Time is a key factor that businesses have to recognize. It is an irreplaceable asset that is more precious than money, particularly in today’s fast-paced, overly-aggressive commercial enterprise world. You can get more money, however, you can't get more time.
From speeding up backend processes to acquiring data insights, each second counts. It contributes to an enterprise’s capacity to enhance sales possibilities or decrease the lowest line.
HR departments have gradually advanced over time to amplify their roles and encompass the duties of managing employee engagement and advantages. As businesses keep growing and developing, it’s critical to apprehend how the benefits allocation process impacts HR managers. It becomes more critical to understand how the employee benefits process impacts HR managers, and what issues they will be dealing with. This is necessary for a powerful operations process.
By understanding the demanding situations HR departments face with employee benefits, a business can better prepare and put into effect the right human resource strategies to stay profitable.
Challenges Faced by the HR Department with Employee Benefits
1. Staying current in a changing market
The changes in the law have led to a growth in job obligations for HR departments. In addition to balancing their daily workload, many HR experts are having to study new roles, skills and regulations. This consists of staying updated and accurately collecting and managing employee records. With many policies and guidelines to abide by, specifically with recognizing healthcare, corporations have a greater chance for lawsuits, fines, and penalties.
2. Helping employees understand benefits
Employees sometimes have difficulties exploring this sector on their own due to the plethora of perks and packages available. HR experts are responsible for educating workers on the various benefits and which packages give the greatest possibilities for them & their families in order to enhance employee engagement and retention.
3. Appealing to different demographics
A lot of businesses provide age-relevant benefits to their employees. However, there are certain perks and benefits that are generation specific. All required benefits can be provided only after consultations and a clear understanding of the employees’ generational needs.
Using a Third-Party Employee Benefits Platform
Using a third-party provider for the allocation of the right employee perks and benefits has major advantages. Some of these include:
- Saves valuable time of the HR department
- Increases cost-efficiency throughout the business
- Enables businesses to offer more comprehensive and diverse benefits
- Promotes privacy and autonomy
Batik: An Employee Benefits Platform That Saves Time
1. Centralises employee experience
Batik has a centralized system that brings collectively all of the benefits and perks in a single area for the employees to access with ease. It saves your employees from an irritating search and at the same time creates an engaging experience. Employees can avail and control the benefits from the Batik dashboard.
2. Offers instant access to multiple categories at once
Employees do not have the time to wait for a window or notification to use the benefits they want. They want immediate access to benefits when the need arises. Batik offers on-call access to 100+ benefits so that employees can use and avail of the benefits on any occasion.
3. Customized to suit the needs of every employee
The one size fits all approach is not viable. Employees want a choice of workplace perks and benefits that cater specially to their needs. Batik offers access to several custom-designed benefits that employees can avail of with a simple press of a button.
4. Delivers real-time insights
Another way Batik acts as a time saver for employers is by permitting them to effortlessly access all of the insights about their benefits packages in a single place. Batik provides visibility on key records that facilitate HR teams to maintain track of the benefits with the most ROI.
5. Saves expenses and reduces administrative burdens
Batik offers a huge choice of benefits at exclusive prices from 50+ benefit partners. With Batik, employers can create an affordable and comprehensive employee perks package without compromising on quality and employee needs.
6. Consolidates multiple benefits providers under one roof
Gone are the times when HR teams used to manage more than one benefits provider for different categories. Batik brings over 50+ categories and partners under one roof for ease of access and administration. Meet the numerous needs of your crew with access to more alternatives and benefits. Activate the right benefits plan to assist your company's values whilst giving your employees the power to pick what is best for them and their families.
HR experts may be frustrated that employees do not completely admire the cost of their general package. While social activities, healthcare schemes, and cash bonuses may have been seen as conventional approaches to rewarding staff, there are numerous advantages that the top benefits for employee loyalty can provide as well.
A 360-degree view eliminates the confusion and lets employees see the effect that their choice of benefits has on their take-home remuneration. As a business, it’s never been more vital to choose workplace perks that will have a significant impact on your employees’ lives.
Batik is an employee benefits and perks platform. We founded this with the goal of assisting firms in improving the benefits they provide to their workers. Employers may use Batik to get access to benefits in a variety of areas, including financial, insurance, gift cards, health, fitness, and so on, at special pricing tailored to the requirements of each generation. Employers may give benefits with a single click and boost their employees' well-being while incurring no administrative costs. In a nutshell, Batik is similar to the Amazon marketplace.
Allow Batik to do the hard work and provide your employees with flexible upskilling and reskilling advantages that not only prepare them for all kinds of workplace challenges but also help you, as an employer, create an interactive and happy work environment.