Employee Benefits

Written by Serena Berger
Bookmark and Share

A great deal of unnecessary time is spent administrating employee benefits. While there does need to be a human element to the process of developing a full benefits package for most individual employees, a lot of the process can be handled by the employee himself online. Not only can the package be initiated online, it can also be tracked and managed by the employee most of the time.

Employees often want to find out about benefits in a way that's clearer to understand than the literature they are offered. No one wants to spend six hours trying to decode a pamphlet only to give up in frustration without even knowing if they're entitled to a new pair of glasses or where they can call to find out with out being put on hold and redirected four times. If the literature written by the health care companies or financial institutions providing your benefits is not in common language, you should provide your employees with access to a company website which simplifies the information.

Cafeteria Style Employee Benefits

Some software offers "cafeteria style" benefits that employees can browse. Employees are given a number of points to allocate based on length of time they have been with you, their job description, or their negotiated hiring package. While all full-time employees will have enough points to cover basic health care, some may also have points to devote to stock options, 401(k) plans, education or training, or relocation expenses. Part-time employees may have points to allocate toward group rates on insurance, or some other smaller benefits package.

Realizing that many companies losing employees are doing so solely because they are not offering good benefits, you want to be able to compare yourself to the standards of your industry--or any other which might draw from the same talent pool. Some HRMS software packages do precisely this. They keep track of all the benefits you offer and to whom. You can print out a graph, table, or chart that is clear and easy to read. You can then interface with a site containing data provided by third parties in order to compare your benefits to those offered by your competition.

Bookmark and Share