July 8, 2024 — Peoplebox

83% of organizations say their benefits packages boost worker productivity, and 84% claim these perks help them retain top talent. Employee benefits are no longer just nice-to-haves; they're must-haves, especially because they shape how companies thrive and attract the best minds. In fact, replacing a single employee can cost between half and 2X their yearly income. So, when you offer an environment prioritizing employee well-being, you improve your company morale and reduce turnover costs. Here’s the challenge: You want to retain talented staff and maintain high job satisfaction, so you design top-value, customized benefits. However, manually handling large-scale tailored benefits plans is time-consuming, error-prone, and labor-intensive. So, how do you go about handling this? A reliable employee benefits platform is an effective solution to fix this. To understand how that works, we will look at What employee benefits software is? Key Features to Look For in an Employee Benefits Platform How do you choose the right employee benefits platform? 10 Best Employee Benefits Platforms What is An Employee Benefits Platform? An employee benefits platform helps companies manage and administer their employees' perks, such as health insurance, retirement savings, and wellness programs. It's designed to make these processes simpler and more efficient. You may wonder, does your organization really need software to manage employee benefits? Yes - when you have employee benefits software, it streamlines and automates your corporate benefits management easily. You can let employees know what benefits they qualify for and the enrolling procedure. It enables you to track how well employees use these benefits. Not just that, this software, Integrates various HR functions — like HRIS and payroll — into one system. Automates administration and provides analytics, helping your business save time and effort. Facilitates better management and auditing of employee interactions with benefits Reduces the probability of data breaches and streamlines compliance with privacy requirements. Key Features to Look For in an Employee Benefits Platform After deciding to invest in an employee benefits platform, the next step is to determine which solution is the greatest match for your company. Here are a few features to help you begin your vendor evaluation. Integrations Look for software that easily integrates with existing HR systems, payroll services, and benefits vendors. Why? This will ensure data flows accurately without manual intervention, reducing errors and administrative overhead. Integration with your company's HR system - Ensures that updates, such as changes in employee contact information, are automatically synced to the benefits administration software, eliminating the need for manual data entry. Integration with benefits vendors’ systems - Facilitates direct connectivity with various benefits providers' systems, allowing for efficient updates like adding new hires or changing employee details. It requires each vendor system to have compatible interface functionality for seamless operation. Linking benefits administration software with payroll systems - Simplifies the process of transferring data related to employee benefits. It offers options for programmatic integration or manual file uploads by administrators, providing flexibility in synchronizing data between systems. Employee self-service portal 78% of employees prefer self-service options to manage their benefits. Ideally, an employee benefits platform should be user-friendly and require minimal training to ensure all employees can use it efficiently without frequent hurdles. The ability for employees to freely access and manage their own benefits information, including coverage, is a crucial component of employee self-service portals. Here, employees can see their benefit plans and update their information anytime. This includes name or contact details, register or edit benefit plans, access plan summary and claim forms. It lessens the burden on HR personnel while also increasing employee satisfaction. Reporting and dashboards Comprehensive reports and configurable dashboards enable decision-making by offering insights into cost trends, employee engagement, and benefits use. Those on the HR team in charge of benefits administration shouldn't wait for the vendor to supply reports or until the end of the month to run reports. HR personnel should also be able to select the report's file type; some systems only provide reports in PDF format, which restricts users' formatting options. In addition, the software's dashboards must be easily customizable by users and updated often. Customization What people really want is the option to pick and choose the perks they want. Designing benefits software that enables this would be more convenient for employees. For example, healthcare workers may access their insurance and retirement programs from any location using a personalized benefits system. This makes it easier for them to handle their money and make the most of their benefits. Additionally, it enables you and your staff to customize the program