Things You Need To Know About The Benefits Administration Software
This is a guest post sent from Joel Cordle from InfiniSource.He is presenting a software which helps HR departments in managing the benefits of their employees.
Benefits administration software is a sophisticated business solution; it is a tool that assists human resource professionals in organizing their employee information for a wide range of benefits including medical, disability, and retirement benefits. The software was established to ensure that the employees comply with the benefits eligibility and COBRA standards. With the increase in the demand for this type of software in business, it is important to understand what exactly benefits administration software is.
Benefits administration software makes tracking of the various benefits spending possible for a wide range of companies. The software also allows for the generation of benefits statements and plans. Other software related to the benefits administration software includes payroll software, workforce management software, and human resource software. These kinds of software are becoming increasingly important for most businesses of today.
The most important benefit of this software is simplification. Benefits administration software makes the many processes much simpler, therefore saving time and other resources. Imagine a tool that can integrate many processes into a single, more manageable system. The key here is standardizing which makes calculations and inputs less prone to errors. Computing premiums, pensions, and even spending accounts become automated. This software puts any company on top of its game because life for them becomes easier – with their business becomes more sophisticated and effective.
Running a business with many departments and processes can be very demanding. It is important that the owners not only have the right knowledge and skills but the tools to run and organize the business effectively. If this is not done, the business will not reach its full growth capacity. This is where the right business administration software comes in – to streamline processes making the system more efficient. The most important result of doing business with such software therefore is saving on money which is essential for businesses wanting to maximize profits. Why hire additional workers and spend on separate programs if a system can be put in place to rationalize all processes? Any business person would understand that the smart thing to do is just invest this supposedly additional expense into something that can aid in achieving greater business growth.
How does this benefits administration software actually work? Well, it is a comprehensive business solution that automates many important human resource functions in an organization. The software assists in compiling and delivering information right to those who need it. For example, benefits administration is integrated with applicant tracking, position control, employee records or histories, as well as compensation. With all these being integrated, the flow of work is smooth. In an ordinary, conventional way of doing things, there is a time lag because departments need to coordinate with one another. The administration software shortens these activities because everything is automated, allowing for the businesses to spend their extra energy to more productive avenues.
Who are the providers and users?
SumTotal’s benefits administration system, for instance, efficiently manages a multitude of benefits namely – health and medical; social security; insurance; subscription; welfare, retirement, and pension; and group benefits. How does it work? SumTotal’s software has automated systems, workflows, and the so called triggered events to rationalize all these types of benefits management. Among the esteemed customers of SumTotal when it comes to human capital administration solutions are DELL, Amway, Alfa, Benco Dental, FEMA, Sony Electronics and City of High Point. t has 45 million users and more than 3500 clients worldwide.
To name another example, SBC Systems’ Lifeworks System is a type of software used for managing health and welfare benefit plans. It has the feature that can be easily integrated with vendors as well as internal sections allowing for easier benefits management. One of the clients using such is Royal Sun Alliance. The other clients who found this software useful are outsourcing providers, hospitals and other healthcare groups, and even schools. For instance, Christian Schools International helps US and Canadian Christian schools and it partners with SBC Systems to manage the pension and insurance plans of employees among others.
Benefits administration software has proven to be an important tool in most businesses today. With its wide range of benefits such as accuracy, timely provision of information and saving costs of the business, the software has proven to be a crucial tool for businesses looking for growth and efficiency.
Gary Trainor is the CEO of Infinisource, a human capital management company with headquarters in Coldwater, MI and Charlotte, NC. Mr. Trainor has more than three decades of HCM industry and management experience that includes almost 20 years at ADP as Division President.