Employee benefits are imperative economic security rendered to staff members, which also helps in improving employee retention. Though it has become mandatory in most states, they are also subject to federal or local taxes.
In order to understand how likely benefits impact employee engagement, these stats will clarify.
- 79% Employees prefer to have new or additional benefits instead of getting increased pay.
- 60% Employees in a survey admitted that the benefits package is extremely important for their employer loyalty.
- 72% Employees believed that the ability to customize benefits increases their loyalty.
- 51% accepted that the employee benefits package impacts the focus at work.
- 51% agreed in improved productivity with benefits.
- 52% employees are ready to pay for the cost of benefits that meets their needs.
Assembling and benefits administration of every employee is an arduous task, as the traditional benefits packages have expanded inclusive of incentive-based health and wellness programs, employee perks & discounts, legal services, pet insurance, student loan repayment, commuting subsidies, and much more.
Moreover, employees also look forward to employer-paid or voluntary benefits, making them more customizable. Managing these benefits, whether customized or typical employee benefits, is arduous as well as a costly affair. Hence, companies either look for a white-labeled solution or a personalized enterprise software development for benefits administration.
In this article, we will understand how employee benefits management solutions can offer greater value to employees as well as employers. And the key features that make exceptional, robust, and impressive benefits software. But, before that let’s underline the advantages of integrating employee benefits within your business.
Importance of Employee Benefits
Good benefits plans are equally essential as good wages. Integration of employee benefits can tremendously improve business by increasing loyalty, focus and productivity, attendance, and recruiting.
Employees look for the ability to pick and choose benefits as they want. Many companies continue to offer a limited set of benefits that cannot be customized. When surveyed, it was identified that employees are likely to be more loyal and continue to work or retain them easily.
2. Enhanced Productivity
Lack of focus results in low productivity and business. A lot of factors impact lack of focus, such as childcare, illness, finances, & more. By offering impressive benefits plans, employees can be relieved from the stress and focus more on their work thereby enhancing their productivity and ROI.
3. Improved Recruitment
A robust benefits administration with impressive benefits programs also supports HR in captivating more and more talent. 61% of employees with health and wellbeing benefits are more likely to accept a job offer while 75% of employees accept when offered flextime.
As aforementioned, managing extensive benefits requires a robust management solution that also aligns with the business needs. Dayforce HCM Software is a modern, comprehensive cloud computing service for managing the entire employee lifecycle. Also renowned as Ceridian Dayforce, the platform is known for better human capital management and transforming the employee experience.
4. Ceridian Dayforce – Enterprise HCM Software
Dayforce is a perfect blend of payroll, HR, Employee benefits, talent, and workforce management in a cloud application. The scalable and future-proof software is built with a single yet flexible rules engine that is combined with real-time updates and calculations for addressing complex regulatory requirements.
5. Benefits of Ceridian Dayforce System
An effective benefits administration helps in deciding the type of insurance coverage and copays that should be offered by employers to their employees.
The benefits designed and rendered usually align with the master employee list, containing personal data for every employee, including special employees, part-time & temporary hires, and changes in the government regulations.
An extensive benefits solution also helps companies in rendering requisite employee training, such as how to take part in open enrollment or customize their benefits plans or create an account for charitable & more.
6. Continuous pay calculation
Traditional payroll systems were inaccessible until the pay period ended. The systems also ran out of time for audits but today’s advanced and technology-integrated employee benefits administration systems, such as Dayforce, are integrated with flexible rules for continuous pay calculation. This gives administrators to requisite time for producing high-quality pay.
7. Actionable insights
Benefits Administration – Dayforce – automatically renders data to the respective person. The in-time data helps in making faster and informed decisions. Dayforce is integrated with predictive technologies to align business strategies with daily operations for effectiveness.
8. One application
Benefits Administration solution offers data-driven insights across HR functions for better decision-making. Dayforce HCM software stores data in a centralized location and eliminates the need for integrating complicated algorithms or apps to simplify workflows, enhance compliance and accuracy.
9. Anytime, anywhere access
Today’s most employee benefits software are responsive, allowing data and insights to access through any device. This makes the software easy to operate and learn, giving complete control of data and ensuring employee information is accurate and updated.
Integration of Dayforce makes management easier for companies. These features of Dayforce cover everything that a company needs, such as HR, Payroll, talent & workforce management, benefits, and other related services.
Features in a Ceridian Dayforce Benefits
1. Employee Benefits Management
Dayforce deters unnecessary steps required from tying benefits to payroll and time information. The software allows admins to define eligibility rules, render employees with benefits choices, support & comparative tools for picking the best option and its impact.
