84% of employees who are happy with their benefits report high job satisfaction. Learn how to unlock the true power of benefits.
It’s an ongoing challenge to create a company that people want to work for and no one wants to leave. The good news is, you have a secret weapon: Benefits. A strategically designed benefits package that considers the needs and wants of your diverse, multigenerational workforce can be the decisive factor in recruiting and retaining talent.
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Open Enrollment and Benefits Administration
Simply defined, employee benefits are any form of non-cash compensation beyond a regular salary or wage that employers offer their workforce. There are some benefits that employers are required to provide by law, such as making payments on an employee’s behalf for unemployment, Medicare and Social Security. And there are other benefits that employees have come to expect, such as health insurance and paid time off. Organizations looking to lead the pack will often promote “benefits in kind” such as telecommuting, flexible schedules or wellness programs in order to differentiate themselves from the competition.
But anyone in HR can tell you, there’s nothing simple about benefits. From stressful open enrollment periods to endless employee questions, benefits administration is no joke. Finding the right HR partner who can streamline the process and help educate your employees on their benefits options is crucial. Paycor offers the technology and expertise you need to simplify open enrollment while analyzing the real-time data you need in order to maximize the value of your benefits program.