Benefits management software is a tool that helps HR teams to manage and automate employee benefits programs. This includes designing, implementing, communicating, and administering benefits plans, such as health insurance, retirement plans, and other employee benefits. Benefits management software also helps employers manage their compliance with government regulations, such as the ACA, ERISA, and HIPAA. Additionally, its analytics and reporting feature helps employers analyze their benefits costs and make informed decisions about their benefits programs, while integration with other systems ensures that employee data is up-to-date and consistent across all systems.
Gartner defines cloud HCM suites for 1,000+ employee enterprises as cloud application suites that deliver functionality for attracting, developing, engaging, retaining and managing employees. Cloud HCM suites for 1,000+ employee enterprises are designed to support transactions and/or analytical processing for more than one of the following use cases within a single integrated solution
Gartner defines cloud HCM suites for regional and/or sub-1,000 employee enterprises as cloud application suites that deliver functionality for attracting, developing, engaging, retaining and managing workers. HCM suites encompass functionality that supports a variety of HR-related processes
Employer of Record (EOR) solution allows companies to hire, onboard, and manage employees in multiple countries without having to establish a local entity. It manages all payroll-related tasks and compliance but leaves the supervision and work assignment to the sponsor organization. It also handles all the legal and admin tasks associated with being an employer, like paying salaries, withholding taxes, managing benefits and processing onboarding. Apart from helping companies avoid the hassle of setting up a local entity, this arrangement helps in reducing legal risks and is also cost effective as the fee paid to EOR may be lower than the costs of fully employing contractors directly. It is widely used by medium and large enterprises looking to expand into new markets. EOR differs from Professional Employer Organization (PEO) in the sense that a PEO acts as a co-employer, while an EOR is the legal employer of an organization’s distributed workforce.
Organizations use expense management software to simplify their expense reimbursement and reconciliation process. The software provides facilities for expense report creation, submission, approval, reimbursement, and accounting. The software replaces the manual paperwork with an automated workflow to upload, track and submit expense receipts conveniently. These reimbursement receipts are accessible to the administrators through a streamlined process to approve the claims while checking for any corporate policy violations. In addition, the software assists organizations in keeping track of their employee’s corporate expenses.
Gartner defines multicountry payroll as an approach to payroll that unifies the provision of payroll software and/or services across a minimum of two countries. Organizations can use five main types of solutions to establish a multicountry payroll strategy Payroll Software Payroll Managed Services Payroll BPO Payroll Aggregation Employer of Record (EOR)
Professional Employer Organization (PEO) providers help businesses to outsource their human resources functions to mitigate the burden of complex HR administration responsibilities.PEO providers perform various employee administration tasks, such as employee benefits, compensation and payroll administration, workers' compensation, and employment taxes. They are also responsible for processing employee wages, benefits, and payroll while helping in maintaining compliance by keeping track of complex employment laws and offering risk management strategies. This helps to reduce administrative costs, improve productivity, and increase profitability. These services are widely used by small and medium enterprises.
WFM is a solution comprising software, services and (often) hardware that helps organizations manage the operational deployment of their workers. In most cases, WFM is deployed for hourly paid/blue-collar employees. The deployment of WFM for both hourly and salaried workers can be justified primarily in the following cases: The organization wants both salaried and hourly workers to use the same absence management and/or access control system. To capture the overtime of salaried workers and use that data to calculate gross pay. When salaried workers are scheduled to work dynamic shifts, rather than set “office” hours. When salaried workers must allocate and track their time to projects or tasks and a WFM system is already in use.