Dayforce’s Benefits enrollment platform offers self-service tools for giving freedom to every employee to choose their plan. The software allows easy addition of beneficiaries to the plans to accommodate simplifying enrollment more and more for employees. The software reduces the manual administration by leveraging admins to choose a library of qualifiers to define rules, prepare short series of questions to evaluate the needs, and make more informed decisions.
Benefits analytics & administration
Dayforce maximizes the value of benefits investment, making it easy to manage enrollment options. Dayforce’s analytics helps companies by forecasting trends and cost, identifying strengths and gaps in current offering, measuring plan usage & distribution, exchanging information with the insurance carrier, and managing coverage for employees & dependents.
Dayforce helps in easing up the compliance needs with real-time ACA reporting, leading to more accurate calculations, producing and populating forms for easy submissions, defining standard measurements, calculating full-time employees status, identifying missing and invalid data, easy report generation through a vast catalog, and end the coverage for employees who are no longer eligible.
Dayforce is also a reliable payroll software that empowers the team to access and audit data continuously. It blends global payroll with time tracking data into one system and helps address complex payroll and tax rules. This software allows payroll administrators to access data throughout the pay period allowing more time for reviews and audits.
Dayforce is a flexible solution offering a flexible wallet on how to pay employees (whether on-demand, one-time or standard) while minimizing the impact on the payroll team and cash flow.
Dayforce automatically calculates, withholds, and files taxes to federal, state, or local jurisdictions. Dayforce simplifies the efforts made to create and manage all-level taxes.
Dayforce lets access to the necessary reports or catalog of reports available within the payroll screen at any time, which helps in reconciling payroll.
The feature-rich payroll renders quick view and management of their personal data, such as pay and tax info, without the intervention of HR.
Quick Data Entry
Dayforce’s payroll lets administrators make quick adjustments on things for employees, such as retroactive payments, bonuses, one-time deductions, and much more.
A single window to manage valuable payroll insights, access to necessary reports and data to make informed and better business decisions.
The responsiveness of the Dayforce payroll system lets employees access their pay anytime and anywhere, as well as preview their earnings after each pay.
Prioritize overall wellness by minimizing financial stress, improving employee wellness & financial security, and alleviating employee financial burdens while reducing the number of work absences through financial flexibility.
3. HR Services
With Dayforce, get access to every single employee’s record across the platform – ranging from compensation to benefits to performance. Dayforce HR services offer insights into key indicators and trends that can impact majorly on the company. Employees also get the freedom to view and manage their data and activities while reducing the administrative burden on HR.
Dayforce’s single employee benefits administration software connects all company’s employee data for a comprehensive view, allowing convenience to access, maintain, and update their records & career information. Companies can create talent profiles to gain insights into performance, compensation, learning plans, skills. Dayforce renders an interactive organizational chart to easily view the company structure and employee ranking.
Employee Self Service
Companies can empower their employees by taking charge of their activities. The modern and intuitive platform promotes agility, better collaboration while increasing engagement and data-sharing to boost employee satisfaction. The platform drives productivity by promoting personalization, convenient management, add & updating information in real-time while saving time.
Employee Safety Monitoring
Dayforce Safety Monitoring is an effective tool that can monitor employee location, report the health status of employees (both affected and impacted), and real-time location-based notifications to update regarding important health and safety information. The software can also capture personal information while provisioning access from any device.
Dayforce lets employers, as well as employees, manage their work-life from anywhere and anytime. This software eliminates the paperwork, quickly addresses employee requests, pickup work from where left off, and empowers employees through voice and chat commands to conveniently manage work faster and easier. Dayforce lets changes visible to the employees right away so that they can work as per the scheduled changes.
Organizations can integrate virtual employees for a better employee experience allowing convenient management of work-life activities anytime and anywhere. Employees can conveniently minimize unexplained absences and ensure coverage. Companies can seamlessly streamline approvals process requests and provide smart responses while adhering to organizational rules and policies.
Dayforce Dashboard offers hundreds of standard views, combining data to uncover trends in the organization and easily exporting data into PowerPoint files to present critical and timely insights. The Dayforce HR Dashboard also allows you to dig deeper into data, show headcount from an employee against ethnic origin, display diverse information, and set a parameter that is specific to business needs to make strategic decisions.
Companies managing employee data require a reporting feature to make better decisions regarding pay, time, talent, and HR. Dayforce reporting allows quick customized business-specific reports to tailor organization and needs. Template report or tailored report helps you pull data from multiple areas of HCM for greater analysis.
