Employers are failing to make full use of the information and insight offered by modern benefit platforms, according to new research.
The survey, by employee benefit consultants Everywhen, found that less than a third of businesses are using these platforms to analyse the take-up of employee benefits and how these products are utilised by their employees.
Everywhen points out that this information can be valuable for businesses when it comes to designing effective benefits programmes that meet wider aims around health and wellbeing and recruitment and retention of staff.
The survey asked businesses to list what they saw as the primary advantages of benefit platforms. Just 32 per cent of employers said these platforms enable the analysis and understanding benefits utilisation, with only 28 per cent stating they help with the effective communication of benefits to staff.
Everywhen said these findings indicate many business are failing to make the most of modern platforms, with many now integrating with other business systems to provide reporting and management information, giving employers greater visibility into benefit engagement and utilisation.
However this survey shows that employers value these platforms for the benefit they offer employees. The most common reasons cited by companies to use a benefit platform was that it made it easier for employees to see all their benefits in one place, and they made it easier for employees to use these benefits. Both were cited by almost one in four (36 per cent) of businesses taking part in this survey.
A similar proportion said that these platforms allowed access to benefits at any time, including out of work hours, while 30 per cent said a benefit platform can help employees make personal decisions about which benefits they choose.
Everywhen says these findings show employers recognise that these platforms are beneficial to employees, when it comes to access, flexibility and ease of use.
However it says these same employers did not always recognise what these platforms can deliver for employers, particularly when it comes to management information, raising awareness of additional services, such as wellbeing support, and boosting employee engagement.
Everywhen adds that when employees understand the full value of their benefits package, assisted by the use of benefits technology, including Total Reward Statements, they are more likely to feel valued and stay loyal, helping with retention and even recruitment.
Everywhen client director Richard Doig says: “Employers should not underestimate the value that benefits platforms can bring to the business as well as to the employees themselves.
“Yes, they simplify benefits management, saving time and money in terms of admin, and this is great, but there are also many other vital aspects. Benefit platforms can bring much greater, quantitative insight into the needs and behaviours of employees. This can help businesses to make informed choices and develop strategic plans on which benefits to offer, so they gain the greatest possible returns on the investment.”
He adds: ”Organisations using benefits platforms should regularly review whether they are making full use of the functionality available to them, including reporting, employee communications and engagement tools.
“A platform should support the wider objectives of the business as well as the employee experience. Employers who make effective use of both the employee-facing and management capabilities of their platform are likely to be better placed to understand workforce needs and make informed decisions about future benefits provision.”