What is benefits administration software? Benefits administration refers to the umbrella of establishing, managing and updating benefits for the employees of an organization. Benefits Administration solutions are the responsibility of a Human Resources (HR) Department, itself usually overseen by Operations and closely maintained by IT. Corporations depend on Benefits Administration to oversee payroll, medical and other insurance choices, HIPAA, IRAs, 401ks, extra-curricular benefits, vacation time, sick time and maternity/paternity leave.
Software for benefits administration can be labor intensive for IT due to employee special needs, the ACA, taxes, compliance and ever-changing Federal, State and Municipal regulations. PeerSpot users are looking to maximize productivity through technology, saving time and improving collaboration and transparency.
Benefits administration is one of the most “tech-heavy” segments of an organization, often running software that interacts with other software platforms, and depends on the extended enterprise. In order to make information more accessible in spite of organizational boundaries, Benefits Administration should have good extensibility, SAAS, mobility and web platforms.
Benefits administration partners with IT to deliver analytics for strategic management decision-making. Actionable data and systems should allow PeerSpot users specific and secure points of access and integration. Overall, Benefits Administration needs IT to provide accurate data analysis to keep track of employee contracts and metrics. There should be agile, updates of employee details regarding date hired, marital status, dependents, hours worked and attendance. There is the part-time and temporary hires piece and maintenance of detailed records in case of an audit.
PeerSpot users look for Benefits Administration that syncs with overall organization strategy, culture and existing technology. Raw data search should be easy and tech leaders such as PeerSpot will offer useful integrated and related data to any search. This adds value and ROI to IT professionals.
The most common employee benefits include:
When you begin looking at your different benefits administration software solution choices, take the following into consideration:
Some of the biggest advantages of having benefit administration software include the following:
When researching different benefit administration software, here are some features to look out for:
Here are some tips on how to make the right purchasing decision when choosing a benefits administration software solution: