Navigating Employee Benefits Technology: The Essential's
Posted on 23rd November 2023 at 15:43
In today's rapidly changing business landscape, employee benefits technology has become an invaluable tool for organisations of all sizes. Whether you're a small start-up or an established enterprise, the digitisation of your employee benefits program offers numerous advantages. However, before delving into the realm of digital solutions, it's imperative to address some fundamental points: Why, Who, and What. In this blog post, we'll explore the key considerations for selecting the right employee benefits technology and understand why this is a critical step in maintaining competitiveness in the digital age.
Reasons to digitise
1. Lack of Employee Understanding: Traditional benefits programs often leave employees confused about their options. Digitisation can provide a user-friendly platform that simplifies information and decision-making.
2. Low Benefit Take-Up: Many employees fail to utilise their benefits fully due to a lack of awareness. Digital platforms enable better communication and engagement, leading to increased participation.
3. Time-Consuming Administration: Managing employee benefits manually can be an arduous task, consuming valuable HR resources. Digitisation streamlines administrative processes, freeing HR teams to concentrate on other essential tasks.
4. Spreadsheets and Emails: Relying on spreadsheets and email chains for benefits management can be error-prone and inefficient. Employee benefits technology centralises information, reducing dependence on these outdated tools.
5. Risk Reduction: Digitisation reduces risks for both employees and employers by providing a streamlined process and a digital audit trail.
6. Staff Retention: A robust benefits package is often a crucial factor in retaining top talent. Digitisation can help you offer a competitive benefits program that attracts and keeps skilled employees.
7. Absence Management: Employee absenteeism can disrupt workflow and productivity. Digital solutions can include features that improve mental health and foster a more supportive work culture.
8. Attracting Top Talent: In a competitive job market, offering modern, digital benefits solutions can make your organisation stand out and attract high-calibre candidates.
9. Incoming Workforce Expectations: Employees, especially younger generations, expect their workplace to be technologically advanced. A lack of digital benefits solutions can make your company seem outdated in a digital age.
But which provider do I choose?
Selecting the right employee benefits technology provider is a crucial decision. With various options available, it's easy to be swayed by flashy demos. However, it's essential to have a clear understanding of your organisation's specific wants and needs.
Before starting your search, establish the following:
• Why: Determine why you’re digitising your benefits program. Is it to boost engagement, reduce administrative burdens, or enhance employee satisfaction?
• Who: Identify the primary beneficiaries — the employees. Consider their needs, preferences, and pain points, both personally and professionally.
• What: Define the initial functionalities and features you desire from your technology. Do you need integration with HR or payroll systems? Are shopping discounts, reward and recognition programs, or a communication package on your wish list?
Once you've established these key points, you can focus on:
• When: Set a timeline for implementation. When would you ideally like to launch the new system, and does this align with your organisation's objectives?
• How: Address the cost factor. How will you cover the expenses associated with implementing and maintaining the technology? Consider your budget, keeping potential return on investment in mind.
Remember that your list of requirements may evolve as you progress on your digital journey. However, having a solid foundation of Why, Who, and What will guide you in selecting the right provider for your company.
Other things to consider
While evaluating providers, keep the following factors in mind:
• Interactivity: Determine whether your benefits platform should be information only or interactive, allowing employees to make choices and updates.
• Geographical Considerations: If you have international operations or operate solely in the UK, consider the geographic scope and compliance requirements.
• Workforce Locations: Understand your employees' work arrangements. Are they office-based, hybrid, or remote? Do you have multiple office locations?
Our expertise
At Benefiz, we understand the complexities of employee benefits technology, and we're here to guide you on your digital journey. Our team is committed to helping your organisation unlock the full potential of digital benefits solutions, enabling you to engage your employees, streamline administration, and stay competitive in an increasingly digital world.
Contact us today to embark on your digital transformation and revolutionise your employee benefits program.
Share this post: