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Evolution of Corporate Group and Voluntary Employee Benefits Software

Employee benefits are an important component in a typical business setup. As businesses evolve, new methods and technologies are being used to make this process more comfortable and beneficial for employees and employees. Better employee benefits can help improve how employees approach their work.

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Companies which are developing themselves in this area are getting a better response from potential employees and the ratio of the employees leaving these companies is decreasing as compared to the companies who do not offer such benefits. There are a number of employee benefits companies can choose to offer their staff. More companies and organizations are now focusing on increasing the number of benefits and incorporating technologies to support the process. But first, it’s important to know what these benefits are and which organizations or companies provide them. Some of the popular corporate employee benefits include: –

  • Paid family leave –

    This is one of the most important benefits, and the importance is being recognized by modern organizations. Some global employers that provide this benefit are: –

  • IBM
  • TIAA
  • Microsoft
  • Amazon
  • Reddit
  • Walmart
  • Motorola
  • E Bay
  • Zynga
  • Spotify
  • Sabbatical Leave –

    Fewer companies recognize the importance of this, but with time the number of employers that provider this facility is increasing. Here are a few known to offer paid sabbaticals:

  • Accenture
  • Adobe
  • American Express
  • Autodesk
  • Facebook
  • Boston Consulting Group
  • Centro
  • CDW
  • Deloitte
  • eBay
  • Goldman Sachs
  • Infosys
  • Intel
  • McDonald’s
  • Training and Learning programs –

    Employee training programs are integral to better overall growth of the organization. For entry-level professionals, it is beneficial in many ways (helps them shape up for their future roles) and organizations that offer innovative training programs do tend to experience better output with new hires. Some companies that offer regular employee training programs:

  • Adobe
  • Triage Consulting
  • Deloitte
  • Roivant Sciences
  • Texas Instruments
  • Goldman Sachs
  • Abbott
  • Cigna
  • NBC Universal
  • Amazon
  • Airbnb
  • Pixar
  • Etsy
  • Digital Ocean
  • Student Loan repayment –

    The number of employees demanding this benefit has increased with time. But the numbers of employers that provide this benefit haven’t kept pace. A few that do:

  • Aetna
  • Carvana
  • Chegg
  • Estee Lauder
  • Gradifi
  • Honeywell
  • Live Nation
  • Penguin Random House
  • SoFi
  • First Republic
  • Fidelity Investments
  • Common Bond
  • Fitness Goal Incentives –

    There is a surge among the global workforce to also focus on their health despite being in a hectic work environment. Therefore,  a greater demand for these incentives. Many companies offer these benefits in different ways, such as regular health checkups, eye tests, gym facilities, etc. A few examples:

  • Accenture
  • Asana
  • Google
  • Draper
  • Microsoft
  • Intuit
  • SAS
  • Zappos
  • Houston Methodist
  • Pet-Friendly offices –

    Today’s culture calls for offices that are pet friendly. Many employers believe that providing this benefit is good for business and the overall work environment. Having pets at work can keep stress levels down and boost positive, productive thoughts.  A few companies known to have pet friendly offices or bring your pet to work days: –

  • Amazon
  • Nestle
  • Airbnb
  • Uber
  • Salesforce
  • Ookla
  • Splendid Spoon
  • Petco Animal Supplies Inc.
  • PetSmart
  • Sittercity

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While some of these benefits are offered in a traditional way, there is a change in how employee benefits are being offered or facilitated with the help of technology. The rationale behind this shift is to make the programs more cost-effective for the organization and transparent for the employees.

Technology and employee benefits

The technology upgrade in the benefits system helps employees and employers on an equal level. The benefits software system makes it easy for companies to keep account for information without any errors and discrepancies. Voluntary benefits are even more beneficial for the employers and employees as they are not an added cost, and there are many attractive options to choose from. Also, these are paid by the employees themselves through automatic deductions. Some of the software systems that provide these benefits are listed below: –

  • Plexis Payer platforms
  • Bamboo HR
  • Zenefits
  • Uzio
  • Paycor
  • Kronos Workforce Ready
  • Time Works Plus
  • Gusto
  • Clear Comapny
  • APS
  • Namely
  • Rippling
  • iSolved
  • Highflyer Payroll
  • Time Simplicity
  • Ascentis

Advantages of Employee benefits Software for employers and employees

These software-based benefits provide employees with transparency and convenience in choosing their benefits. These systems are incorporated with only the kind of benefits that they have chosen through an elective process. So, there’s no hassle for afterwards. The value of each benefit is also kept in mind before setting it in the automation process for the employees. It helps the employees to select accordingly, keeping in mind the cost and as per the feedback, these plans are made more affordable. If any change is required apart from the value, it is done easily in the software mechanism in no time.

The software system in the benefits program helps the employees to better understand the details of benefit program before they select one.

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Impact on the HR marketplace

No doubt, the software and technology in the field of voluntary employee benefits has changed a lot for organizations and companies. But at the same time work pressures have increased for those who are to manage these changes. HR teams are under a lot of pressure of learning new skills because of the new technologies being introduced. But as trends change and workplace cultures evolve to make room for more remote and flexible options, employee benefits systems will play an integral role in adding value to the employer-employee relationship.