When to look for a new benefits technology provider
The relationship you have with a benefits technology provider is more than just a contractual agreement — it can define your organisation's ability to attract, retain and engage employees. But what happens if your provider can no longer offer what you need?
Here are three key signs it might be time to seek out a new benefits tech provider.
1. The power of personalisation
In today’s competitive market, it”s essential to understand that when it comes to benefits, one size does not fit all.
For example, a recent study found that 50% of employees would accept a salary cut for more personalised benefits.
It’s crucial that your provider offers personalised capabilities that suit both your organisational needs and those of your employees.
Benify’s survey The Benefits Factor found that UK employees in the UK ranked work-life balance and healthcare as their preferred benefit types.
If you aren’t providing personalised benefits based on individual employee needs, your offering is no longer competitive.
Your benefits platform should allow you to interact with employees on an individual level, from acknowledging life milestones and offering benefits selection available with self-serve capability, to taking note of which benefits are actually used.
If you can't do this, you are at risk of losing talented people.
If your platform doesn’t provide customisation options allowing you to adapt it to match your company’s priorities and brand identity, consider looking for one that allows a digital first experience for employees to access their rewards and benefits anytime, anywhere.
2. A benefits provider that grows with you
In a business relationship, your benefits platform should adapt to your organisation's needs.
When looking for a new benefits tech provider, look for one that is independent and committed to continuous improvements and system upgrades.
This forward-thinking approach not only future-proofs your investment but also guarantees that your benefits platform will evolve as your company grows and changes.
In 2023, 53% of companies experienced a third-party data breach. As these kinds of security issues become more prevalent, the consequences of not having a protected and agile platform provider can be devastating.
A benefits platform should not only protect against current threats but should be able to adapt to new security challenges as they arise. This means that your provider should continuously update and refine its security protocols in response to emerging threats and digital vulnerabilities.
3. A worldwide platform
When deciding whether you need to break up with your current benefits provider, consider whether they can keep up with your ambitions, whether that is increasing your employee count or launching in new markets.
Managing employee benefits worldwide presents a challenge, and while only 35% of organisations currently have digitalised key global mobility processes, 76% plan on investing in it within the next five years.
However, the process of understanding and managing a global workforce can be streamlined with the right platform. A benefits technology platform can help you offer worldwide benefits, while also localising regional benefits as needed.
The most robust platforms will then provide you with a comprehensive and real time overview of your workforces’ data from a single dashboard, enabling strategic decision-making while effectively managing employees’ diverse needs.
If your current provider fails to deliver robust live reporting tools and actionable insights that help you make smart decisions, it might be the right time to seek a solution that provides greater visibility and supports data-driven decision-making.
While switching may seem daunting, changing providers can actually result in long-term savings, enhanced employee engagement and increased productivity.
By choosing a platform that offers adaptability, personalisation and a global perspective, you can significantly enhance your ability to manage employee benefits and support your overall business objectives.
From on-boarding to offboarding, make using the rewards and benefits you are already investing in accessible and visible to all employees – paving the way for satisfied and engaged employees.
Learn more in Benify’s Purchasing Playbook: a simple guide to help you find the best benefits and total rewards platform for you and your entire workforce.
In partnership with Benify
Benify offers the market's leading global benefits and total reward platform.
