From global economic growth to IT consumerization to Affordable Care Act- 2015 is poised to witness changes and challenges to the way employee benefits are being approached and administered.
Buyers are faced with not only changes but also with uncertainty as to cost and expectations associated with required new technology.Government regulations are mandating changes at a record pace, forcing leading solution providers to develop ever changing technologies to meet this demand. A recent study by benefits administration software research site Software Advice revealed that 56% of small business owners are still using manual methods to manage employee benefits and as such, are evaluating new tech solutions.
Citation: Benefits Administration Buyer Trends
Some of the business owners in this category are also using other methods such as outsourcing to a third party or non-HR software to execute the process, but this is still a tedious process and cannot be relied upon. In the past with a small workforce it was easy to track benefits data, but as the workforce size grows and compliance requirements increase along with associated penalties,it becomes very expensive and truly unmanageable with the chances of making errors rapidly increasing.
The study states that there is an emergent need among the smaller business groups for employee benefits administration solutions. Time required, investment in new technology, and government penalties are eroding profits to every size business, hitting smaller business especially hard.
Here are the key reasons that these business groups should consider our cost effective and proven technology:
The major needs of these business groups and the need to switch to technology solutions include their wish to move to electronic processing. With an increasing amount of data being stored online, around 22% business owners want to go electronic with tools that can consolidate, automate, and streamline all of their HR processes.
Integrate Employee Portal:
Around 42% respondents revealed that they need an employee portal where the employees themselves can manage their HR-related functions such as attendance, time-off requests, and track paid time-offs, etc.Employee self-service portals can reduce the administrative tasks by 40-50% as well as the costs up to 60%. Concise user friendly tech will reduce mistakes that cost valuable time.
Integrated HR Suite:
Over 96% respondents are looking for an integrated suite where the benefits administration processing would be bundled with HR applications.Respondents need payroll application, time and attendance tracking, performance review and employee training. Since payroll and benefits administration are the most requested applications and go hand in hand as core HR functions, thus, it makes sense when the buyers get them bundled.
Thus, the study clearly states that small business groups have been struggling with benefits administration while dealing with growing pains of handling the workforce effectively.TeemWurk will be a cost effective, user friendly absolute solution for these groups as it offers a complete web-based human capital management suite with integrated HRIS, Payroll, Benefits Administration, and 3D EDI functionalities.Employee Self-Service functionality frees the HR and benefit administrators from getting into the hassles of updating employee details as well as cutting down on their administrative time and costs effectively.No implementation fees.
Your small business champions,
All data from Software Advice study. Please visit Software Advice, Benefits Administration homepage http://www.softwareadvice.com/hr/benefits-administration-comparison/ for more information.