Managing employee benefits is complicated. There is a list of numerous benefit products and packages to pick up from. At the same time, you should make sure it complies with rules and regulation of federal and state government.
Many established organization and startup companies rely on employee benefits management software to simplify the process.
UNDERSTAND EMPLOYEE BENEFIT MANAGEMENT SOFTWARE
Employee benefits management software or ben-admin system is generally used b organizations and businesses to manage the benefits of employees and assure the compliance with regulations of federal and state government.
TheView Post most common advantage of employee benefits management software is it will support with stock options, medical insurance, leave, and pension & retirement. It makes the challenging task and process easier for managing the benefits of your valuable employees.
Employee benefits management software can be used as a standalone system, and also it can be integrated with other enterprise and HR software.
Integration add-on can charge from $1 Per Employee Per Month (PEPM) up to $5 PEPM; it simply depends on the software.
Let’s have a look at the cost of top 4 system and compare them with each other.
A few or all charges will be paid for you by employee benefits broker. And almost every broker offers only one software to select from.
Your broker covers the basics of Bernie portal. If you want to add it on applicant tracking, time & attendance, PTO tracking, then they would charge cost $5 per employee per month.
The ease system has an excellent benefits management feature and basic HR management and record keeping.
The leverages of employee onboarding can be added at a less monthly cost. But accordingly, your broker must pay for this, we certainly do.
You can add the more strong HR management features like PTO management for a small monthly fee. It can be between $2-$4 for a month. And this fee is generally paid for by the employer/ businesses.
Employee navigator software is somehow similar to Ease software. Generally, it gets paid for by your broker.
The best thing is there is no additional cost to the businesses, but many brokers do not pay for all features. Your broker should have at least the Elite Employee Navigator package so that you can make sure that you have all of the features Employee Navigator.
GoCo performs a bit differently from the other three. Firstly GoCo was built as an HR management system. Initially, they were charging $5 per employee per month. This will comprise the basics of HR management, plus document management and onboarding.
The feature of the benefits management feature for GoCo, and it costs an additional amount. The price of the benefits management feature must be paid for by your broker.
And in the above four management software, time-off tracking can be added with an additional fee, around $3 to $5 per employee per month.
Benefit Leader has an integration team that simplifies the process for you. We take care of the whole process for our customers at no additional cost.