to your unique healthcare facility's requirements and rules, increasing its effectiveness. Cost management You can keep an eye on and manage the costs related to employee benefits with the help of cost management capabilities. You can take a look at how much you're spending on employee benefits and find ways to lower those costs. These tools also support benefit plan optimization, forecasting, and budgeting to help you reach your financial objectives. Documentation management Effective benefit management depends on good document management. They hold sensitive personnel information and vital details about your packages — for instance, employee interactions, medical insurance policies, compliance data, and benefit package summaries. Tracking and managing these documents securely is simpler with a system that stores and safeguards all of this paperwork in one place. How to Choose the Best Employee Benefits Platform Now that you know what to look for in an employee benefits platform, it’s time to narrow it down. To do so, you must verify that the platform satisfies your organizational needs. You can start by asking a few personalized questions. We've compiled a checklist to help you analyze your options, evaluate the features and advantages you need, and ultimately make a selection: ✅How can I ensure the benefits platform will improve our HR technology integration and planning? Look for a platform that handles basic administration and offers strategic insights. It should integrate with your current systems, plan for future scalability, and identify cost-saving opportunities. The goal is a system that acts as a partner in your HR strategy, not just a tool. ✅What should I look for to manage all HR functions comprehensively? Your ideal platform should automate and streamline a wide range of HR tasks: Benefits management: From health to retirement plans. Employee records: Easy access and management of employee data. Compliance: Must handle ACA, HIPAA, ERISA, and more, keeping you in line with regulations. ✅Can the software support an employee throughout their lifecycle at the company? A robust platform will assist with: Hiring and onboarding: Streamlining interviews, background checks, and initial training. Career development: Supporting ongoing education and certification. Retention and exit management: Helping retain talent and manage transitions smoothly. ✅Does the platform offer mobile access to support remote employees? Your platform’s mobile access is an important criterion. This feature supports remote and on-the-go employees to: Access and manage benefits: Anytime and anywhere. Stay engaged: Increasing connection with your company’s resources, boosting satisfaction and productivity. ✅What about handling a diverse range of benefits? The platform should be versatile enough to manage: Traditional benefits: Like health and dental insurance. Financial and wellness programs: 401(k)s, tuition assistance, and mental health support. Lifestyle perks: Including PTO and family leave options, reflecting your commitment to employee well-being. ✅How do I evaluate a vendor's service quality and support? Ask how the vendor handles implementation and ongoing support. Ask about training, dedicated support teams, and standard response times for resolving issues to ensure reliable service post-implementation. ✅How secure is the platform against cyber threats? Ensure the software complies with top cybersecurity standards to protect sensitive employee data. Ask about their data encryption methods, cybersecurity policies, and procedures in the event of a data breach. ✅Are regular updates and maintenance included? Ensure the platform provides regular, hassle-free updates to address: Legal changes: Automatically updating the system when laws or regulations change. System maintenance: Clear communication about scheduled maintenance and system downtime. 10 Best Employee Benefits Platforms Here are the top 10 employee benefits platforms you must check out in 2024. PlatformPricingG2 RatingPlum HQCustom pricing4.5Nova BenefitsCustom pricing4.6ZenefitsStarts at $8 per employee per month3.9WorkdayCustom pricing4.1GustoStarts at $40/month plus $6/person4.5ThrivePassCustom4.8OnPayStarts at $40/month plus $6/person4.8NamelyStarts at $9 per employee3.9EaseStarts at $530 per month4.6JustworksStarts at $50 per month plus $8 per person4.6 Plum HQ Plum HQ is a cutting-edge employee benefits platform that simplifies the management of health insurance and wellness programs through advanced technology. It's designed to enhance the employee benefits experience by integrating various health and wellness services into one streamlined platform. Plum HQ has assisted over 3700 companies, covering around 500,000 employees. Key features Automated employee enrollment: Streamlines the setup and management of group health insurance, reducing manual workload for HR teams. Digital-first dashboard: Offers a fully digital experience for submitting and tracking claims, significantly speeding up the process and reducing paperwork. Telehealth services: Includes access to telehealth options, allowing employees to consult doctors remotely, beneficial in