Many employers believe that pay is the most important factor in attracting and retaining employees. While pay is important, more and more these days it is becoming less of a factor in career decisions. Many other employees care more about other types of benefits. Options for benefits can include flexible vacation policies, a strong health insurance plan or a good retirement plan with a healthy employer match. For companies looking to make their benefits package more attractive to a wider range of workers, a benefits program solution can be the answer.
The costs of employee turnover can range from 30% to 150%, depending on the business and the employee’s role. A highly trained employee can cost more to replace. Having the right benefits package in place can help to cut down on turnover and save businesses money on recruiting and training costs. A benefits program solution can help you with selecting the right benefits and also automating them and customizing them to employees.
With a benefits program solution, you can gain a number of advantages. Such programs can provide automated payroll services, benefits program administration, HR software and a number of other functions. Automation not only makes things easier when it comes to HR duties and payroll duties, it also saves you money. You can have fewer people dedicated to those tasks, meaning they can devote their time somewhere else, making the company more productive.
An automated benefits platform also can help your company meet its HR compliance responsibilities. Most companies do a good job of updating their software each year to keep up with changes in employment and tax law. That means you have to do less training with your HR staff, and it also means that you are less likely to make a mistake that could get you in legal trouble or cost you money.
Automating your benefits administration is worth whatever money you might have to pay for software and ongoing support. Not only can it save you money in the long run, it can help you offer better benefits to your employees, which can make them more satisfied and willing to stay at your company longer. That not only will save you money on recruiting and retention costs, it also can make your company more productive.