HR Document Management
Keeping HR documents relevant and organized is essential for companies to access updated information for onboarding, performance management, and other key areas. Dayforce’s HR document management offers powerful search and filter capabilities to easily locate and update relevant employee documents. The software allows easy storage and management for easier visibility and embeds documents into other areas of HCM Solution without the need for paperwork.
4. Talent Management
Dayforce is more than just HR and payroll management, it also helps manage your valuable assets. Companies can hire and attract the best and brightest people that can best fit in your organization. With this feature, companies can align the workforce around organizational goals supporting people’s development with continuous learning, measure engagement and performance, create strategic succession plans that help in developing stronger teams keeping business competitive.
Dayforce empowers the recruitment team through in-built screening tools and AI-driven scoring to identify candidates. The fast application process helps in gathering important profile information, essential to find top talent for open positions. The extensive search and filter options can help in finding the best match, adding candidates to talent pools, group potential hires, and building a pipeline for future opportunities.
Dayforce helps companies in connecting with teams and culture, values, and goals by simplifying onboarding. Dayforce helps in a clear understanding of roles allowing better focus, easy communication eliminating paperwork while monitoring every employee’s progress. Through a readiness checklist, new hires can complete necessary tasks allowing managers to communicate job expectations easily.
Dayforce lets companies make learning experiences interactive and engaging by letting employees take a self-directed learning approach. Custom LMS development can be integrated with Dayforce to encourage different learning styles directly from the source fostering collaboration and addressing compliance requirements. Dayforce also helps by alerting certification expiration alerts and extensive reporting capabilities.
Employee engagement is a major challenge, which can be accomplished with Dayforce allowing companies to gain a deeper understanding of what motivates the people to align their interests with company goals for driving results. Dayforce makes it easy to administer engagement surveys, encouraging a more streamlined set-up, promoting honest feedback and transparency & more. Dayforce lets you tie engagement to performance goals to increase accountability for leaders.
Dayforce encourages companies to unite people and align them with organizational goals. Ceridian Dayforce lets you measure employee performance, use smart data, define different goals, develop and improve the skills, behaviors, and traits for better promotion and compensation decisions. Companies can set goals flexibly to assign competencies to employees, measure and assess their progress, rating scales, weightings, and commenting options to get the data you need.
Streamline administrative efforts with data-driven insights rendered by Dayforce to improve employee engagement and retention. Dayforce provides real-time payroll updates and automated approval workflows to speed up the processes to improve efficiency. Dayforce also helps managers make data-driven compensation decisions, share information, drive consensus, and reduce the risk of non-compliance. The information retrieved from the Dayforce system can be used for developing guidelines, budgets, and workflows.
Organizations, with the help of succession planning software, can prepare for people’s changes while creating talent supporting employees’ career goals and smoother business operations. Dayforce helps in reducing the regrettable turnover by planning for your employees’ future and helping to provide what is needed to succeed. The software can track potential and readiness for promotion in employee profiles, manage talent pools to identify bench strength, visually compare employee performance with a convenient talent matrix to find suitable candidates.
TeamRelate Employee Engagement
With Dayforce’s TeamRelate, companies can assess the communication style and core convictions of the people. Employees can check-in employee engagement software and get suggestions in areas like motivating employees or managing conflict, creating meaningful interactions, and supporting development giving the team a real-time sense of how to engage with each other and communicate better.
5. Workforce Management
Enable quick schedule deployment to staff, review timesheets and make edits before approving pay through Dayforce’s workforce management. The software ensures that you stick to company budget guidelines, make necessary changes to ensure everything is on target, and warnings to set the flag to activities that go outside budget. Dayforce’s workforce management also lets the company comply with current laws and policies updated by federal, local, or state governments while monitoring the most complex scenarios.
Time and Attendance
This feature of workforce management validates schedules against employee punches, review and approve, resolve errors, compare actual vs budgeted labor costs, mitigate time loss, reduce gross pay inaccuracies while ensuring compliance. This feature eliminates manual processes and reconciliation efforts, allowing quick calculation of rules, giving employees the ability to view & validate time, and the ability to add comments or take ownership of their timesheets and be responsible for addressing potential issues.
Dayforce labor-management aids in making better decisions while understanding labor resource demand to hit sales targets. Managers using this feature can free up more time throughout the scheduling process, give more visibility into overall scheduling costs to minimize them, prevent costly violations, create labor forecasts using historical sales data, customer traffic information, recent trends, and seasonal predictions to focus more on people and productivity rather than processes.
