Companies should help out their employees in providing benefits that could help them in the long run and ensure their loyalty to the company. Thankfully, companies can use benefits management software to ensure they can properly compensate their employees with the right benefits. Here are some of the best benefits administration software available right now!
19+ Benefits Management Software
6. Paychex Flex
7. Dayforce HCM
17. ADP Workforce Now
20. Employment Hero
What Is Benefits Management Software?
Benefits management software is HR software where companies manage and plan to distribute benefits and bonus compensation to employees. This benefits administration software provides a compensation planning tool that includes rewarding employees with employee benefits, bonus paychecks, paid holidays, insurance payments, etc.
Benefits management software ensures that companies comply with labor and business regulation laws which legally require companies to compensate their employees with benefits at special occasions through HR compliance within the compensation management systems. Through compensation management tools, Employees are also empowered to collect such benefits and bonus compensation for their hard work, which encourages higher productivity from the employees. The compensation planning software also helps companies and their employees to pay their obligated government dues such as taxes, health insurance, and many more easily. The software’s automated tools also make the process of managing, distributing bonuses and compensation easier.
The set-up of benefits management software is usually centralized, allowing HRs to manage employee benefits and rewards easier with its data visualization dashboard user interface. The compensation planning software should also be able to provide HR with a portal where employees can view the benefits that they can avail themselves of including its detailed breakdown. The software should also be able to integrate with HR software such as HR payroll and time and attendance software to ensure employees are rightly compensated with their bonuses. The software should also be able to integrate with other insurance companies and government agencies where bonuses are paid directly to these companies.
- Centralized dashboard user interface
- Portal where employees can see benefits
- Integration with other HR software
- Connect with insurance companies
Top 10 Benefits Management Software
Kronos’ workforce management software allows companies to deliver effective human capital management that helps motivate their workforce with features that include benefits management. Kronos has 8,101 employees and earns annual revenue of $1,1174.6 billion.
2. Paychex Flex
Paychex Flex’s payroll software allows companies to compensate employees with benefits on top of their regular salaries. Paychex has 16,519 employees and earns annual revenue of $2147.5 billion.
Bswift provides companies with an easy benefits management software that provides all the features needed to reward their employees. Bswift has 878 employees and earns annual revenue of $127.3 million.
Paylocity empowers companies with a modern workforce solutions software that allows them to composite their employees effectively. Paylocity has 3,362 employees and earns annual revenue of $675.8 million.
Paycor’s human capital management software allows companies to further develop their employee engagement with tools that include employee benefits. Paycor has 2,368 employees and earns annual revenue of $343.4 million.
BenefitFocus guides companies with their all-in-one benefits management software that provides innovative solutions. BenefitFocus has 1,746 employees and earns annual revenue of $253.2 million.
Zenefits’ all-in-one HR software empowers companies to easily manage their employees with tools that include benefits management. Zenefits has 548 employees and earns annual revenue of $110.1 million.
BambooHR guides companies with their more-friendly approach in workforce management that with tools that include benefits management. BambooHR has 870 employees and earns annual revenue of $82.5 million.
9. Employment Hero
Employment Hero provides an all-in-one HR software that allows them to composite their employees with benefits easily. Employment Hero has 238 employees and earns annual revenue of $47.8 million.
UZIO’s employee experience software enhances the way HR handles employees that includes compensating employees with benefits. UZIO has 93 employees and earns annual revenue of $13.5 million.
Can benefits management software include employee rewards from businesses?
Some benefits management software does allow them to connect with other businesses to reward their employees through coupons and discounts. This is up to the companies’ discretion as it depends on whether they can do business and connect to these businesses.
Are insurance and tax payments considered as deductibles or as bonuses in benefits management software?
It would depend on company policies and labor regulation laws. Deductibles would mean salaries would be deducted to pay for these insurances or taxes, which contradicts the concept of bonuses that would allow employees to get bonus payment for their necessities such as insurances and taxes without having their salaries deducted.
How much does benefits management software cost?
Pricing for benefits management software would range from free to $158 per month or more, with custom pricing available for some software. Pricing for benefits management software varies depending on the features available and the intended target company. Small businesses may benefit more from free or low-cost benefits management software, while large businesses may benefit more from high-cost software.
Benefits management software gives employees some well-earned bonuses as a reward by their companies, which they are required to do so through HR compliance to help out their employees be part of their lives in the long run.
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