today's flexible working environments. Preventive healthcare: Focuses on proactive health management by providing resources and tools to encourage preventive care among employees. Wellness Programs: Includes a range of wellness programs designed to improve workers' health and productivity to cater to their unique needs. Suitable for Medium to large enterprises looking to provide comprehensive benefits packages that include traditional and innovative health services. Nova Benefits Nova Benefits is an employee benefits platform that enhances workplace wellness through comprehensive health and wellness offerings. It simplifies benefits administration and prioritizes preventive healthcare, mental wellness, and telemedicine consultations to support employees' overall well-being. Their expertise has served over 500 companies with 200,000 employees, with at least 7,500 claims processed to date. Key features Comprehensive insurance and wellness benefits: Offers a range of customizable employee wellness and insurance benefits. Tech-first platform: Ensures a seamless employee experience with its digital-first approach, simplifying benefits management. Customized solutions: Provides tailored plans and prices to meet the specific needs of businesses. Claim request in 5 minutes: Enables instant claim request through the app Self-serve employee portal: Provides all information and support employees need in a single platform. Suitable for Organizations of all sizes that prioritize employee health and wellness as part of their HR strategy. Zenefits Zenefits is a comprehensive digital HR platform for small to medium-sized businesses. It streamlines various HR processes into a single intuitive interface, enhancing productivity and compliance while reducing time spent on administrative tasks. This platform is known for its robust suite of services, which include HR, payroll, benefits, and time management, all integrated into one user-friendly system. Key Features Automated HR processes: Zenefits reduces manual workload by automating daily tasks such as onboarding, payroll, and benefits administration. Comprehensive benefits management: Offers flexible options to work with your existing benefits broker or use Zenefits’ certified partners to access competitive benefits plans. Intuitive user interface: Zenefits's user-friendly design makes navigation and operation straightforward for administrators and employees. Mobile accessibility: Provides a mobile app that allows employees and administrators to handle HR functions on the go. Compliance tools: Includes built-in features to help businesses stay compliant with regulations like ACA and ERISA. Suitable for For SMBs in need of a thorough HR solution. Workday Workday is a HCM (Human Capital Management) platform that integrates HR processes with financial management and analytics. It is designed to handle various HR tasks within a unified system. It provides extensive tools to manage the entire employee lifecycle, from hiring to retirement. Key features Compensation and benefits: Allows detailed management of employee compensation packages and benefits plans. Talent management: Offers advanced tools for recruiting, onboarding, performance management, and succession planning. Learning management: Supports employee development through tailored training programs and learning opportunities. Reporting and analytics: Features powerful analytics tools to generate insights from HR data, helping leaders make informed decisions. Payroll management: Includes a comprehensive payroll system that can handle complex calculations and comply with global standards. Suitable for Industries such as technology, education, retail, and healthcare managing a diverse workforce. Gusto Gusto is an HR platform that simplifies small and medium-sized businesses' payroll, benefits administration, and HR tasks. Its user-friendly interface is highly regarded for its integration capabilities and efficient automation of routine HR processes. It provides tools for managing various employee benefits such as health insurance, retirement plans, and workers' compensation without additional administration fees. Key features Full-service payroll: Gusto automates payroll tasks, including tax calculations, filings, and direct deposit, ensuring compliance and accuracy. Hiring and onboarding: Includes features for streamlining the recruitment process, such as applicant tracking, customizable onboarding checklists, and digital offer letters. Employee self-service: It increases employee engagement and satisfaction because they can view and control their pay stubs, perks, and personal data. Custom reporting: Allows the creation of tailored reports to monitor various HR metrics, facilitating informed business decisions. Compliance support: Gusto lowers the possibility of fines by assisting companies in adhering to several federal, state, and local rules. Suitable for Companies seeking an integrated approach to effectively handle payroll, benefits, and more human resources tasks. ThrivePass ThrivePass is a cloud-based platform that manages employee wellness and benefits programs. It's particularly noted for its comprehensive