Glossary of Employee Recognition, Total Rewards, and Company Culture Terms
Benefits administration is the process of designing, implementing, and managing employee benefits programs, including healthcare, retirement plans, and other non-wage compensation. It involves ensuring compliance with legal and regulatory requirements, as well as communicating benefits information to employees.
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By offering comprehensive and competitive benefits packages, companies can attract and retain top talent while improving employee morale and productivity. Effective benefits administration can also help to reduce employee turnover, absenteeism, and healthcare costs.
By offering meaningful and personalized benefits packages, companies can show their employees that they are valued and invested in their well-being. This can lead to increased job satisfaction, loyalty, and commitment.
Some best practices for benefits administration include regularly reviewing and updating benefits packages to ensure they remain competitive and relevant, communicating benefits information clearly and effectively to employees, offering a diverse range of benefits options to meet employees' needs, and leveraging technology to streamline the administration process.