Benefits Platforms Providing Better Employee Access but Employers Still Missing Out

The primary advantages of benefits platforms are to help employees access and engage with their benefits, but businesses themselves may be missing out, according to the latest research released by the employee benefits experts at Everywhen.

Benefits for employees

The most common advantages seen for a company to use a benefits platform are linked to helping employees access and make use of their benefits:

• 36% of employers believe a benefits platform makes it easier for employees to see all their benefits in one place
• 36% of employers believe a benefits platform makes it easier for employees to make use of their benefits
• 34% of employers of employers believe a benefits platform enables benefits to be accessed by employees at any time
• 30% of employers believe a benefits platform helps employees to make personal decisions about which benefits to choose

These findings suggest that employers believe benefits platforms make benefits easier to access, understand and use. Having all benefits available in a single location can help employees navigate the support available to them and make more informed decisions about the benefits they choose to engage with.

Benefits for businesses

The benefits to the business do not rank as highly as the benefits to employees, which indicates that many organisations may not yet be taking full advantage of the insights and communications capabilities available through modern platforms:

• 32% of employers believe a benefits platform enables the analysis and understanding benefits utilisation
• 28% of employers believe a benefits platform helps with the communication of benefits

Less than a third (32%) of employers use a benefits platform to help analyse and understand the take-up of benefits. Many benefits platforms can integrate with other business systems to provide reporting and management information, giving employers greater visibility into benefit engagement and utilisation. The ability to review benefits data can help employers make more informed decisions about the design and development of their benefits programmes.

The least common reason given for using a benefits platform is to help communicate benefits to employees, cited by 28% of respondents. Effective communication remains an important part of any successful benefits strategy. Benefits platforms can provide employers with a central hub for benefits information and updates, helping employees better understand the support available to them.

Benefits platforms can also support employers by presenting information clearly and helping raise awareness of additional services, such as wellbeing support, retail discounts and other value-added benefits that employees may otherwise overlook.

Richard Doig, client director at Everywhen, says:

“Employers should not underestimate the value that benefits platforms can bring to the business as well as to the employees themselves. Yes, they simplify benefits management, saving time and money in terms of admin, and this is great, but there are also many other vital aspects. Benefit platforms can bring much greater, quantitative insight into the needs and behaviours of employees. This can help businesses to make informed choices and develop strategic plans on which benefits to offer, so they gain the greatest possible returns on the investment.”

Greater engagement

Benefits platforms can aid employee engagement by helping staff to understand and connect with their benefits. When benefits are easy to access and understand, employees are more likely to use them, boosting appreciation and uptake – and giving better value from the initial investment. When employees understand the full value of their benefits package, assisted by the use of benefits technology, including Total Reward Statements, they are more likely to feel valued and stay loyal. All of this can also support recruitment through word of mouth and referrals, with employees giving positive reviews of their employer due to their full understanding of the way the business rewards and supports them.

Richard Doig concludes:

“Organisations using benefits platforms should regularly review whether they are making full use of the functionality available to them, including reporting, employee communications and engagement tools.”

“A platform should support the wider objectives of the business as well as the employee experience. Employers who make effective use of both the employee-facing and management capabilities of their platform are likely to be better placed to understand workforce needs and make informed decisions about future benefits provision.”