In this competitive job market, potential employees are constantly on the lookout for bigger and better opportunities. A lot of that has to do with the advantages they may receive in different positions. Higher wages and salary may be one large selling point but in recent years, benefits have become an equally strong incentive.
Up to 50% of employees have cited a good benefits package as an important reason that they have remained with their current employer. Not only will workers tend to stay with a company longer but odds are they will produce better quality work at a faster rate.
Give the need for so many companies to oversee managing employee benefits, many have turned to employee benefits software to expedite the process and ensure efficiency. Now that 99% of full time workers have access to a medical benefits package such as group health insurance, as well as 98% who have paid sick leave available to them, there are countless numbers of people and information to coordinate when organizing benefits.
Employee benefits software offers the ability to automate the assignment and disbursement of benefits. It will keep track of what package each individual employee has, as well as what portions they have used.
The implementation of this software can save the company plenty of money by erasing the need to hire employees to manage benefits. Those in human resources who would have previously been manually working to find employee benefits solutions can now be assigned elsewhere to complete other tasks, improving overall productivity.
Besides just adding more incentive to current employees to work hard and ensure a place within the company, a good benefits package could entice potential employees to choose your company over a competitor. The more automated and cost-efficient employee benefits software is, the more perks a company can offer to employees. Any added incentive a business can give should be taken advantage of.