Features & Benefits of Developing A Cost-Effective Employee Benefits Administration Software like Paylocity?
Payroll and HR services are an imperative component of any kind of business. Large enterprises often go for customized employee benefits administration software to ensure overall organizational success. If we look closer than SMBs usually go with a white-labeled solution. Paylocity is a self-service feature-rich payroll and HR solution. The software is integrated with a retirement plan, general ledger, and time and attendance applications.
Paylocity is also renowned to offer capabilities beyond payroll functions, such as custom reports, compliance, pre-process register, and other proactive features.
Other than these, the enterprise-grade payroll software offers myriad functionalities, like check-creation, paycheck calculator, and payroll process 24X7. The software is filled with manifold features to offer speed and scalability. If you want a similar HR and Payroll enterprise software development for your business, learn about the benefits and features of Paylocity.
Technical Benefits of Paylocity Software
Paylocity chief benefit is to streamline the payroll and HR processes of the company. However, the second most imperative benefit you can get from Paylocity is smooth & agile benefit enrollment. The software is integrated with the intuitive and useful tool for customizing onboarding solutions that suits your work. Paylocity enables the user to do more than simply standardized functions, like -
- Create custom report
- Register pre-process
- Single-screen on one table
- Custom checklists
- Custom frameworks
- Data Integration
- Quick and seamless communication
- Performance reviewing
The platform is suitable for all kinds of businesses and supports almost all platforms, including the cloud. The software is also integrated with quick-to-use templates for new hires, which helps in easy deductions, direct deposit, earnings, and demographics. The drag and drop technology lets companies customize these templates as per their needs and requirements.
Also Read: HR Tech Trends: What to Expect in 2021
Additionally, with Paylocity, management can send notes and recognition, insights and analytics for everyone to come to an intelligent decision.
How to Get a Perfect Employee Benefits Software Like Paylocity?
Every company has unique demand, and finding a perfect solution for it requires companies to undergo a few requisite steps. Despite being the most recognized software product in the market, several factors must be undertaken to ensure that you have an optimum employee benefits software that easily complies with the company's needs and culture. These factors are -
- Major features
- Price Plans or Cost of development
- Capabilities and skills of your users
- Size of your business
- Hardware and Software requirements
- Cloud-based or locally installed
- Integration and Addons
- Security factors
If you are opting for a white-labeled solution, you must research the product thoroughly. Scrutinize every component of the software and shortlist them. Through detailed research and analysis, you will certainly buy the most suitable feature-rich software solution for the company.
If you want to have a similar employee management solution, like Paylocity, you must collaborate with a robust IT professional services provider. But first, you must check these features that should be incorporated within your software.
Key Features of an Employee Benefits Administration Software Like Paylocity
Paylocity offers a fully-customizable dashboard with management components, such as time off and benefits, post-payment, and push announcement notifications to employees. Additionally, through the dashboard, you can post videos for employees to watch or to complete their daily tasks.
2. Employee Portal
An employee benefits administration software allows employees to access information online from any device. Paylocity's employee portal is the highlight of the brand. It offers brilliant functionality, allowing employees to apply time off, clock in and out, download a pay stub, access a company director, and receive push notifications from managers.
3. Employee Management
Paylocity has multiple features that you can also ask your vendor to incorporate. The features offered by Paylocity help companies manage their employees and contractors at the same time. You can ask your dedicated software development team to create a single interface with extensive information, such as payment information, time off, job title, benefits, and tax documents. The feature also allows companies to create employee reviews directly in the program, manage additional deductions, earnings and garnishments.
4. Notification and Mobile
Paylocity offers easy management of benefits and gets access to essential plan information, offers real-time notifications about open enrollment, claim status, documentation needs, and additional employee information from any device.
5. Carrier Files
Paylocity enables employers to send electronic data interface files to carriers seamlessly. After administration, you can easily update employee coverage.
