The SHRM’s employment benefits survey found that 92% of employees consider benefits to be essential to their overall job satisfaction. So it’s nearly impossible to overemphasise the importance of employee benefits. A good employee benefits plan leads to happier and more productive workers, helps you attract and retain top talent and eventually can help your business succeed.
However, manually enrolling employees in benefits plans is labour-intensive, costly and time-consuming. A more efficient solution is to invest in a program that automates tasks related to those areas. Here are some of the major benefits to employee benefits platforms.
Saves you time and money
If you are a HR manager, then you know how complex processing employee benefits can be for any organisation. You have to put a lot of time and effort into following the necessary steps, such as entering employee data, double-checking, etc. You devote a lot of time that might be more productively spent doing other things that require human input. Fortunately, a third-party employee benefits platform manages all the mentioned tasks in a second.
To err is human, and we all make mistakes from time to time. Even the most competent and most dedicated employees make blunders.
A global survey commissioned by BlackLine has revealed that almost 70% of business leaders make business decisions based on inaccurate financial data. And the sad part is that detecting and fixing these human errors cost thousands of hours and trillions of dollars annually.
Therefore, it’s sensible to invest in reliable employee benefits software that eliminates errors and omissions – for example, when calculating employee contributions and deductions. Rest assured, you’ll save a lot of energy, resources, and time required to solve complaints and correct errors.
Improves record-keeping and security
Employee benefits software gives you more reliable record-keeping at no extra cost. The employee only needs to enter their data into the document management system, hence reducing paper storage and freeing up space.
Also, it becomes difficult for a security team to safeguard employee data manually using old practices. While an employee benefits program solution isn’t a silver bullet in data security, it’s as close to one as a business can get.
Easy to track data
Automated activities are consistent and much easier to track than manual activities. The insights you gain from automated processes will be 100% flawless. Data is always up to date and available when employees or HR managers need it.
Implementing an employee benefits platform is essential for every organisation, but it isn’t easy to know where to start. UK based employee benefits platform can help UK based businesses incorporate automation, reduce errors and save time.