Employee Benefits Platforms (2024 Guide)
So you’ve built a benefits package you’re proud of – but is administration proving to be a challenge?
Employee benefits are an essential part of your company’s total compensation package. High-quality, comprehensive benefits help boost the overall physical and mental wellbeing of our employees, so they can be their best selves at home and at work.
But managing employee benefits is no small task. That’s why so many companies choose benefits platforms.
In this guide, we’ll walk you through what employee benefits platforms are and how they work, as well as their fundamental features (and, of course, how to pick the right one for your organisation!).
Let’s jump in!
What is an employee benefits platform?
Employee benefits platforms are digital systems designed to manage and administer employee benefits programs. These platforms offer a centralised hub where employees can access information about their benefits, make selections, and manage their accounts. They also provide administrators with tools to streamline benefits management, from enrolment to compliance.
These platforms typically host a wide range of features tailored to meet employee and admin needs. For employees, they should provide an intuitive interface that simplifies the process of understanding and choosing from available benefits, like health insurance, retirement plans, wellness programs, and more. With the right platform, employees can easily update view plan details, track usage, and for those working in companies with flexible benefits, opt-in and out of specific benefits offerings.
For employers and administrators, employee benefits platforms offer robust tools for managing the entire benefits lifecycle. This includes automated enrolment processes, real-time reporting, and analytics to monitor engagement rates and program effectiveness. They can also help ensure compliance with different regulatory requirements by providing timely updates and alerts about legislative changes.
That’s not all – many employee benefits platforms integrate with other HR systems, such as payroll and time tracking, to create a seamless flow of information across different organisational functions.
So now that we’ve gone over the basics of what employee benefits platforms are and what they do in broad strokes, let’s break down some common features in a bit more detail.
Key features of an employee benefits platform
A great employee benefits platform comes with a suite of useful features – here are a few that you might want to look out for when choosing the right one for your company.
Centralised management of benefits
One of the challenges of a DIY benefits approach is managing all of the moving parts – that goes for both employees and administrators alike. With the right employee benefits platform, you won’t need to hunt down information from individual benefits providers. Instead, all information is centralised and easy to access, making management a breeze.
Customisation and personalisation options
An employee benefits platform can offer a high degree of customisation, like customisable dashboards and targeted communications, and even the ability to configure employee vs. employer contributions, define plan options, and set eligibility based on multiple criteria.
Integration with HR systems and payroll
Benefits platforms don’t only allow you to make dataflow simpler across your benefits, but across your HRIS and payroll systems as well. These integrations are crucial and help eliminate data silos, reduce administrative overhead, and ensure accuracy in benefits administration.
Self-service portals for employees
Self-service portals give employees the chance to take control of their benefits. Employees can enrol in benefits, make changes during open enrolment periods, access benefits information, and submit claims—all without needing to go through HR.
Reporting and analytics capabilities
Robust reporting and analytics features means administrators can gain insights into benefits utilisation, employee engagement, and overall program effectiveness. These insights can inform decision-making and help optimise benefits offerings to better meet employee needs.
Advantages of employee benefits platforms
There are countless advantages to the perfect employee benefits platform – let’s walk through just a few together.
Improved employee engagement and satisfaction
When employees have to jump through hoops to use their benefits (or even to learn about them!), it’s no wonder a company might struggle with benefits engagement. When employees have easy access to great benefits, their engagement in both their benefits and their work increases. Benefits platforms provide the tools and information employees need to fully understand and appreciate the value of their benefits.
Enhanced administrative efficiency
Managing your workplace’s benefits is no small feat. Hours and hours are sunk into the task, often bottlenecking HR’s capacity. That’s where benefits platforms come in: automating benefits administration processes significantly reduces the time and effort required from HR teams. This increased efficiency lets HR professionals focus less on admin and more on strategic initiatives.
Cost savings and better financial planning
By optimising benefits administration and reducing errors, organisations can achieve significant cost savings. Not to mention, the data and analytics provided by benefits platforms can help organisations make more informed financial decisions regarding their benefits programs, like what benefits are really getting used, so your company isn’t throwing cash at initiatives that don’t resonate with your employees.
Attracting and retaining top talent
According to a study by One Medical, a competitive benefits package is a key factor in attracting and retaining talented employees: after all, a staggering 69% of employees would choose one job over another if it offered better benefits. Benefits platforms enable your company to offer a wide range of benefits efficiently, giving you a leg up on the competition for top talent.
How to choose the right employee benefits platform
Not all employee benefits platforms are created equal – and while one might work perfectly for one company, it might not meet all of your company’s needs. Now that we know a little bit more about how they work, let’s talk more about how you can pick the best one for your team.
Assess your organisation’s needs
The first step in choosing the right benefits platform is to take stock of your company’s specific needs. Consider factors such as the size of your team, the types of benefits you offer (or would like to offer), and any unique requirements or challenges you face.
Key factors to consider
When evaluating benefits platforms, keep the following factors in mind:
- Ease of use: The platform should be user-friendly for both administrators and employees.
- Scalability: Make sure the platform can grow with your company and adapt to changing needs.
- Integration capabilities: Look for seamless integration with your existing HR systems and payroll.
- Customisation options: The platform should allow for the customisation of benefits packages to meet the specific needs of your team.
Shop different platforms
Research and compare different platforms to find the best fit for your company. Consider factors such as cost, reviews, and features offered.
Ben: The top choice in employee benefits platforms
When it comes to global, flexible benefits platforms, we at Ben are leading the charge.
Our platform offers employers and employees a truly flexible and simple experience. Here are just a few features Ben offers:
- Simple benefits enrolment and management: Automated provisioning through HRIS integration and data sync with providers for admin peace of mind.
- Flexibility on a whole new level: Offer anything as a benefit – let employees use what really matters to them. Whether that’s through a curated marketplace of global benefits providers, virtual or physical payment cards, or via reimbursements. All compliant, tax-efficient, and in-policy.
- Automated reporting and real-time data: Ben lets you check the pulse of employee benefits engagement in real-time, so you can learn what works for your people and cut the waste.
And that’s just the beginning. Want to learn more about how we’re changing the benefits game–and why we might be the perfect fit for your team?
Chat with us today.
Implementation best practices
So you’ve found the right employee benefits platform for your team–but the work isn’t done yet. There are still a few more steps you’ll need to take to make the rollout a success, like:
- Planning and preparation
Successful implementation begins with thorough planning and preparation. Define your goals, establish a timeline, and allocate the necessary resources for getting the benefits platform launched at your company.
- Involving key stakeholders
Engage key stakeholders from the outset, including HR, IT, finance, and senior management. Their input and support are crucial for successful implementation and adoption.
- Data migration and integration
Carefully plan and execute the migration of existing benefits data to the new platform. Ensure that data is accurate, complete, up-to-date, and properly integrated with other HR systems.
- Training and support for HR and employees
Give employees all the info they’ll need to ensure they are comfortable using the new platform. Offer ongoing support to address any questions or issues that arise.
- Communication strategy for rollout
Develop a communication strategy to inform employees about the new platform and its benefits. Use multiple channels to reach all employees and provide clear instructions on how to access and use the platform.
- Monitoring and continuous improvement
After implementation, continuously monitor the platform’s performance and gather feedback from users. Use this feedback to make improvements and ensure the platform continues to meet the needs of your company.
Final thoughts
A truly standout benefits package isn’t just about what you offer, but how you offer it. Choosing the right benefits platform can make a world of difference for administrators and employees alike, so your team gets the value out of their benefits that you put in.
Want to learn more about if Ben is the right fit for your team? Chat with one of our Benefits & Rewards Specialists to make the most out of your benefits.