It’s extremely important for SMBs and startups to choose and employ benefit technologies for providing employees with the right benefit management infrastructure. It’s also helpful for attracting and keeping quality talent.
What should the startups or business owners looking to establish their own digital employee benefits system do?
Experts are saying that the last five years have seen HR technologies develop significantly. We have been flooded with technological innovations; the most prominent ones among them offer a plethora of self-service features. This is good news for business owners. Today, instead of hiring a Human Resource professional for a few hours a day or week, business owners can use a system capable of bringing workers onboard and managing and uploading all their vital HR related information.
Should a startup look to outsource the services related to employee benefits, or is keeping it in-house a better decision?
There’s always the option of recruiting an in-house CPA or certified public accountant. He or she can do the job of linking employee benefits with workers records and can also manage things like payroll record, tax obligations etc. However, having a full-time CPA can be cost-prohibitive for startups. As the owner of your company, you can also decide to handle all these elements yourself, but that could be extremely stressful; the situation would be even more unpleasant if you have employees in multiple states.
A great way of handling all these issues is opting for third-party solutions. You should hire the services of an HR technology provider that specializes in medium and small businesses. These service providers would help you with core HR administration; you will also gain access to advanced benefit management software.
Using the solutions offered by these third parties offers more than cost savings. You may also find access to a greater assortment of potential benefits you can offer your team.
What kind of benefits are millennial workers (or younger) demanding?
Individuals, who are in their early to late 20s, primarily look for easy commuting. So, for employees who take public transportation or share rides, the majority of the third party HR technology providers offer software for tracking that history and building benefits around commuting.
Health is another major concern. Keeping that in mind, companies have started to set up wellness programs and offer benefits such as Tai chi and yoga classes, massage, etc. Some companies are allowing employees to have interest bearing accounts for holidays, health etc. Another common benefit offered by businesses is reimbursements for learning and education programs.
What kinds of employee benefit systems are required for managing these modern-day benefits?
One of the highlights of these HR systems is their all-encompassing nature. This allows business owners to make various benefits accessible through these systems. For example, you can arrange a volunteer program or wellness program for your employees and make them accessible through the HR systems provided by third parties. Your aim should be helping your employees in staying fit and healthy. That would eventually benefit your business.
Younger individuals are more interested in becoming smart consumers of various medical benefits. They know how to get the best medical care for the lowest possible price.
How do today’s workers use modern technology for tapping into employee benefits systems?
Ideally, you should work with a provider that offers some sort of mobile application. In fact, this is one of the biggest advantages of outsourcing HR services for your local business.
How important is it to discuss benefits when hiring, recruiting, and maintaining workers?
It’s extremely important. Even a few years ago businesses could get away without worrying about benefits. However, as it becomes more competitive to attract talent, having a benefits system in place can make a huge difference in recruiting. As such it is important to understand the trends in benefits, what potential target employees are looking for, as well as the cost implications for having a benefits system in place.