Employee benefits companies are varied in nature. It all depends on the types of benefits they provide. While some are specialized in providing health insurance, others deal in 401k savings and commuter benefits. Thus a benefits provider will help you choose and implement the benefits you want to offer your employees.
Some of the employee benefits uk commonly available include health insurance, dental & vision insurance, life & disability insurance, 401k & retirement plans, cafeteria plans, paid time off & holidays, and commuter benefits.
There are 6 types of employee benefits companies and they include the following:
· Professional employer organizations (PEOs), which take charge of all of your organization’s HR functions.
· HR Software which helps manage employee personal files and employee on-boarding. They handle recruiting, performance management, benefits, and payroll functions.
· Payroll software, which is mainly tasked with running the organization’s payroll.
· Small Business Health Options Programs or SHOP exchange, through which business owners ensure their employees have dental and medical insurance.
· Insurance companies or brokers which provide health insurance, life disability insurance, and dental & vision insurance.
· Alternative benefits providers who may not necessarily fit in any of the above categories. It could be a local credit union, HRA provider, a student loan repayment program or an outsourced HR company.