Glossary of Human Resources Management and Employee Benefit Terms
Benefits administration means it is the process of designing and managing employee benefits packages within an organization. This process typically consists of the following steps: evaluating the value of current benefits programs, communicating with benefits suppliers, selecting competitive benefits, educating employees on what benefits are offered, helping employees enroll in benefits programs, and reviewing and updating both employee and benefits information. Benefits administration is usually one of the essential functions of an HR department or a benefits administrator within an HR department.
Effective benefits administration can serve as a competitive advantage for many organizations in attracting, hiring, and retaining top talent, as well as cutting operational costs. When an organization analyzes the needs of its employees and chooses benefits to meet those needs, employees often feel heard and appreciated, which can increase employee engagement. Likewise, candidates are often more likely to apply at and work for an organization that has competitive and meaningful employee benefits. Finally, evaluating current benefits programs and industry trends as a part of the benefits administration process can help an organization save money by cutting underutilized programs and negotiating for the best plans and rates.
As the hiring landscape becomes more competitive, a strategic benefits package can be a huge advantage. So when was the last time you thought strategically about your own benefits offerings?Watch Now
This guide features insights from four software providers in specialized aspects of the HR field: BizLibrary, Officevibe, PayScale, and BambooHR. It explores the impact that HR tech can have on your culture and how to get executive buy-in.Download Now