Arrange shifts chronologically to identify an employee’s assigned position, ditch manual processes, and comfortably replace them with employee scheduling software for effective planning. The software helps companies to manage the most complex scheduling scenarios, set rules that address company needs, highlight actions that require attention, stay compliant and gain efficiency, and pair with labor planning to identify when resources are under scheduled or rescheduled or are idle.
The ultimate way to reduce admin time while shifting your time to more productive ones. Leave management lets administrators and managers manage employees’ absences, rapidly request, review and approve time off anytime and anyplace. Companies can set rules and allow their employees to create requests, review balances, select reasons, add comments and submit requests offering greater visibility across the team and being more efficient.
Dayforce’s task management allows companies to review, assign and deploy tasks to employees. Dayforce leverages companies to associate specific skills with specific tasks, track and factor into calculations to help managers comply with budget requirements.
Dayforce offers an exceptional visual experience, replacing traditional methods of punching clock with flexible options such as quick and easy punch in and out, transfer shifts, and view punch history. This standalone cloud-based clock is designed to perform all time-tracking functions and capture employee time and attendance data.
Dayforce features are technology-enabled that promise to deliver a standardized, consistent experience, the right tools for employees to learn and guidance through the early stage of implementation, validate the data, and ensure that the data is accurately captured. It also helps with the paying process, administers off-cycle events, handles hires, and terminations, navigates year-end, and much more.
A technology that fastens resolution time by 20%, 25+ improved NPS score, and 10X less rework post-live. Dayforce Activate is an implementation process with best practices integrated to improve overall customer support quality and productivity. Through the test-driven iterative approach, companies can emphasize more on measurable results, alleviate complicated data loads, and automate the validation of data to help achieve success through the project lifecycle.
Dayforce helps the organization to be ready for the change. The comprehensive toolkit offered by Dayforce includes sample plans, pre-built templates, introductory videos, and a checklist to support the transition. The instructor-led training guides the team with interactive courses that empower product knowledge, user adoption faster, support users with specific configuration and processes, self-directed and continued learning experiences.
Dayforce’s integrated technology implementation process delivers standardization, a consistent approach to achieve a positive go-live experience, and monitoring the project and aligning it with primary goals. Dayforce’s solution is updated at regular intervals to ensure improvement where possible, work with regular touchpoints and test critical parts of implementation to ensure that the delivered solution meets business expectations and requirements.
With Dayforce, companies can scale their workforce stress-free, manage payroll staffing challenges, integrate quality control tests, be more strategic and focus less on payroll and benefits and more on business while minimizing the risks to the organization by limiting access to sensitive information and maintaining a high level of security, privacy, and compliance.
Ceridian Dayforce uses an AAA-rated account for filling and sending tax pays without any risk. Users can minimize the administrative burden and properly meet payroll tax requirements. Dayforce also limits the exposure to costly fees and penalties of late and inaccurate returns, creating safeguards to keep companies updated on applicable taxes, mitigating the risk business can incur.
Dayforce can help grow and scale with business by allowing quick changes, supporting new business requirements, and year-round processes. With Dayforce, companies can add new modules, new features, solution optimization, acquire new business or merge with another company, support technical components, manage data loads, build reliable integrations, complex reports, and custom scripts to take care of time-consuming, technical work.
Cost of Integrating Software like Ceridian Dayforce
Dayforce is designed to scale up or down the organizations between 500 to 50,000 employees’ strengths across all industries. Along with features, the cost is critical to business success. However, there is no fixed cost to develop a feature-rich customized solution like Ceridian Dayforce.
You can always have IT consulting firms by your side to help you with the cost of developing one. However, the below table can explain to you how the cost of ownership is segregated.
Unlock the roadmap to creating your own cutting-edge Employee Benefits Software.
Dayforce is a dynamic HCM, payroll, HR, and benefits administration software provider. This comprehensive software combines some of the most essential components and features vital for effective management and business scalability.
This cloud-based software is backed by a huge community for continuous improvements, updates, and recommendations to better manage employees.
The enterprise-grade robust solution can be implemented at a customized price into your current systems.
However, not every business can continue with the subscription plan every month, so they often move to customized solutions by paying a one-time price.
Companies looking to take advantage of the comprehensive features of Dayforce can connect with leading IT professional services providers as A3logics.
A3logics cater to users looking for a unique and patent solution like Dayforce, Gusto, Paylocity, or similar solutions with extensive features to tackle every aspect of the employee lifecycle. So, drop us a line today with your requirements.
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