Employee Benefits Administration | Benefit package & Plan Management Software as a Service System
Workday Employee Benefits Administration gives you the tools to define, manage, and adjust benefits plans to meet your unique business requirements.
Full Spectrum of Benefits Coverage
Workday Employee Benefits Administration enables you to design and implement any number of benefit plans and control the plans that are eligible for selection by employees during open enrollment or benefit change events.
- Health - Define benefits providers, healthcare coverage types (medical, dental, vision, major medical, etc.), healthcare classifications (HMO, POS, PPO, EPO), as well as employee and employer costs.
- Insurance - By providing full support for rate tables (fixed, age, or compensation-based) and insurance coverage types (short-term & long-term disability, life insurance, dependent life, etc.), Workday offers a flexible solution to manage insurance coverage.
- Spending Accounts - Manage Dependent Care and Healthcare Spending Accounts and determine the cap amounts for the plan year.
- Health Savings Accounts (HSAs) - Monitor enrollment in High Deductible Health Plans and control contribution amounts for employee and family coverage targets.
- Retirement Savings Plans - Define coverage types (401k, 403b, etc.) and minimum and maximum contribution limits.
- Additional Benefits - Manage non-standard benefit plans such as pet insurance, commuter plans, or employee assistance plans.
Benefit Events Management
Workday allows you to automate benefit events, including new hire enrollment, terminations, and passive events. You can also set up default enrollment logic for employees that miss the benefits enrollment window. In addition, configure what benefit changes are allowed for different types of events.
- Initiate Open Enrollment for a single organization, multiple organizations, or the whole organization
- Mass approve and activate elections
- Send ad hoc notifications to employees throughout the open enrollment period
Benefit Change Events
- Create benefit events such as a marriage, birth, employment change, etc.
- Determine which benefit plans are available for different benefit events
- Configure who may approve and activate elections
- Define passive events based on employee's age, dependent's age, dependent's student status, or employee's service
- Configure automatic notifications and processes
- Analyze benefits enrollment, usage, and costs
- Monitor status of Open Enrollment and ongoing benefits events