As you get ready to start on your dream of owning a small business, you are likely thinking about your product and services, your future customers, or what your location and staff will be like. Benefits management is likely at the bottom of your list of things to do. However, this is one of the most important parts of your business to get right.
In Massachusetts, there are nearly 1.5 million people employed by small businesses and each of these individuals comes with a range of personal, medical, and financial needs. If you want to stand out among the crowd of thriving Boston-based small businesses, you need to care for your employees with services like the following.
Easy Time Off Management
When it comes to approving time off requests, small business don’t always have a standardized or even convenient method of tracking information. All too often, employees are using outdated methods like writing requests on paper and sticking them on a manager’s desk. If the request somehow makes it into the manager’s hands, it then becomes their responsibility to remember it when creating work schedules and processing payroll in the future. Not only do practices like these result in lost requests and forgotten hours, they create more work.
Employee benefit management services offer a modern and more reliable approach to employee time tracking. An online benefits system allows your employees to send their time-off requests via their phone or computer, and automatically updates absences and vacations into payroll processing. With this solution, paper methods become a thing of the past. Scheduling and payroll now meet everyone’s needs.
Accurate Calculation and Tracking
One of the most complex parts of managing employee benefits is keeping track of individual participation. Steve in marketing might have a 401K with a tiered match, while Barbara in accounting may need short-term disability. Factors like these (and many others) impact just how much each person receives on their check, so it is important to know that funds are getting allocated properly.
To help with the confusion, rely on employee benefits management like Commonwealth Payroll & HR’s iSolved. iSolved allows you to keep all your employee benefits information in one centralized location and clearly see which benefits you are paying for and which ones your employees are contributing to. With detailed information, you can rest easy knowing your records are always right.
Fast Carrier Connects
Once your employees choose which benefits they want to take advantage of, it’s often a lengthy process to get them formally enrolled. Employee benefit services take the hassle out of calling 1-800 numbers and waiting on hold. Instead, information is electronically transmitted or delivered through reporting, resulting in a seamless enrollment procedure. Now you and your staff can focus on what will really make or break their career and yours – their training.
There is nothing more efficient for small businesses than letting employees take charge of their own benefits enrollment. You no longer have to worry about compiling endless paperwork for them to read through or finding time for representatives to come explain benefits to your staff. With benefit enrollment tools, you can help them compare options side by side, right on their computer.
As the employer, you will have total control over which employees can take advantage of which services, while your employees ensure their information and selections are accurate and best fit their needs. As part of self-service options, your employees can update their own information in the event of a life change such as a marriage, birth, or death.
As you can see, an employee benefits company can simplify the process of running a small business. When benefits management is convenient and easy to understand, you and your employees are happy. Every single one of your employees will count on you for much more than a paycheck so call Commonwealth Payroll & HR today at 1-877-245-1159. We can help you meet their needs.