Benefits
The breadth and scope of benefits and compensation activities varies dramatically by country, depending on the extent of nationalized core benefits (for example, health, welfare, retirement) and compensation practices (for example, thirteen-month pay, car and housing allowances). Typical activities supported by Oracle Human Resources include managing health and welfare plans (medical, dental, and vision insurance); income replacement plans (life, long-term disability, accidental death and dismemberment); qualified retirement plans (401k, 403b, pension); flexible spending accounts (medical, dependent care, legal); various optional benefits; and known compensation schemes.
Furthermore, the application supports required data tracking and reporting to third-party carriers and legislative or regulatory bodies, taking into account the effects on plan complexity of the presence of worker’s councils or collective bargaining units.
The rising cost of worker benefits is of great concern to most global organizations. Oracle Advanced Benefits is a flexible, rules-based benefits and compensation administration application that provides improved benefits support and analysis while reducing overall costs through internet-based automation. Oracle Advanced Benefits helps professionals adapt to evolving business needs by letting them implement, manage, and monitor complex benefits offerings and compensation programs, while analyzing their impact on the bottom line.
- Oracle Advanced Benefits enables you to
- •Manage benefits plans—Accommodate diverse and complex benefits plans and programs triggered by life events via a Web-based interface.
- •Manage eligibility rules—Easily create and modify complex eligibility rules and criteria without customizing the application.
- •Reduce costs—Improve service to employees and reduce enrollment costs with Web-based self-service functionality.
- •Optimize benefit plan usage and value—Facilitate and improve workforce benefit decisions by utilizing “what-if” eligibility analysis and advanced analytical tools to evaluate plans for maximum value.
- •Make decisions globally—Increase consistency of decisions on benefit issues at all levels across your organization.
- •Share data—Easily transmit and share data with your vendors, partners, and thirdparty providers.
- •Support shared service centers—Provide optimal customer service because your benefits administrators will have key information available to answer questions more accurately and can proactively provide essential communications to employees. Oracle Advanced Benefits and Oracle HRMS are integrated with Oracle CRM to facilitate the implementation of benefits-shared service centers.
