Best Benefits Administration Software
Benefits administration software helps organizations plan and administer employee benefits packages and ensure compliance with government regulations. Benefits administration systems are used to manage employee benefits, such as insurance plans and stock options, and facilitate open enrollment periods through an administrative dashboard. Organizations also use these programs to view and adjust employee benefits packages. Benefits administration products frequently offer employee portals and self-service options to enable employees to view and manage and update personal information and documents.
These systems are most commonly used by HR departments, enabling HR managers to administer benefits packages and encourage healthy usage among employees. With benefits administration software, organizations can identify the benefits that provide the most value to employees and reduce overall costs. Benefits administration software can also help companies remain compliant with federal and local regulations, including the Affordable Care Act (ACA) and the Health Insurance Portability and Accountability Act (HIPAA).
Benefits administration software can be implemented either as a standalone solution or as part of an integrated HR management suite. Many benefits administration software providers also function as Business Process as a Service (BPaaS) providers by providing benefits administration and payroll services.
To qualify for inclusion in the Benefits Administration category, a product must:
- Provide a centralized administrator dashboard to visualize benefits data
- Facilitate access to a marketplace of benefits vendors, such as insurance carriers
- Offer a benefits portal through which employers and employees can access benefits plans, update information, and enroll in benefits during and outside of the annual open enrollment period
- Enable administrators to create total compensation statements to share with relevant stakeholders
- Help HR managers check and report on employee and organizational compliance with government regulations through built-in compliance checking and reporting features
Benefits Administration Software Grid® Overview
The best Benefits Administration Software products are determined by customer satisfaction (based on user reviews) and scale (based on market share, vendor size, and social impact) and placed into four categories on the Grid®:
- Products in the Leader quadrant are rated highly by G2 Crowd users and have substantial Market Presence scores. Leaders include: Workday HCM, Gusto, Zenefits, ADP Workforce Now, and Dayforce
- High Performers are highly rated by their users, but have not yet achieved the market share and scale of the Leaders. High Performers include: Namely, Justworks, Maxwell Health, Benefitfocus, GoCo, EBS PaySuite, and EaseCentral
- Contenders have significant Market Presence and resources, but have received below average user Satisfaction ratings or have not yet received a sufficient number of reviews to validate the solution. Contenders include: PeopleSoft, Paychex Flex, and Paycor Perform
- Niche solutions do not have the Market Presence of the Leaders. They may have been rated positively on customer Satisfaction, but have not yet received enough reviews to validate them. Niche products include: SentricWorkforce, APS Core HR Solution, PlanSource, bswift, Employee Navigator, and InfinityHR