You just hired your first set of employees and have finally finished setting up your payroll. Given these are full-time employees, they are also entitled benefits. The benefits you have decided to offer your employees are retirement and healthcare. Now comes the hard question – how do you track them? This could get tricky, especially for small businesses whom do not have a human resources department or specialist.
But before you even begin to track your employees’ benefits, you may want to do some research on how you should properly streamline this process. Here are a few tips:
- It is important for you to know how other companies in your industry are managing their employees’ benefits. Perhaps you find out it is much easier to only offer health and dental insurance and let your employees pay for their own vision insurance.
- Meet with a HR professional or employment lawyer to become more knowledgeable about the benefits you are offering to your employees.
Now it’s time for you to begin tracking your employees’ benefits.
- The most popular form of tracking your employees’ benefits is by using an administration benefits software. Manually tracking benefits is unnecessary in this day and age. Also, a lot of these tracking softwares come with expert assistance and automated processes. Some of the benefits of using an administrative benefits software platform include on-boarding new employees, ability to store information in the Cloud, and access employees’ benefits information. (Did we mention Easy Time Clock does all of this too?!)
- Block out time every month to review benefits information. As we know, health insurance benefits information is constantly changing. You want to make sure your information stays up to date.
- Make sure to review your employees’ enrollment and deductions each pay cycle to ensure everything is running smoothly.
- Make sure to update your employees’ benefits information immediately if they have submitted a change to prior information (like birth of a new baby, married, etc.). Doing this promptly avoids any incorrect deductions being made on their next pay cycle.
Those are just a few tips on how you can begin to track your employees’ benefits. Being a small business owner is no easy task – trust me I know.
But don’t feel stressed out if you just hired your first set of employees and do not know how to track their benefits. In fact, if you are reading this blog then you are already on our website for Easy Time Clock. A little bit about what we do. We are a cloud-based time and attendance system that provides a comprehensive, accurate, and affordable solution allowing employees to clock in and out with a computer, mobile device, or biometric reader. Easy Time Clock also tracks and manages your employees benefits so you don’t have too! Please call us today to request a free demo!