This article will assist you in swiftly comparing and evaluating the best benefits administration software and other HR software applications.
Employee retention is dependent on a company’s benefits scheme. According to a survey, 78 percent of employees see benefits as an incentive to stay with their existing companies. This emphasises the importance of a good benefits programme in encouraging employee engagement and loyalty.
A benefits administration system is an important component of HRIS systems, as any HR professional understands. Benefit management is an important aspect of excellent workforce planning since it keeps your employees motivated, healthy, and cared for. A transparent and flexible rewards system is the place to start if you want to inspire long-term commitment.
One of the numerous types of HRIS systems is benefits administrative software. It covers a lot of area, such as giving an easy-to-use employee benefits dashboard and assisting with various types of benefit tracking.
In this piece, I’ll discuss the benefits of having flexible benefits systems, as well as some of the best benefit solutions you can add to your HR software arsenal.
I’ve compiled a list of benefits administration software that HR professionals should look at.
Employee Benefits Administration Frequently Asked Questions
Do you have any other questions concerning benefit administration software?
This FAQ is intended to assist you.
What is software for benefit administration?
Benefits administration software is a system or a set of systems that assist HR teams in organising employee benefits like as health and dental insurance, 401(k) retirement plans, and paid time off.
What is the difference between benefits administration software and benefits administration outsourcing services? In various aspects, benefits administration software varies from benefits outsourcing:
It necessitates more administrative effort on your behalf, but it retains all workflow within your firm, allowing you greater control.
Because you don’t have the negotiating muscle of a larger corporation, health benefit rates may be higher, but self-lead software is usually less expensive to licence.
Compliance and obligation lie fully on your shoulders, but outsourcing transfers the responsibility to someone else.
Using your own advantages You get to choose your plan and supplier using admin software, however an outsourced business reserves the right to make adjustments on the fly.
What role does benefits administration software play in the implementation of employee benefit systems?
Every benefits administration software has its unique manner of setting up an employee benefits system, so chat to the customer support team for your chosen solution to learn the ins and outs. Benefits administration software will typically assist you in evaluating and planning what benefits you want to offer depending on your company’s size, budget, and demands, as well as implementing it, connecting it to payroll, and onboarding employees.
What are some Paycor payroll alternatives?
If you need something else, ADP, Infor, or Rippling are all good options. Continue reading to learn more about these possibilities.
Top 10 Benefits Administration System Overviews
The following is a quick explanation of each of the top 10 benefits administration software options.
1. Peoplekeep – Solution that allows small businesses to define a monthly benefit allowance that employees personalize as needed
PeopleKeep is a cloud-based benefits administration software that can assist businesses with their healthcare reimbursement plans. PeopleKeep can help you save time by automating HRA procedures such as updating and reviewing reimbursements and updating employee records. PeopleKeep may be accessed from any mobile device, allowing you to manage basic benefits administration duties while away from your computer. PeopleKeep is a great alternative for small firms because it doesn’t demand a minimum contribution, allowing employers to give varied allowances to their employees according on their roles and wages.
It also allows employees to select the health insurance plan that best meets their needs, allowing for greater customisation. Employees with current HSAs don’t have to pick between the two because PeopleKeep is HSA-compatible. PeopleKeep starts at $15 per employee per month plus a $30 monthly base fee.
There is also a one-time setup cost of $150.
2. Infor – Powerful set of cloud-based human capital management software solutions replaces complex processes and systems.
Infor is a cloud-based benefits administration software with simple reporting tools for surveying the most popular products and consumers. Being cloud-based also means that all records are automatically synchronised, ensuring that all users have access to correct and up-to-date information at all times.
Users can develop compensation plans for high-impact sales teams or customer care agents using Infor’s compensation management feature. Infor also makes your pay cycle easier by allowing you to send out benefits, bonuses, and commissions.
Companies can utilise Infor to give health, disability, insurance, and retirement benefits to their employees, enhancing their capacity to recruit new personnel. An absence management function in Infor automates a company’s paid-time-off programme, ensuring that employees get the most out of their PTO.
3. Rippling – Connects all your benefits to one employee system of record that automates enrolling new hires and entering deductions.
Rippling is an employee management software that helps businesses manage their HR and IT concerns. Rippling allows businesses to manage all employee benefits in one place, including health insurance and 401(k) plans (k). Rippling synchronises HR data with payroll, ensuring precise data and deduction computations and preventing payroll errors and disputes.
Rippling is the best benefits administration software if you want to save time and ensure that all new employees receive their benefits by automating new hire enrollment and adjusting deductions. Companies can also examine and compare plans from a variety of prominent insurance carriers, such as Humana and Blue Cross Blue Shield, making it easier to choose the most cost-effective plans for their employees.
Rippling allows businesses to add new benefits to current plans without forcing users to re-enroll, ensuring that employees have immediate access to updated benefits.
Rippling works with a number of productivity apps, including Google Workspace, Slack, QuickBooks Time, Dropbox, Microsoft Office 365, PayPal, and others.
4. Ascentis – Full-suite HR technology that lets you add as you need making it perfect for small business employee benefits
Ascentis is a full-service HR system that includes payroll, recruiting, and talent management, as well as all of the benefits administration tools you’ll need. They also include time tracking, a robust reporting suite, and iOS and Android mobile app versions.
If you require software to personalise employee benefits, Ascentis is the best benefits administration software for employees. This allows firms to customise benefits based on an employee’s role. Ascentis’ guided benefits enrollment approach makes the process simple while also assisting employees in understanding and utilising various perks.
