Benefits Management Simplified
Jun 5, 2023
“Benefits” is a one size fits all term for many employers. It can encompass a ton of different offerings all of which require a different set of actions to administer. It is particularly important to manage well when considering that unlike many other countries, the U.S. largely puts the onus on employers to provide healthcare to their workers. Managing one benefits program can create a lot of overhead for financial operators, and it can quickly become unwieldy with multiple. That’s why we have built a robust Benefits Management tool at Franklin. If you’re reading this you know we’re dedicated to simplifying payroll for businesses across the board. We believe that companies should have more flexible, efficient options for compensating their teams. Our platform allows for seamless, tax-compliant payments to W2 workers and contractors around the world in both cash and crypto. Our new Benefits Management allows for companies to offer more sophisticated programs to their workforce while maintaining a simple, integrated payroll process.
This feature offers a comprehensive solution for managing a variety of benefits, including 401(k), HSA, Roth IRA, Section 125, and more. It allows employers to easily set up employee contributions in either specific dollar amounts or as a percentage of payroll, providing flexibility to meet the varied needs of your workforce. Additionally, the feature facilitates employer contributions, offering even more ways to support your team.
What sets this feature apart is the control and simplicity it offers. You can track, manage, and adjust benefits from a single interface, reducing administrative burden and saving valuable time. As soon as you update a benefit, the associated payroll run is updated to ensure that the proper net pay is distributed, no matter how your company structures benefits.
To find out more about our new Benefits Management feature, please contact us. Keep an eye on our website, Twitter, and LinkedIn for future product updates and announcements. 🚀
