While the availability of employee benefits was once solely a perk that a handful of workers had the luxury of receiving, in recent years, offering benefits has become a detrimental operation for businesses. With the rising costs of medical care and health insurance, finding a way to obtain health care is a top priority for many people. Fortunately, benefits have become more of a standard practice in the business world.
The highly competitive job market has raised the need for employees to feel motivated to go above and beyond in order to ensure that the most qualified and competent employees stay with the company. At this time, an estimated 50% of all employees cite benefits as an important reason for remaining with their current employer. The demand for employee benefits solutions has become so prevalent, that 99% of full time workers now have access to medical perks.
In order to facilitate managing employee benefits, many organizations have turned to human resources software to (manage) all of the information and duties involved. Between tracking paid time off, organizing medical leave, or providing health benefits, HR management software can entail numerous duties that would otherwise be completed by employees. Not only does this improve the reliability of managing benefits, but it also saves substantial amounts of money on hiring employees.
For a company to even function, most cannot ignore the need for benefits without putting their business at risk. Various legislation, such as the Patient Protection and Affordable Care Act, require that organizations with a staffing contingent of at least 50 full time employees offer appropriate health benefits to all employees, including part time workers. Having reliable human resources software can prevent an organization from facing serious legal action.
Regardless of the size of a company, offering decent benefits packages to employees can be as detrimental as their paycheck. Using human resources software solutions could determine the success of a business.