5 ways to improve employee benefit management

Employees are a company’s greatest asset, you want to attract and retain the best, encourage and stimulate them, make them feel they’re a part of company’s mission and provide them the best tools to work efficiently. However, if you’re struggling to keep up with managing employee benefits, here are 5 ways to improve the process!

Go beyond the basics:

Employee benefits are necessary to acquire top talent and while most companies have several methods like health insurance and retirement programs, employers can go the extra mile by offering them assurance of their safety, like in the case of life insurance or disability insurance. This lightens their financial burden in case of further unforeseen events. Auxiliary benefits like wellness, dental and optical ensure that your employees are fully covered. These additional services boosts employee’s confidence and also increase employee retention. In return and indirectly, this boosts morale within the organisation, ensuring the employees take more ownership of the benefits given to them, thus making it an ecosystem that manages itself.

Digitize the HR personnel’s job:

Adopting technological solutions to manage all employee benefit programs reduces the administration burden on HR teams by at least 30% without sacrificing the employee experience. Organisations that are adopting this approach have seen positive changes in terms of saving time and money as well as increased response management and less negative impact to their business. McXtra is one such app that enables corporate employees to consolidate all their insurance policies in a single vault. By adding their employer provided group-mediclaim policies and their personal data on to the app, they simplify the workload of HR processes since the app does the rest of it!

Mentorship  programs:

Workplace mentoring develops coaching and management skills and helps retain employees. Mentoring new hires is a great idea for onboarding in terms of gaining knowledge about the company’s work culture and also giving them a chance to share fresh viewpoints to the experienced staff. The organization benefits by using their own employees, instead of outside consultants, as inhouse experts for professional development. This cycle reduces training costs, hence easing the management process.

Increasing productivity:

Introducing sabbaticals as an opportunity for long-time employees to enjoy time off work to re-energise and reduce stress will help them develop professionally and boost creativity once they returns to work. This benefits both, the organisation as well as the employee, as an extra pay off.

Appoint a Benefit Management Coordinator:

Outsourcing a few human resource management activities simplifies the HR’s job when it comes to employee benefits management. A coordinator handles the administrative requirements of employee benefit plans which involves extensive communication and interaction with employees and insurance and retirement plan providers which saves you a lot of time and money and prevent many of the struggles that come along with benefits management.

The real competitive advantage in any business is it’s employees hence build a rewarding employee experience to retain the best.


No comments yet

Leave a Reply

Assist Me
Call assistance


Talk to our Customer Experience Manager and get your queries solved in real time.

Call us on:
+91 22 6191 5757

Have a nice day!

Call AM
Schedule a Call
Location assistance
  • Your Location

  • Cashless

  • bike img


  • hospital img