Simplifying perks for HR teams and employees
Employee benefit platforms are an increasingly popular means by which businesses can manage, make available and promote workplace perks. Usually accessible by desktop computer, tablet or smart phone – they streamline many HR processes, making it easier for companies to manage, and for employees to access.
Benefits platforms were once reserved for large SME’s and corporate organisations to simplify their benefit administration across hundreds or thousands of employees. The costs involved in implementing a platform were high, and many businesses had to build a strong case to justify any likely return on investment.
Now, many businesses of all sizes prefer to manage their benefits via online portals.
Services offered will vary depending upon the provider and features included. The simplest online employee benefits platform may only offer staff discounts, while the most comprehensive will offer many, or all, of the below:
We’ve been fortunate to help many leading businesses across the UK inject much-needed innovation into their employee benefits provision. Ultimately, they’ve all wanted to achieve greater ease-of-use and improved value for employee and employer alike.
Commonly reported benefits include:
Improved employee engagement
Allowing staff to easily access their benefits provision via their personal devices and improving the overall experience by giving them more choice and customisable experiences.
More meaningful insight
Understanding which benefits employees really value and empowering those in control with real-time figures and learnings.
Superior communication & promotion of benefits
A suite of employee benefits is a significant investment and businesses want their staff to realise the inherent value. Innovative ways of promoting certain benefits and selecting which audiences the messaging reaches means benefit promotion can be tailored.
Reduced administration burden
Allowing HR professionals to remove complex administration processes and drive efficiencies in the business, thus saving valuable man-hours and money.
Increased awareness amongst employees
Total rewards statements help employees to understand the true value of the benefits they are provided, with clearly itemised statements. Whether it’s health insurance, dental cover, childcare vouchers or cycle to work, a clear view builds appreciation.
Greater opportunity to personalise benefits
Flexible benefits platforms enable businesses to tailor their benefits to the needs of employees, and also make it possible for employees to pick and choose the benefits which matter most to them.
Businesses are not short of options. While we have our own proprietary solution, Engage Connect, we will often recommend other employee benefits platforms because each business need is different. If there’s another platform on the market that better fits the requirements of your organisation, we won’t hesitate to recommend it.
Each of the platforms below offers a range of packages and price points.
The leading providers include:
The price of an employee benefits platform depends on how many employees are included and the features provided. They can start off as low as £4/month per person for the most basic level of service but can rise to between £20 and £40 a year per employee for fully equipped solutions which integrate with payroll and other HR systems.
There are many aspects to developing an employee benefits scheme. First you need to outline your needs – number of people to be included, budget, logistics and benefits required, for example. Careful planning is essential in order to create a benefit scheme that provides optimal benefit to employee and business.
Many businesses choose to work with independent employee benefits brokers, like Engage Health Group, as we can answer all their questions about the process and guide them through all the stages required to create a benefits package which fulfils key business objectives.
Employee benefits platforms have become an indispensable part of the set-up and management of benefit schemes.
There are now so many platforms available (see section above) and each has its own strengths and weaknesses. Or, more accurately, best use cases. We’ve helped connect a wide range of companies to platforms which best address their requirements. There is no one solution which best supports all business types, but there will be one that best supports yours.
Flexibility is at the heart of any good employee benefits platform. The degree of flexibility and personalisation will vary depending on the provider.
For example, if you have a health insurance plan you can set a qualifying period. i.e. an employee has to work for the company for 6 months before they can access it – and this can easily be set-up within the system so that it automatically kicks in once that time is reached.
A flexible benefits platform also enables you to set rewards or allowances according to your budget.
For instance, as a company you could set a fixed cash value for each employee – and they get to spend that allowance on the benefits which they want most on the platform. This could include, learning an development opportunities, gym memberships or even extra holiday entitlement.
