Technology has transformed the way we live. Tablets and smartphones have overtaken laptops and desktops as the device of choice when browsing the internet, increasing the expectation of easily accessible information and data whenever we want, on whatever device.
With the growth of smartphone and tablet capabilities, people now have technology at the tip of their fingers on a daily basis. The growing expectation of employees is that they should encounter the same ease of access and experience when interacting with their compensation and benefits package online. They expect access to all their benefits in the same place at the same time without the need for multiple user IDs and passwords.
Employee benefit portals
Employee benefit portals have been around for a number of years but they typically hold only static information with limited ability to transact on the various benefits offered, such as share schemes, pensions and flex. A flex provider, for example, may hold information on its portals for other benefits such as share schemes but, outside of flex, an employee can be restricted to only viewing other benefits, which are likely to be out of date by the time they are reading it.
The challenge is to bring workplace benefits together on one platform to allow employees to not only view but also transact on all the schemes available to them. This not only includes the more traditional benefits mentioned above, but also schemes such as employee assistance programmes (EAPs), financial wellbeing applications and voluntary or cashback schemes.
Quite often, these are underused services because they may not be promoted effectively. Elevating them into the overarching employee portal will ensure all employees know what they are and how to access them.
Another area that is gathering momentum is online financial guidance, or robo-advisers as they are commonly known. Being able to offer easy to use, free, regulated advice to employees for possible investments is something that will continue to evolve and expand and should be included in workplace savings platforms.
The benefits of having a central portal are not limited to the employee. Integration enables cross-reporting on all benefits and the production and analysis of these reports will provide fantastic insight, aiding decisions for future benefit packages. Without this holistic view, it is difficult to judge what is important to employees.
This leads on to higher employee engagement. Technology enables quick communication, establishing a consistent message across the whole business. The portal can also be used to record feedback and allow access to the more traditional employee engagement surveys. They can even link into social media such as Twitter, Facebook and LinkedIn.
Future technological advancements
Looking further afield at future technological advancements, I believe wearable technology could see the lines blur between work and home. Whatever the justified concerns about adequate separation of work-life interests, the ability to amalgamate personal information, such as stats from an employee’s latest fitness regime, into their employee portal could help determine which benefits are promoted, furthering their engagement.
Another area that has huge potential is the use of smartphone linkage to workplace cashback benefits. ‘Tap out technology’ already exists and it will not be long before employees purchase high street products with their phones, creating instant cashback into an account through their workplace platform.
While I am an advocate of technology and what it can do for employees and employers alike, it must be remembered that although technology can allow seamless access to multiple schemes, the underlying construct needs to be designed correctly to allow 24/7 access. Any-time enrolment for flex should be considered and non-technology benefits should not be neglected to achieve a truly high performing culture.
Technology is evolving and employers need to ensure their schemes remain current and accessible to fulfil the demands of their workforce. When all workplace benefits are brought together on one platform, we will see a profound impact on employee engagement, and so deliver multiple benefits for employers. Technology is always driven by people who use it and those people are your workforce.
Stuart Bennett is head of flexible and online benefits at Equiniti
