Many of today’s job candidates are evaluating benefits alongside other workplace qualities. A recent study by Fractl revealed that candidates are considering health, dental and vision insurance along with leave and retirement benefits when rating a job offer. Offering strong benefit programs is one way to attract the skilled candidates you need; however, they can be a burden to manage. When offering an assortment of benefit programs, put the technology in place to strengthen plan management so that data collection and reporting doesn’t become a distraction for your human resources and payroll teams.
Attract The Best Candidates With The Best Benefits
Attracting the right job candidates is important for your company’s bottom line. Just as you are looking for the right employee for your job openings, potential candidates are also looking for the right employer. A study by Fractl, discussed in “25 Low-Cost Benefits and Freebies for Employees,” posted by Tess Taylor on TheBalance.com, indicates that employees place a large value on benefit programs. Of the 2,000 respondents, nearly 88% cited health, dental and vision insurance as a heavy consideration. The study indicated that men and women view perks differently, which is why businesses need to offer a selection of programs to attract the best candidates.
Streamline Benefit Program Management With The Right Technology
Managing multiple benefit programs may seem challenging, especially with manual processes and inadequate technology. Establishing variable leave policies, life insurance and retirement programs can be good for your employees and your business when you have the right technology in place. Here are few options you can add to Microsoft Dynamics® GP Payroll today:
- Comprehensive Leave Manager: Create an array of leave options and manage them through one, easy-to-use add-on solution. You can establish an unlimited number of leave plans including vacation and sick time, comp time, administrative and personal leave, volunteer time or any other options. Set up accrual schedules, carry-over rules, balance caps and other important details and let Comprehensive Leave Manager take care of the rest. Leave is automatically calculated through the payroll process without any additional time or steps required of your payroll staff.
- Life Insurance Tax Calculator: Automate tax calculations with Group Term Life Insurance benefit programs with Life Insurance Tax Calculator. The calculations are automatically adjusted based on the tables published annually by the Internal Revenue Service which can be assigned by Employee ID, department, position or other variables. Benefit amounts are automatically updated during the payroll process. You can also consider different compensation types, not just salaries, for example.
- Enhanced Retirement Plans: Retirement plans can be amongst the most complicated plans to manage. Variable contributions and company matching make this important benefit too difficult and time-consuming to do by hand. Enhanced Retirement Plans offers a much easier and accurate way to automate matching based on employee deduction percentages, gross wages or fixed amounts, even across multiple plans. This powerful add-on solution supports many common retirement programs including Simple IRA’s, Roth IRA’s, 401k and 403b, and 457b plans.
Attract and retain the skilled job candidates that bring the best to your business by offering the right benefit program options. Then, streamline management of those benefit programs by putting the right technology in place. Contact Integrity Data for more information about these and other time-saving payroll software solutions.