In a competitive job market, a comprehensive benefits package is a key tool for recruitment and retention. But according to the International Federation of Employee Benefit Plans, half of the employees don’t understand the benefits their employer offers.
As a result, many employers aren’t maximizing the value of their investment in benefits. In other words, if employees don’t know which benefits they have access to, or how to use them, the employer likely isn’t seeing the recruitment and retention advantages of offering them.
Benefits administration software can help employees make better, more informed decisions when it comes to the coverage options their employer provides. Most platforms make it easy for employers to provide more robust benefits communication and decision support tools, including PDFs, videos, and other functionality.
As a result, employees more effectively use their benefits, improving retention and maximizing the employer’s investment in those offerings.
But with many different kinds of benefits and HR software systems marketed to employers, how should the HR department think about finding and implementing the benefits system that is right for their organization?
Most all-in-one HR systems will report a benefits administration feature, but employers and HR leaders should carefully consider the functionality of the platform before purchasing. Here are five questions to ask when it comes to finding a system to better manage benefits eligibility and enrollment.