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A good employee benefits package can boost your employer brand, make your team feel appreciated, reduce stress and sick days, and help attract and retain your top talent.
But here’s the catch – only 12% of UK employees are fully satisfied with their benefits. It’s no longer enough to offer a decent salary and a ping pong table, so you need to choose the ones that your staff really value and shout about them.
UK businesses that want to stay ahead of the competition are turning to technology to help them provide and manage their staff perks. And that’s where employee benefits platforms come in. But how much do employee benefits platforms cost? Read on to find out.
Employee benefits platforms are digital tools or software solutions designed to streamline and manage various aspects of employee benefits and HR administration. These systems efficiently provide, manage, and administer employee benefits and perks to an employer’s workforce.
Typical you will be able to manage the following benefits on these platforms:
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A good employee benefits platform offers ultimate flexibility, empowering you to seamlessly integrate a wide array of benefits, ensuring a tailored and comprehensive package that resonates with every member of your team.
As an employer, you work hard to provide great benefits to attract top talent. But think about how you currently manage your employee benefits: do your employees have to juggle multiple sources for their benefits, making it confusing and frustrating? And if your HR team needs to make changes or updates, do they have to deal with several different providers, chasing them on the phone and over email?
A benefits portal can simplify everything by putting all your benefits, HR info, and policies in one spot. This not only eases the workload for your HR team but also makes it crystal clear for employees to access and enrol in their benefits.
Good employee benefit platforms (like My.Drewberry) will offer a seamless, user-friendly interface that allows both employers and employees to effortlessly navigate and manage various benefits. They should take the heavily lifting out of benefits administration by helping with:
If this sounds like the perfect solution to endless admin or low take-up rates, then an employee benefits platform could be the ideal solution for managing and getting the most out of your benefits package.
Our My.Drewberry Platform does all the above and more, helping you to seamlessly administer your companies benefits whilst saving hours on HR admin.
To find out more, call 02074425880 or email help@drewberry.co.uk.
Nick Nelms
Senior Consultant, Employee Benefits
What you’ll pay for your employee benefits management system will depend on a few different factors. Things like:
Each provider will be different so it’s important to understand the following.
Some platforms come with implementation fees, which cover the initial setup of your platform (including onboarding admins, customisation, and other tweaks to help you get the most out of the software). Not all providers will charge for this, but some can ask for upwards of £10,000 to get started, so it’s crucial to ask questions and do your research before committing.
Outside of any potential set up costs, you will need to pay a subscription fee for using the platform. Again, each provider charges differently.
Number of employees | Cost Per Employee |
|---|---|
0-10 | £10.00 |
11-49 | £7.50 |
50+ | £5.00 |
To give you a rough idea of cost we’ve provided an example below. This is based on a small business, with 20 employees wanting a comprehensive portal with both HR and employee access.
| Platform Monthly Cost | |
|---|---|
| Number of employees | 20 |
| Cost Per Employee, Per Month | £7.50 |
| Total Monthly Cost | £150 |
That’s £150 to reduce the workload for stretched HR teams, engage your team, and measure what employees really value. See how to choose the right employee benefits platform for your business.
As you’ve seen, there are a few different factors that can make your employee benefits platform cheaper or more expensive. The main ones are:
Sounds obvious, but different providers will charge different prices depending on the capability of their product. Some will offer better functionality and support at a premium, while others will also charge an initial fee to cover the cost of setting up the portal.
Depending on how you pay your subscription, you could find yourself paying more or less. For example, if you choose to pay annually rather than monthly, this could bring the price down.
As shown in the above example, the more employees you have, the more you’ll pay for your employee benefits management system. However, larger companies usually enjoy a price-per-employee discount, making it a cost-effective solution.
The variety and comprehensiveness of your benefits offering can affect the platform’s cost. For example, a business offering complex insurance products, salary sacrifice schemes, and health programs will usually pay more than a company just offering retail discounts.
Some providers will charge extra for super-customised versions of your platform. Any extra bells and whistles you need should be communicated to your provider, and they’ll give you an idea of costs.
Some platforms, not all, might charge you for integrating with other software. When researching which provider to go with, it’s important to ask if this is the case.
Looking for a cost-effective way to manage your employee benefits? That’s where My.Drewberry comes in. With easy setup, flexible pricing, and a great user experience.
Get in touch on 02074425880 or email help@drewberry.co.uk, to book a demo to see we how we can give your benefits a boost.
Jamie-Lee Smith
Operations Manager, Employee Benefits
First and foremost look at the budget you have. A new piece of software is certainly an investment, and you need to be realistic. But could you look to spend a little more if the right platform saved hours of HR admin?
Create a short list of providers that offer your main priorities. For example, if speeding up the process of adding new joiners and leavers is the most important thing for your business, make sure your potential providers offer this functionality.
The way you pay your subscription can affect how much you pay. Some providers offer a discount for paying annually, so it’s worth checking various providers to see if they offer this? Don’t forget to check for setup fees or other hidden costs.
Think about your company’s future growth plans. Do the platforms you’re considering allow for easy scalability? For example, if you’re only offering discounts for the moment, but plan to introduce core benefits such as Group Critical Illness or Group Private Medical Insurance, how easy would it be to move to a full platform?
Is there a Customer Success team on hand if you need it? Do you have to pay extra for it? Having a support function alongside your platform can save costs in the long run by preventing issues and ensuring smooth operations.
You need buy-in from your employees to have any chance of success, so if your platform is clunky and unpleasant to use, you might as well be throwing your money away. Is the portal self-explanatory, or does it just need some training? When your employees trust and feel connected to the platform, they’ll be more likely to use it, making for a sound investment.
At a time where getting value for money is more important than ever, tailoring your employee benefits package to their preferences is a powerful way to attract and retain talent.
Get more bang for your buck with My.Drewberry. Signing up is a breeze, and it makes managing benefits easy. Whether it’s Health Insurance, Workplace Pensions, or an electric car scheme. See how My.Drewberry can revolutionise your benefits game.
Employee benefits can be a headache. But our specialists do this day-in, day-out, offering first class service when you need it most. Here’s why you should talk to us:
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