6. Robust Reporting
The feature-rich employee benefits administration software can help you prepare open enrollment or reconciliation of new elections with reports that provide the data you require.
7. Admin Analytics
The software allows you to access information regarding open enrollment status, plan election breakdowns, identify and monitor contribution amounts, & much more.
8. Advanced Plans
Paylocity offers advance plans for its premium members. Hence you can have the same feature incorporated in your employee benefits software that helps you in promoting value to your employee benefits plans to vary from dental, vision, and medical to HSA, parking, and transit.
9. Pain-free Management
Paylocity helps you simplify your employee benefits offerings. Paylocity offers Flexible benefits to maximize third-party administrative benefits and connect with Payroll seamlessly, offering more convenience and reduced risk that might have never been accessible before. Paylocity supports multiple standards and health plans such as HSA, FSA, HRA, POP, COBRA, and TMA.
10. Tax Support
Paylocity offers employers tax support by allowing them to file their quarterly and yearly payroll tax requirements and pay them ranging from federal and local levels.
11. Payroll Garnishment
Paylocity offers an efficient tech-level employer's edge for both employees and clients. It can also seamlessly handle pay garnishment pain-free.
12. Benefits Administration
This feature is available for premium customers who go for high-price tiers. Paylocity offers multiple options for benefits administration, such as allowing employees to make benefits changes right from their phones.
13. Payment Methods
The software is flexible when it comes to making payments. Paylocity helps with multiple payment methods for convenience, inclusive of cash card integrations.
14. Paid Time Off
Employers can set paid time off policy for employees to obtain a benefit when they are on vacation or sick. This feature is usually enabled under payroll options.
Implementation of employee benefits in smart devices has made tracking easier. Employees are allowed to clock in and out on their devices or from the office. Employers can amalgamate this feature with payroll seamlessly for better management of each employee.
The software enables employers and HRs to run payroll with just a few clicks. Companies can check on hours and pay scales of enrolled employees and set pay dates.
Pricing of Employee Benefits Software Like Paylocity
In order to get a white-labeled solution, an employee benefits software such as Paylocity offers three different tiers.
1. A monthly plus plan may range from $125 - $200
2. A per employee plan may range from $6 - $8
The three-tier white-labeled solution contains requisite features.
Effortless Payroll - The features this tier contains are:
- Tax Services
- Direct Deposit
- Check Stock for Printing
- Unlimited Payroll Processing
- Bank Checks/Check Signing
- HR Support
- QuickBooks Integration
- New Hire Reporting
- Poster Updates
- Employee Self-service Portal with Mobile App
Efficient Tech - This tier includes the following features:
- Benefits Essentials
- Web Time (cloud-based time tracking)
- General Ledger Reports for People Operating Without QuickBooks
- Web Expenses
- Enhanced HR
- Unemployment Management
- Custom-built PTO Tracking and Management
Modern Workplace - This is the third tier that includes features of the above two tiers. Additionally, other features are:
- Web Onboarding
- Employee Performance Management
- Access to Learning Management Systems
- Web Recruiting and Background Checks
Other than these tiers, Paylocity offers Workers' Compensation Insurance and Medical/Vision/Dental Benefits. The cost of these components depends on state laws and the number of employees a company has.
Implementation fees of a feature-rich employee benefits solution like Paylocity are estimated at $200-$500.
Hiring an offshore software development company can help you develop the type of employee administration system you want. The custom development solution is segregated into-
The custom SaaS development service approximate cost for a potential employee benefits administration may range around $190,000.
Running payroll is always time-consuming, and doing it manually often leads to a few errors, which turn the focus from the primary business responsibilities to treating errors. A good payroll or employee benefits software can make life a lot easier by automatic calculation of withholdings, accounting for tips & other wages adjustments, and handling tax compliance. Outsourcing benefits administration solutions can help you fix all employee-related issues. However, for long-term business success, it is recommended to have a tailored solution developed. In order to have a similar software development for your business, you can always inbox A3logics.
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