What is Benefits Administration?
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. IT Central Station 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 IT Central Station 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.
IT Central Station 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 IT Central Station will offer useful integrated and related data to any search. This adds value and ROI to IT professionals.