The benefits you offer your employees are one of the things that keeps them coming back to work with a smile every morning. Sure, their paycheck is great, and they wouldn’t work for you just for the benefits, but those benefits make their job package that much sweeter.
On a corporate level though, things can easily get messy. Trying to efficiently keep track of the benefits each employee is entitled to, and more importantly, which ones they’ve already used, can be a real chore. How do you know if an employee has taken four vacation days this year or five? It might seem like a small difference, but it would definitely sway your decision if they were asking for time off for a family trip they were planning.
That’s just part of the problem. You also want to make sure your business is offering competitive benefits. When it comes time to take on a new round of hires, your company may be overlooked entirely by potential employees if you aren’t offering the types of benefits that appeal most. Oftentimes these benefits come at a fraction of the cost that a new employee could add to your business.
Because of all this, there is a huge need for productivity solutions which help track and monitor employee benefits. Here are some of the best solutions for doing exactly that.
Zenefits
This is an all-around solution that helps you manage employee benefits and so much more. You can monitor and track medical, dental and vision insurance, as well as COBRA. Your employee’s 401(k) plans are included, as well as life and disability insurance, and workers compensation. If you don’t already have these benefits set up for your employees, Zenefits can supply quotes to get you started; you just pick what you need.
Zenefits also tracks everything to do with payroll and the onboarding process when hiring a new employee. Everything is displayed on an easy-to-use online dashboard, so the information that matters most to you is easy to find, access, and interpret.
Virtual Benefits Administrator
An equally robust option, Virtual Benefits Administrator offers everything you need to track benefits for employees across all levels and sectors with extensive collaboration options. With different employees in a company receiving different levels of benefits, Virtual Benefits Administrator makes it easy to segment employees based on their individual benefits, so you can always get a top-down view of the metrics that matter most to you at any given time.
The feature set is so complete, going above and beyond benefits tracking, that it can handle most tasks your HR team probably spends countless hours a week performing.
Workday
Workday is a comprehensive solution that gives you a bird’s-eye view of everything going on within your business. While Workday handles everything else the others do, it also has one feature that sets it apart: a time tracking feature to keep an eye on vacation days, or how hard your employees are actually working based on the time they spend in the office.
You can access reports from any computer or mobile device with a working internet connection, meaning you’re never more than a keystroke or finger swipe away from knowing exactly what’s going on in your business.
You wouldn’t run your business without software to track your revenue, expenses and profits, and your employee benefits should be no different. As the old adage goes, “What gets measured, gets managed.” Considering how much time, money and energy gets spent on distributing and managing benefits to your employees, tracking those stats with efficiency is extremely important. With all the options available today, there’s no excuse not to start tracking benefits for your employees; it will certainly keep your HR department productivity at an all-time high.