Compliance with local, federal, and state rules and regulations can be ensured with Ascentis’ built-in compliance and risk management checks. Bonusly, NetSuite, TimeClock Plus, and other HR-related programmes are all integrated with Ascentis.
5. Sap SuccessFactors – Popular employee experience management solutions including role-based dashboards and benefits reporting
SAP SuccessFactors is a human capital management system that can help managers and HR professionals boost employee engagement by managing benefits. This HCM includes customised impact reports that may be used to evaluate the efficacy of benefit schemes.
It offers a survey generation feature that you can use to get employee input and develop improvement goals.
SAP SuccessFactors is a great choice for businesses searching for benefits administration software with role-based dashboards that can be customised to show only the information you need.
Users of SAP SuccessFactors can also generate thorough reports on employee benefits, which can be used to analyse and compare benefit plans.
Time Intelligence Dashboard, All Tax TIMP, AcuitiPay, CUI Manager, and other HR and benefits products are all integrated with SAP SuccessFactors.
6. Gusto – Over 3,500 health insurance plans for HR experts to choose from with licensed advisors to help pick the perfect fit for your team
Gusto is a benefits administration SaaS that can assist you in managing your company’s compensation operations. It offers a full-service payroll tool that allows you to manage payroll while also automating tax filing and guaranteeing compliance with state and federal standards. Gusto can assist you in offering competitive benefits packages to your employees, including dental, medical, life, and vision insurance. Gusto can also be used to assist employees in saving for their retirement through 401(k) plans.
Gusto is the best benefits administration software for employees if you want to make sure you have the greatest plans because they have licenced advisers on staff who can answer questions and address concerns. Companies will have access to over 3,500 plans and 100 insurance carriers, ensuring that plans are tailored to their employees’ needs.
Gusto users can open a Flexible Spending Account (FSA), which helps them reduce their taxed income while meeting their medical needs. Gusto also provides users with lifelong access, allowing them to access their accounts even after they leave your firm.
Gusto interfaces with applications like Lattice, Bonusly, and PerformYard for performance management, ApplicantPro, BreezyHR, and Recruitee for hiring and candidate tracking, Asana and Trello for workforce management, and other solutions.
7. Benefitfocus – AI-driven platform with an extensive catalog of industry-leading products that are pre-vetted and easy to implement
Benefitfocus is a benefits management software that can help you manage your company’s benefits. It can assist you with the administrative aspects of benefits administration, such as COBRA, consumer accounts, and eligibility verification checks. Benefitfocus features a reporting and analytics function that will help you figure out which benefits are the most popular, which can lead to future growth potential.
Benefitfocus is the finest BAS for you if you’re searching for an AI-driven platform that allows you access to benefits packages. You may leverage Benefitfocus’s wellness, property, and lifestyle solutions to recruit fresh talent while keeping current employees.
Benefitfocus streamlines the enrollment process while also ensuring that employees have a thorough understanding of their benefits through supplementary reading materials and live agent assistance when needed.
8. ADP – HR and Payroll platform that gives users access to a wide range of 401(k) plans
ADP is a cloud-based human resources management system that helps you manage payroll, HR services, and workforce scheduling. You can use its employee benefits administration capabilities to entice potential employees. ADP is also a great tool for managing group health insurance since it gives you access to a well-established network of regional and national health insurance carriers, allowing you to shop for the best rates.
For firms that require full benefits administration help, ADP is the best compensation and benefits platform. The platform can assist business owners in gathering and analysing employee data in order to develop advantages that will help them attract and retain staff.
The PlanFit Tool from ADP gives employees a customised ranking of plans to help them decide which ones are best for their families. ADP also offers plan calculators to help users compare different plans and consumption scenarios before making a selection.
Accounting software like QuickBooks and Xero, ERPs like Oracle and Sage Intacct, and timekeeping software like QuickBooks Time and ClockShark are all compatible with ADP.
9. Paycor – HR software with an employee self-service portal that lets them pick the plan best suited for them
Paycor is a human capital management (HCM) tool that can help you streamline employee management and benefits administration. Paycor can help you develop and implement your company’s benefit programmes, such as salary raises, bonuses, benefit and cost reimbursement, and commissions.
If you need robust reporting capabilities, Paycor is the ideal benefits administration software for your firm. You may access interactive dashboards with Paycor’s reporting function to help you determine which benefits your employees value so you can improve them. Paycor allows you to compare current employee perks to previous ones, allowing you to evaluate their competitiveness.
Paycor complies with the Affordable Care Act (ACA) and can provide materials and guidance to both administrators and end users regarding the law and its implications.
10. BambooHR – HR software with easy-to-use benefits administration like mobile-enabled vacation requests
BambooHR is an all-in-one human resource management system designed for small and medium organisations. Employee records, people data and analytics, an application tracking system, performance management tools, and an eNPS survey to measure workplace satisfaction are all available. And, of course, they have a benefits administration product package with a focus on compensation management.
BambooHR includes time tracking, PTO management, and payroll functionality. You can also manage pay and raises, bonuses, and commission distribution using these crucial capabilities.
They have direct integrations with Maxwell Health, PlanSource, and BeneTrac for health and wellness services.
BambooHR excels in time logging and PTO requests, which are critical components of any benefits administration system. PTO requests, for example, can be delivered through email, mobile, or the in-app inbox, ensuring that team leads see them right away. You can access calendars, PTO tracking, approval updates, and vacation usage reports on the go with their iOS and Android apps.