One of the main reasons people stay with their existing job or take a new one is based almost entirely on their employee benefits. In fact, 50% of employees polled cited their benefits as one of the top reasons they stay with their current employer. In today’s workplace, employers are required to provide certain benefits for their workers, more than at any time prior to now.
For example, the Patient Protection and Affordable Care Act requires companies to offer appropriate health benefits to all employees when they have a staff of 50 or more. This includes the part-time employees as well. Right now in America, 99% of all full-time workers have access to medical benefits.
Arguably of equal importance is the need for workers to have the ability to take care of their loved ones when various situations arise. Being able to take that time without worrying about their job security was what the Family and Medical Leave Act was designed to do for workers. The Family and Medical Leave Act grants employees up to 12 weeks of unpaid leave for reasons that include: the birth of a child, the care of a spouse or an immediate family member, or self-care for the recovery from a personal medical situation.
The Family and Medical Leave Act offers these 12-weeks to employees, but they are unpaid. Most businesses go a step further and offer employee benefits that include some amount of time off with pay. Roughly 59% of companies offer some kind of paid sick leave to their full-time employees.
It doesn’t take too long for it to become clear to even the most casual observer that employee benefits are a very large piece of a company’s pie. Having the right kind of human resources software is imperative in keeping up with all of the costs. Employee benefits software can keep track of who each employee is and what kinds of benefits they are entitled to by law and/or by the particular company’s policy.
The larger the business the more employees it will have. So it stands to reason that their ability to offer group health insurance will be less expensive than smaller companies. Of course, that makes sense. But what may not be known is that group health plans can be affordable for smaller businesses with fewer employees as well.
Managing employee benefits is never an easy task, whether you’re a Fortune 500 company or a local mom and pop outfit. Benefits administration software is becoming more and more accessible to all types of business. Full time as well as part time employee benefits can be managed much more effectively these days than they ever have been before. Human resource software solutions don’t have to break the bank of your business. In the next 18 months, approximately 57% of companies plan to make a major new human resources software purchase. The desire is there to take care of employees and, thanks to innovation across the entire industry, finding the right employee benefits program for you HR department is easier to do now more than ever before.