The ultimate guide to employee benefits management platforms

Looking for a comprehensive guide to employee benefits platforms in the UK? You’ve come to the right place! In this article, we will discuss what an employee benefits platform is, how they work, and some of the best platforms available.

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We’ll also provide tips on how to choose the right platform for your business. So, whether you’re just getting started with employee benefits or you’re looking for a more efficient way to manage them, read on for everything you need to know!

What are employee benefits?

Employee benefits are any perks or extras that an employer offers to their employees. They can be used to attract and retain talent, as well as improve employee morale and motivation. Common examples of employee benefits include health insurance, dental insurance, gym memberships, and company cars.

What are employee benefits management platforms?

Employee benefits management platforms are designed to help businesses manage their employees’ benefits. These platforms typically offer a range of features, including online portals for employees to view and manage their benefits, tools for employers to administer benefits, and reporting capabilities.

There are a number of employee benefits management platforms available in the UK market. Some of the most popular platforms include:

• Perkbox
• Benefex
• Sodexo Benefits and Rewards Services
• bOnline benefits
• ZestBenefits
• PeopleKeep
• Gusto
• BenefitFocus
• Rippling
• Zenefits

Features to look for

When choosing an employee benefits management platform, there are a few key features you should look for, including:

Feature	Good to know…
An online portal	This is where you will manage your benefits and communicate with employees.
Tools for employers	These can include a benefit calculator, online enrollment system, and reporting capabilities.
A wide range of benefits	Look for a platform that offers a wide range of benefits, such as pension schemes, healthcare plans, and life insurance.
Flexibility	Choose a platform that offers the level of flexibility you need to tailor your benefits offering to your employees’ needs.
Support	Make sure the platform you choose offers the level of support you need.

Once you’ve considered these factors, you should be able to find the right employee benefits management platform for your business.

What are the pros and cons of using one?

There are a number of advantages and disadvantages to using an employee benefits management platform. Some of the main advantages include:

• Convenience – Having all of your employees’ benefits in one place can make it easier to manage and administer them.
• Improved communication – Employee benefits management platforms often offer online portals and tools that can help improve communication between employers and employees.
• Greater control – With an employee benefits management platform, employers have greater control over how their employees access and use their benefits.

However, there are also some disadvantages to using an employee benefits management platform, including:

• Cost – Employee benefits management platforms can be expensive to set up and maintain.
• Complexity – Some platforms can be complex to use, particularly if you have a large number of employees.
• Lack of flexibility – Some platforms may not offer the level of flexibility that you need to tailor your benefits offering to your employees’ needs.

Factors to consider

There are a few things you should consider when choosing an employee benefits management platform, including:

• The size of your business – If you have a large number of employees, you’ll need a platform that can accommodate this.
• The type of benefits you offer – Some platforms specialise in certain types of benefits, so make sure the platform you choose offers the features you need.
• Your budget – Employee benefits management platforms can be expensive, so you’ll need to consider your budget when choosing a platform.
• The level of support you need – Some platforms offer more support than others, so make sure you choose a platform that can meet your needs.

Once you’ve considered these factors, you should be able to narrow down your choices and find the right employee benefits management platform for your business.

What kind of benefits are usually available?

The type of benefits that are available will vary depending on the platform you choose. Some platforms offer a limited selection of benefits, while others provide a wide range of options. The most common types of benefits offered by employee benefits management platforms include:

• Pension schemes
• Healthcare plans
• Life insurance
• Income protection
• Employee assistance programs
• Discounts and perks

How do employee benefits management platforms work?

When you sign up for a platform, you will be given access to an online portal. This is where you will be able to view and manage your benefits. You will also be able to access tools for employers, such as a benefit calculator and an online enrollment system. Reporting capabilities will allow you to track the performance of your benefits program.

Choosing the best employee benefits platform for your business needs

When choosing an employee benefits management platform, there are a few key factors you should consider, such as the size of your business, the number of employees you have, and your budget. You’ll also want to think about the features you need and whether you want a platform that integrates with your existing HR & Payroll system.

How much do employee benefits management systems cost?

The cost of an employee benefits management system will vary depending on the features you need and the size of your business. However, you can expect to pay anywhere from £500 to £5000 per year for a basic platform.

Is it best to use a software or hire a service?

There is no one-size-fits-all answer to this question. It depends on your business needs and budget. If you have a small business with a limited budget, then a software solution may be the best option. However, if you have a large business or complex benefits requirements, then it may be worth considering a service provider.

5 steps to choosing the right employee benefits platform for your specific needs

Once you’ve considered the factors mentioned above, you’ll be in a good position to choose the right employee benefits management platform for your business. To help you make your decision, we’ve outlined five steps to take:

The best employee benefits management platforms in the UK

Now that you know how to choose the right employee benefits management platform for your business, it’s time to take a look at some of the best options available in the UK market.

To help you get started, we’ve rounded up some of the best employee benefits management platforms in the UK market. Read on for our top picks!

Best employee benefits platform for small business

If you’re a small business with fewer than 50 employees, we recommend taking a look at Rewards Gateway. This platform offers a wide range of features, including an online portal for employees to view and manage their benefits, tools for employers to administer benefits, and reporting capabilities. It’s also very user-friendly and reasonably priced.

Best employee benefits platform for larger SME

For businesses with more than 50 employees, we recommend looking into Perkbox. This platform offers a comprehensive suite of employee benefits, including an online portal, tools for benefit administration, and reporting. It’s also very easy to use and has a wide range of integrations available.

Best low-cost employee benefits platform

If you’re on a tight budget, we recommend checking out PeoplePerks. This platform offers a basic set of features, including an online portal and tools for benefit administration. It’s also very affordable and easy to use.

Best employee benefits platform that integrates with your HR and payroll system

Finally, if you’re looking for a platform that integrates with your existing HR and payroll software, we recommend taking a look at Zenefits. This platform offers a complete suite of employee benefits, including an online portal, tools for benefit administration, and reporting. It also integrates with a wide range of HR systems.

Frequently asked questions

Still have questions about employee benefits management platforms? Here are some of the most frequently asked questions:

Conclusion

So there you have it – everything you need to know about employee benefits management platforms in the UK! We hope this guide has been helpful and that you now have a better understanding of these platforms and how they can benefit your business.