Now, there are benefit softwares that cater to specific operations of a business. The most common ones that are implemented in organizations are listed below, along with their advantages.
What Are The Main Types Of Benefit Software?
Employee Benefits Content
This type of benefits software caters to businesses looking to stay up-to-date on the numerous employee benefits topics that tend to be quite time-consuming when done by hand. This way, the software can automatically archive and update the employee benefits content library once it has been programmed according to the organization’s requirements.
- Aids with all employee compliance guidance on the Employee Retirement Income Security Act (ERISA), Family and Medical Leave Act (FMLA), and Consolidated Omnibus Budget Reconciliation Act (COBRA).
- Assisted the HR department by providing insights about clients with the hiring process, onboarding process, and process of terminating employees, among other things.
- It can act as a communications tool for aiding clients in educating their employees about open enrollment and the various benefit plan options.
Quoting and Renewals
This type of benefits software enables businesses to configure and price new ventures and expansion operations through quoting and renewals. When this is done manually, it is often tedious and inefficient. By automating this process, the organization can gain an advantage.
- By using an automated proposal generator, businesses can create professional presentations within minutes.
- It aids employers in a way that enables them to select the right benefits strategy according to their business operations and gives them an insight into how the various plans can impact their business.
- It helps reduce the manual time spent when creating enrollment books as an automated booklet builder can efficiently generate enrollment content, guides, and legal notices at a much faster pace.
- It aids clients with knowledge of how to maximize their benefits by providing them with comprehensive reporting findings and benchmarking statistics.
Agency Management
This type of benefit software enables organizations to streamline their workflow processes by using a system that can be customized according to the organization’s requirements. It can be set up to manage the day-to-day activities in a much more efficient way.
- It can reduce the chance of errors as it can manage all client data from a single system. This makes it easier to categorize and store the data in one place.
- It can easily track the activity of the business clients and provide the organization with informative insights into the workflows that need to be improved.
- By using this type of benefits software, the business can simplify the way they organize and manage their files i.e., managing, editing, and accessing all business-related information from a centralized location.
- Through the statistics provided by agency management, the business can learn and improve their sales opportunities as well as increase their revenue by making better financial decisions.
- Businesses can easily eliminate any challenges that are brought about by managing and configuring the various benefit plan options.
- Businesses can expedite their entire Request For Proposal (RFP) process by implementing it directly into the software. This way, the workflow is automated, and industry-leading RFP programs can be created within minutes.
What is Paid Time Off Tracking, and How Can It Be Implemented Effectively?
In layman’s terms, Paid Time Off Tracking or PTO tracking is when an organization automates its leave management process for its employees. This allows employees to send leave requests to their designated person (the one they report to) for leave approval. Some of the main advantages of using PTO tracks are listed below.
- When PTO tracking is set up for an organization, the employee is allowed to choose the date and duration of when they would like to avail of the leave.
- This method can greatly reduce any confusion when it comes to which employee is on leave and for which day. Employees can update their leave approval in advance, and this will be displayed on the PTO tracking software so that the rest of the team will be notified ahead of time.
- By using PTO tracking, all individuals who work for the organization, such as managers and employees, can be accountable. This way, no one tries to tamper or fabricate their leave balance.
- The PTO tracking software can be set up in a way where employees can select the reason for their leave. Categories such as vacation, sick leave, and legal appointments (court case, parent-teacher conference, etc.) can be applied, as well as a leave balance for each employee. This will display how many leaves they have already taken and how many they have left. Also, paid leave and leave without pay can be displayed.
Once an employee is approved for their leave, the organization tracking software will display which employee is on leave and for how long. This way, if there is a project due urgently, the organization can assign someone else present in the office to complete the task.
