How Much Do Employee Benefits Platforms Cost?

Do You Need An Employee Benefits Platform?

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.

What Can Employee Benefits Platforms Help Me With?

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:

• Benefit enrolment: Employees can enrol in and manage certain aspects of their benefits through self-service features, and HR teams can easily manage and approve selections via auto-enrolment
• Compliance management: Proactively manage costs and maintain compliance with built-in alerts e.g monitoring free cover limits and salary thresholds
• Auditing: automatically maintain audit trails of all benefit changes, helping you and your team to stay up to date
• Data transfer: Integrate with HR software to facilitate seamless data transfer, automating the process of repetitive tasks such as adding new joiners, removing leavers, updating personal details, changing salaries
• Communication: clearly communicate all benefits to staff, how to make the most of them and the total value of the benefits they are eligible for
• Feedback and surveys: Some platforms offer features for collecting employee feedback and conducting surveys related to benefit preferences.

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 about it pop us a call on 02074425880 or email help@drewberry.co.uk.

Nick Nelms
Senior Consultant, Employee Benefits

How Much Does An Employee Benefits Platform Cost?

What you’ll pay for your employee benefits management system will depend on a few different factors. Things like:

• the type of platform you choose
• how many employees you need on the platform
• how many benefits you need to manage
• whether you need any custom tweaks or extra features.

Each provider will be different so it’s important to understand the following.

Are There Any Setup Fees?

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.

What Are The Ongoing Costs?

Outside of any potential set up costs, you will need to pay a subscription fee for using the platform. Again, each provider charges differently.

• Flat Fee
  Some platforms will charge a flat fee (monthly or annually) regardless of how many employees you have using it. For example £500 a year.
• Per Employee
  Others will charge you per employee. For example £7.50 per employee per month. The more employees you have the cheaper the monthly rate tends to be, as the below table shows.

Example Cost

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.

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.

What Affects The Cost Of Employee Benefits Platforms?

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:

The Provider You Choose

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.

Your Subscription Type

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.

Size Of Your Organisation

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.

Type Of Benefits Offered

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.

Customisation And Extra Features

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.

Integrations With Your Other Software

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 Grant
Operations Manager, Employee Benefits

Getting The Best Employee Benefits Platform For Your Budget

1. Assess Your Budget

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?

2. Research Providers

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.

3. Compare Pricing Structures

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.

4. Consider Scalability

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?

5. Check Support Functions

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.

6. Assess user-friendliness

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.

Cost-Effective Employee Benefits Management With My.Drewberry

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.

Why Speak to Us?

We started Drewberry™ because we were tired of being treated like a number.

We all deserve a first class service when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.

• We are award winning 🏆 independent insurance advisers who work with all the leading UK insurers
• You’ll speak to a dedicated expert from start to finish
• We are very proud of the 3869 and growing independent client reviews rating us at 4.92 / 5
• We are authorised and regulated by the Financial Conduct Authority. You can find us on the financial services register here 🧐
• Claims support when you need it most.