Employee Benefits Administration – A Key Incentive to Retain Employees
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An Employee Benefits Administration program creates a profile for every employee and maintains track of information like date of recruitment, marital status, dependents, number of working hours and attendance.
It takes into account special needs of particular employees, part-time and temporary recruits and changes in government regulations. Establishing, maintaining and managing benefits for the employees of an organization are also key roles of an Employee Benefits Administration program.
Basic benefits would be in areas of:
2. Workers Compensation
3. Performance bonus
4. Individual Retirement Account (IRA)
5. Vacation and holiday time off
6. Social security Taxes
7. Workplace perks
Employee Benefits Administration as a support system
Several employees today take care of children and ageing parents, and additional benefits, which will aid in dependent care like flexible hours, or telecommuting and a flexible spending account, provide much needed relief. Also healthcare coverage and sufficient time off provides employees with a sense of work life balance.
How the company benefits
Often it is these benefits, rather than a higher wage that will retain an employee after they are hired and stop them from taking up the next higher paid job. Employee Benefits Administration ultimately leads to better work habits and reduced employee turnover. They drive employee engagement and provide security, helping them to stay on the job even during tough times.
Maintaining records of employees
There are several tax preparation software that this kind of a program uses to ensure all allowable deductions are taken and to help maintain detailed records for reference during audits.
Choosing the right package
Employers have to consider the differing needs of the age groups within the organization while developing an employee benefit package. Often a general approach may not be feasible. Employees may be able to pick and customize part of the package to their requirements. Benefit packages that offer flexibility and choice, drive participation and are a better investment.
How it helps small businesses
• Recruiting and retaining employees- Employers can use these benefits as a tool to recruit potential candidates. With benefits like choosing and customizing their benefit package and additional benefits like floating holidays or recruiting bonuses, employers can attract potential job candidates. The cost of recruiting and training new employees is often expensive and offering attractive benefits retains employees in the long run and saves the company time and money.
• Company Culture- Creating the right company culture is a prerogative for small companies. This program and company culture goes hand in hand as the benefits offered to employees become part of the culture.
• Employee satisfaction- Health care, paid vacation, retirement plans, all these benefits give employees a reason the feel happy valued in their present job. They feel like they are valued and it directly affects their outlook and work potential.
Any company who incorporates a strong Employee Benefits Administration program stands a better chance of recruiting and retaining talent in a global competitive market.
Employers Resource helps every business at all stages with growth and development. Find out more! Call us today at (800) 559-2350.
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