Employee Benefits Platform

Employee benefits are the additional perks or incentives employers offer their employees beyond their base salary or wages. These benefits are designed to attract, retain, and engage top talent by providing value that goes beyond financial compensation.

An employee benefits platform provides employees with easy access to their company-provided benefits, discounts or schemes. 

The exact functionality varies depending on provider, with some employee benefits providers specialising in specific benefits, like health, discounts or pensions for example. 

Some employee benefits providers offer a centralised place with 24/7 self-service access for employees to view, select, change and manage all of their benefits in one place, with one login. 

For HR teams managing employee benefits packages, an employee benefits platform can provide a branded look and communication tools to maximise engagement as well as reporting and analytics to view usage metrics.

Employee benefits platforms differ from regular HR software. While HR software often includes some benefits administration features, employee benefits platforms are specifically designed to provide a comprehensive and user-friendly experience for both employees and HR teams when it comes to managing every aspect of an organisation’s benefits offering.

Benefits can significantly impact employees' lives by offering unique advantages above and beyond their salary. For instance, salary sacrifice schemes allow employees to save on tax and National Insurance for things like bikes, cars, and even by trading holidays.

A robust employee benefits package can be a game-changer in today's competitive job market. By offering attractive perks, employers can differentiate themselves and attract top talent while fostering employee satisfaction and loyalty.

The implementation timeline for an employee benefits platform depends on factors like your provider, the complexity of your current systems, and any additional features you require. 

For example, for a new employee benefits platform client with no existing benefits offering, we can get a simple "off-the-shelf" solution up and running in a few days.

Existing clients using PeopleHR or those using disparate benefits systems and needing them all in one place can often see a new unified employee benefits platform implemented within a few weeks at most.

Overall, expect a setup time of a few days to two weeks, depending on complexity.

Additional features, such as custom eligibility rules or extensive branding, can extend the implementation time.

To ensure a smooth implementation, be prepared to provide employee data, information about existing benefits, and brand guidelines to your provider.

The benefits that employees value most can vary significantly from person to person. While some may prioritise financial benefits, others may place a higher value on work-life balance or health and wellness.

That being said, there are a few benefits that consistently rank high in employee surveys including sick pay, matched pension contributions and comprehensive health insurance packages. 

It's important to note that the specific benefits that are most valuable to employees will depend on their individual needs and circumstances. For example, a young employee without children won’t place as much value on family-friendly benefits like childcare vouchers, but may prefer access to discounts at their favourite online stores.

Find out more about Employee Benefits Packages on our blog

The cost of an employee benefits platform can vary depending on several factors, including the size of your company, the number and type of benefits offered, any brand customisations, and the specific features you require.

As a general guideline, businesses often allocate approximately £2 to £11 per employee per month for employee benefits.

However, the actual cost can be lower or higher depending on the specific platform and your needs. For example, our employee benefits platform offers a flat fee of £1-3 per employee per month, making it a competitive option for small and growing businesses, right up to large enterprises.

While it’s important to consider initial costs, it’s also worth considering what the return on investment could be for your benefits offering. For cost-effectiveness, benefits should outweigh costs. This includes factors like increased engagement, retention, and reduced turnover.

Salary sacrifice schemes (e.g., bike schemes) can also be cost-effective due to tax and National Insurance savings for both employees and employers.

With an employee benefits platform that delivers the right engagement (resulting in increased use of salary sacrifice schemes), salary sacrifice schemes like the bike scheme or holiday trading can even help businesses offset the cost of their employee benefits entirely, providing a great ROI while improving engagement, recruitment, retention and overall business performance.

It's important to compare different providers and consider your specific requirements to find the most cost-effective solution for your company.