approach to pre-tax benefits, wellness incentives, and flexible spending accounts, making it a good choice for businesses that enhance employee health and satisfaction. Key features Flexible and human-centric: Employees can select and modify their benefits online during open enrollment or after qualifying life events. Customizable management: Administrators can flexibly define eligibility, creating multiple divisions and classes as needed. Pre-Tax Benefits: Manage pre-tax contributions efficiently by utilizing commuter benefits, Health Savings Accounts (HSAs), and Flexible Spending Accounts (FSAs). Seamless Carrier Integration: Facilitates communication with almost any insurance carrier using manual and electronic data feeds. Suitable for Organizations of all sizes looking to provide customizable benefits packages. OnPay OnPay is a payroll and HR software designed to streamline back-office operations, allowing business owners to focus more on core business activities. It is highly regarded for its simplicity and effectiveness in managing payroll and HR tasks. It supports the administration of multiple employee benefits, including health insurance and retirement plans, across all 50 states. Key features: Automated payroll processing: OnPay automates payroll calculations, tax filings, and payments, ensuring accuracy and regulation compliance. Digital onboarding: OnPay offers tools that simplify integrating new employees into your company. Employee self-service portal: Pay stubs, tax documents, and benefits information are all accessible through an easy-to-navigate portal. Integrated HR tools: Includes an HR resource library and tools for PTO management, employee directories, and more. Suitable for Companies in the SMB sector are trying to find ways to simplify their payroll procedures. Namely Namely provides a robust platform that combines deep industry expertise with modern benefits administration technology. It streamlines employee benefits management, making the process simpler and more efficient for businesses of all sizes. Namely collaborates with top providers to offer various traditional and modern health insurance plans, including supplemental options and telehealth services. Key features Customizable benefits solutions: The platform allows businesses to tailor benefits plans to meet specific organizational goals. Advanced benefits brokers: Namely's consultants combine industry expertise with technology skills. Efficient administration: Namely takes on the complex benefits billing and invoice reconciliation tasks. Underwriting and financial support: The platform offers continuous support in underwriting, financial budgeting, and claims forecasting. Suitable for Businesses of all sizes Ease Ease, a specialised benefits administration platform, aims to simplify employee benefits handling. It's built to enhance the efficiency of HR departments with tools that automate and facilitate the benefits process. It has served over 75,000 businesses and covered 2 million employees. Key features Online benefits enrollment: Ease allows for a fully digital enrollment process, reducing paperwork. Integrated HR & payroll: The platform ensures that benefits administration works seamlessly with HR and payroll systems. Compliance management: Ease helps manage compliance with relevant health and employment laws. Carrier connectivity: The system supports electronic data interchange with carriers, ensuring that employee enrollments and changes are communicated efficiently. Suitable for Businesses with varying levels of HR and technical expertise. Justworks Justworks is a PEO (Professional Employer Organization) that simplifies HR tasks by consolidating payroll, compliance, and benefits administration into a single platform. A 401(k), health savings accounts (HSAs), and flexible spending accounts (FSAs) are just a few of the many perks offered to employees. In addition to medical, the business offers vision and dental coverage. Key features HR tools: The platform includes onboarding, employee management, and compliance tools. Compliance support: Justworks assists with regulatory compliance, helping businesses stay up-to-date with employment laws. Payroll services: It integrates payroll processing, including direct deposits, tax filings, and compliance management, within its platform. Suitable for Small to medium-sized businesses seeking a robust HR solution that simplifies complex processes and offers enterprise-level benefits. Summing Up As we conclude our exploration of the 10 best employee benefits platforms, here’s an important takeaway: the goal is not just to facilitate your administrative efficiency but to empower your employees to make well-informed choices. So, it’s time to choose the platform that best fits your goals and needs. Higher productivity and retention rates are great. But nothing compares to a supportive workplace environment where employees feel valued and well-cared for.

Day: July 8, 2024

The Ultimate Guide to Performance Appraisals in 2024

How to Kickstart Your AI HR Journey: A 5-Step Checklist for Enterprises

10 Best Employee Benefits Platforms in 2024

Features

Platform

Resources

Contact