Europe HR Solutions Can Make It Easy
What is benefits administration software?
Here is an overview of the key capabilities typically offered by benefits administration software:
Benefits Enrollment Management
- Automates the enrollment process for new hires and open enrollment periods
- Allows your employees to select benefits plans and levels electronically
- Validates your employees’ eligibility for different benefit plans
Benefits Communication
- Provides a self-service portal where employees can view their selected benefits year-round
- Houses benefits guides, plan documents, contacts in one place for clear communication of benefits
- Allows for customization of confirmation statements showing elected benefits
Carrier Connections & Payments
- Integrates medical, dental, and vision carriers to exchange enrollment data
- Automates the generation of premium payments to various benefit carriers
Compliance & Reporting
- Tracks, audits, and generates reports to meet compliance requirements related to benefits plans
- Ensures compliance with European non-discrimination policies
- Manages legally-mandated notices and filings
Analytics
- Provides HR analytics related to benefits participation, costs, provider performance, and more
- Assists with monitoring budgets and planning for upcoming plan years
Alt: good benefits administration software
Why do you need good benefits administration software?
One of the biggest reasons why HR departments are enthusiastic about implementing benefits administration software is that it makes everything run far more smoothly!
These software programs help you with so many workplace tasks that used to be both time-consuming and expensive.
For example, these software solutions can:
- 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
- Illuminate essential insights into gross and net pay
- Help with planning future company strategies
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. .
Alt: How does benefits administration work with HRIS?
How does benefits administration work with HRIS?
Benefits administration is just one of those potential functions of HRIS.
HRIS stands for Human resources Information Systems, and it is a software solution created for the maintenance and management of HR tasks. Typically, your HRIS system houses
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.
What should your 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, family leave statuses, and more.
When evaluating benefits administration software, you will want to consider factors beyond these 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, we want to 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
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
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
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
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 FAQs
How difficult is it to implement benefits administration software?
Implementation difficulty can vary based on factors like company size, existing systems, data migration needs, and the specific software chosen. Many vendors offer implementation support and training to ensure a smooth transition. Additionally, you can outsource your benefits administration to a third-party HR team so that you don’t have to worry about it at all!
Can benefits administration software handle unique or complex benefit plans?
Yes, most robust benefits software can accommodate a wide range of benefit plans, including health insurance, retirement plans, life insurance, disability, and various voluntary benefits.
How does benefits administration software support compliance?
These solutions help companies stay compliant by tracking and reporting on regulatory requirements, managing legally-mandated notices and filings, and ensuring non-discrimination policies are followed.
What are the typical costs associated with benefits administration software?
Costs can vary significantly based on the vendor, the number of employees, and the specific features or modules required. Many vendors offer pricing packages or quote customized costs.
How can benefits administration software improve the employee experience? Employee self-service portals, clear benefits communication, and streamlined enrollment processes can greatly enhance the overall employee experience with benefits programs.
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.
