As a manager, you want to take care of your employees. When starting the paperwork on new hires to the company, very large businesses may have their human resources department turn to their employee benefits enrollment software to ensure nothing gets overlooked. Small business employee benefits packages might look a little different than the benefits at a larger company, because size matters, especially when a business has less than 20 employees. Is there a significant benefit for a small business to use employee benefits enrollment software? Read below to find out what would be best for your small business.
Incentive for future hires.
Regardless of size, every business wants to hire quality workers. Has the offered group health plans or other fringe benefits of a company ever influenced your decision to work for them? Sometimes, the decision is one based on need. Other times, a quality hire may deliberate between two job offers. The deciding factor is usually a matter of what perks are offered to employees. But it is not enough for a company to provide a great health care plan. The ease of use must also be great.
Keep your people happy.
Once your new employees are settled in and providing good work for the company, they will eventually want to use their promised benefits. When they were in the new hire orientation they were well informed of what employees were entitled to, and now life has reared its head and they need to use those benefits. Good benefits, such as paid leave, are the reason about 50% of employees stay with their current employer. Do not let poor employee benefits software put your company in the other 50% of employees who do not stay.
How can a small business compete?
A small business is any company with less than 500 employees. A very small company has less than 20 employees, and is not required to provide the same level of employee benefits as a larger company. Sad, but true. The good news is 59% of small businesses do offer their full-time employees paid leave. Actually, across the board, 98% of full-time employees in the U.S. have paid leave as part of their benefits package.
Employee benefits enrollment software is a way for employers to provide the group health insurance, paid leave, maternity leave, etc., that was promised to their employees in a way that is easy to use and consistent.