Managing employee benefits can be an arduous, time-consuming task. As such, many companies use an employee benefits platform to manage their benefits.
When choosing an employee benefits platform, there are a few things you need to consider.
What is an employee benefits platform?A typical employee benefits platform will house all your employee benefit schemes that you offer to your employees.
The features you get will depend on the platform you go for. Some platforms have limited features, some have more and sometimes you’ll have the option to go for a tailored, bespoke option or an off-the-shelf platform.
We’ll go into a bit more detail with these here.
Benefits of an employee benefits platformOffering all your employee benefits through a platform will be less time-consuming for the person managing it. This means you’ll have more time to manage and optimise other aspects of your offering like communications etc.
It’s also much more convenient to have all your benefits in one place, for both the employer and the employee. A platform could include all documents and processes involved including marketing material etc. Being able to manage everything from one place is much more convenient.
Things to Consider When Choosing a Platform
CostTypically, with an employee benefits platform, there’s a cost involved both monthly and for the set-up. However, it’s also worth considering the time saved by having a platform that makes managing benefits easier, and the increase in scheme take-up. Both could help offset the cost of any platform fees.
Platform fee costs will vary depending on the provider and how bespoke the platform is.
FeaturesAn employee benefits platform isn’t just about putting all your benefits in one place. There’s loads of different features out there.
Things like built in global messaging and bespoke branding are available as part of most platforms.
SecuritySecurity isn’t something which should be overlooked. When looking for the right employee benefits platform, check the security certification of the provider.
Even if they’re ISO certified, it’s worth checking with the provider how they maintain the security of their platform. It’s also worth doing your research to see if they provider has previously had any breaches of security.
Bespoke vs. Off the ShelfAn off-the-shelf version will be cheaper and may be enough for your needs. However, with a bespoke benefits platform, you’ll likely benefit from more customisability, allowing you to really make the platform your own.
Depending on your platform provider, you might also benefit from more features with a bespoke option.
Your Current BenefitsYou’ll also need to consider whether a new benefits platform will incorporate your current benefits. You’ll also need to think about whether the benefits offered as part of your new platform are better than the ones you currently offer.
Ultimately, your platform provider should work with you to come to the best solution.
There’s almost certainly a platform out there that is perfect your company and that suits your financial needs. Whichever one you go for, it’s almost certainly going to be cost-effective for your business.
