Benefit Administration is the process of creating, managing and updating an organization’s employee benefits program. Benefits administration typically falls under the responsibility of Human Resources and involves managing health insurance, retirement accounts, vacations, paid time off and parental leave.
Providing employees with the right mix of benefits is critical to attracting and retaining talent and creating engaged employees. Employees are less likely to look for another job when benefits fit their needs. Better benefits reduce stress and offer peace of mind that both the individual and their family is covered in case of emergency.
To help create a competitive benefits program, organizations often start by determining what kind of insurance coverage and copays the organization will offer. With a benefits program in place, employee benefit administrators or other HR personnel are tasked with enrolling new employees and ensuring all employees understand available plans.
For tips on how to improve employee benefits management, check out this article.