Finding the Best Employee Benefits Platform for Your Workplace

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Finding the best employee benefits platform for your workplace

July 9, 2024

Choosing the best employee benefits platform for your workplace is the key to fostering a motivated and engaged workforce. By providing a platform that not only offers a diverse range of benefits but also ensures flexibility, responsiveness, and client-centric service can really help build your EVP and improve the employer brand.

Curating the right employee benefits package can take time and effort. Employers need to offer something that will stand out from their competitors, while employees want to feel looked after. If you offer something which matches what they’ll be bringing to the team, this will encourage them to stay at the organisation. And the figures back this up. According to People Management, over 50% of employees would sacrifice pay to get personalised benefits, that’s how important it is to get it right.

What to look for in an employee benefits platform

A high-quality employee benefits platform should be agile, and responsive but there are some things that will help push a new benefits solution over the line when it comes to getting it signed off with the Board. Here are the factors we believe clients should look for in a benefits provider:

Flexibility is key to accommodating the diverse needs of your workforce. My Staff Shop offers a broad spectrum of benefits that can be tailored to meet individual preferences. This adaptability ensures that all employees, regardless of their unique situations, get the most value they can out of the benefits offered.

Responsiveness is another crucial factor. An effective benefits provider, like My Staff Shop, should quickly adapt to changes and address client needs promptly. This agility will help maintain a seamless experience for both employers and employees, minimising disruptions and maximising engagement.

A client-centric approach is also something to be mindful of. We pride ourselves on placing clients at the heart of everything we do, and as an employee-owned business, our team is highly motivated and invested in the success of the benefits solutions we offer – essentially, our clients’ success is our success!

Your chosen platform should definitely offer a great choice of staff perks. According to MetLife, 76% of millennials reported that benefits customisation is important for increasing their loyalty, compared to 67% of baby boomers. Our extensive range of services caters to this demand, providing options that support employees’ wellbeing, financial health, and helping to support the organisation’s culture.

Features of a good employee benefits scheme

A flexible employee benefits platform should be tailored to meet the diverse needs of the workforce, ensuring inclusivity and satisfaction at every touchpoint. In the same vein, it needs to be accessible to all employees, allowing them to manage and utilise their benefits efficiently. Having an easy-to-use mobile app is a given, and a platform that allows employees to view their savings at a glance will help them engage better, helping you get a stronger ROI.

Let’s be real. Affordability is one of the most important factors for employers. Having a cost-effective scheme for both the employer and the employees, encourages usage and helps promote responsible spending habits. Here are some of the other benefits of a strong employee benefits offering:

a) Supportive of good saving habits: Your platform encourages employees to save and plan for the future, enhancing financial security.

b) Opportunities for improvement: Getting your staff perks right might mean finding a supplier that offers avenues for personal and professional development, boosting morale and engagement. We, for example, offer Learning and Development opportunities via our platform and mobile app to encourage skills development.

c) Reward and Recognition: Supports a culture of appreciation and acknowledgment, fostering loyalty and motivation.

A recent study revealed that just over half (58%) of employees consider benefits as a key factor in job satisfaction and retention. Implementing a robust benefits platform like My Staff Shop can make a huge difference in the levels of employee engagement and retention figures. Making sure your provider ticks all the boxes means that you stand to make the best possible ROI and really offer value and enhanced benefits to your people.