10 Best Employee Benefits Platforms to look out for in 2024

Imagine a world where managing employee benefits is no longer a daunting task but an empowering experience for HR teams and employees.

With an innovative employee benefits platform, that world becomes a reality. This game-changing platform revolutionizes how organizations administer and deliver benefits, putting the power in the hands of employees.

From personalized plan comparisons to easy enrollment and on-demand access to benefits information, this platform empowers employees to make informed decisions that align with their unique needs and lifestyles.

In this blog, we have handpicked some of the best benefits platforms that cater to all your requirements. Let's delve in.

Highlights

• Meaning of an employee benefits platform
• Importance of employee benefits platform
• Choosing the right platform is essential for enhancing employee satisfaction and engagement.
• Know all about our curated list of the top 10 employee benefits platforms based on their features, user reviews, and market reputation.
• Detailed descriptions of each platform highlight their standout features, helping readers make informed decisions.

What is an Employee Benefits Platform

An employee benefits platform is a comprehensive tool designed to address different aspects of benefits administration, integrated into a single software platform.

An employee benefits platform allows a more streamlined and efficient benefits management process, saving time and reducing potential errors.

Such platform consist of specific benefits administration software designed for managing and administering employee benefits programs.

Benefits platforms also allow companies to centralize and automate the administration of employee benefits, such as health insurance, retirement plans, paid time off, and more.

Importance of Having an Employee Benefits Platform in Place

1. Streamlined Administration:

Automating administrative tasks such as eligibility checks and record-keeping can simplify managing employee benefits and perks. The HR managers and the benefits administrator can save much time and effort.

2. Flexibility in Benefits:

An employee benefits platform can provide greater flexibility in the benefits employers can offer their employees. For example, some platforms allow for integrating different benefits, such as health insurance, retirement plans, and wellness programs. This can help employers tailor their benefits packages to meet their employees' specific needs and preferences.

3. Enhanced Data Analytics

Many employee benefits platforms offer advanced data analytics tools to help organizations gain insights into their benefits programs. This includes metrics such as enrollment rates, claims data, and employee feedback. This can help organizations identify areas for improvement and make data-driven decisions about their benefits offerings.

4. Improved Employee Retention:

A robust employee benefits platform can improve employee retention by offering comprehensive benefits packages. However, the packages should meet the needs and expectations of employees. This can help organizations attract and retain top talent, reducing turnover and associated costs.

5. Increased Employee Wellness:

An employee benefits platform can promote employee wellness by providing tools for tracking and managing wellness programs, such as fitness challenges or stress management initiatives. This can help employees maintain a healthy work-life balance and improve their well-being.

6. Accessibility and Convenience:

An employee benefits platform can offer employees 24/7 access to their benefits information and tools. This makes it more convenient to manage their benefits on their own time. This can improve employee satisfaction and reduce the burden on HR managers and benefits administrators.

How to Choose the Right Employee Benefits Platform

Choosing the right employee benefits platform is crucial for creating a positive employee experience and attracting top talent.

Following these steps, you can confidently select a platform that meets your organization's unique needs and drives employee engagement and well-being.

Assess Your Needs and Goals

• Clearly define your organization's objectives and employee benefit priorities.
• Identify the specific features and benefits that align with your company culture and workforce demographics.

Consider Integration and Compatibility

• Ensure the platform seamlessly integrates with your existing HR systems, payroll software, and other relevant tools.
• Compatibility is key to streamline processes and avoid data discrepancies.

Evaluate the Range of Benefits

• Look for platforms offering comprehensive benefits, including healthcare, retirement plans, wellness programs, flexible working options, and more.
• The wider the range, the better the chances of meeting diverse employee needs.

Assess Ease of Use and Accessibility

• Opt for an intuitive platform with a user-friendly interface that simplifies benefits administration for HR teams and self-service access for employees.
• Mobile-friendly platforms provide convenience and accessibility on-the-go.

Personalization Options

• Choose a platform that allows employees to personalize their benefits based on individual preferences and needs.
• Personalization enhances employee satisfaction and engagement.

Vendor Reputation and Support

• Research the vendor's reputation, customer reviews, and testimonials.
• Ensure they offer reliable customer support and have a track record of responsiveness and assistance.

Scalability and Future Readiness

• Consider the platform's scalability to accommodate the growth and changing needs of your organization.
• Look for features like scalability, flexibility, and the ability to integrate new benefits as your company expands.

Cost and Return on Investment

• Evaluate the pricing structure, including setup fees, monthly costs, and any additional charges.
• Consider the platform's potential return on investment in terms of improved employee satisfaction, retention, and productivity.

10 Best Employee Benefits Platforms

Let's look at some of the best platforms available today now that we've covered the benefits of implementing them. Each platform offers unique features and benefits, catering to organizational requirements and employee preferences.

1. Vantage Circle

Vantage Circle is a comprehensive employee engagement and benefits platform designed to enhance the overall employee experience within organizations. Vantage Circle aims to create a positive work environment and foster a culture of appreciation, recognition, and well-being by providing innovative solutions.

This is a people-first rewards and recognition platform focussed on elevating company culture by offering rewards, recognitions, and an exclusive employee benefits platform called Vantage Perks.

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Vantage Perks, a part of the Vantage Circle platform, offers many benefits and rewards for employees, ranging from exclusive discounts and deals on popular brands to personalized wellness programs.

With Vantage Perks, organizations can boost employee satisfaction, improve retention, and create a more motivated and engaged workforce.

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Clientele
PayPal, Moody's, J.P. Morgan, Ericsson, GE, HCL, Accenture, Infosys, WIPRO, Capgemini, TESCO, Akamai, Piramal, Novell

Features

• Discounts, deals, exclusivity.
• User-friendly, intuitive, and seamless.
• Easy redemption, streamlined process, convenience.
• Variety, options, personalization.
• Wellness integration, employee well-being, health.
• Fresh updates, exciting additions, evolving.
• Mobile accessibility, on-the-go convenience.
• Customizable rewards and aligned goals.
• Customer support, assistance, guidance.
• Gift card options available to reward employees

Pros:

• Vantage Perks makes it effortless to access and redeem offers.
• A wide array of choices
• It offers a user-friendly interface, a seamless redemption process, and a wide array of options, resulting in an awesome user experience.
• Offers extensive savings through exclusive discounts and deals.

Cons

• Users may encounter difficulties in determining which transactions or actions qualify for earning cashback points.

2. JustWorks

Justworks is a professional employer organization (PEO) specifically tailored to cater to the needs of small and midsize businesses. By partnering with Justworks, businesses access a comprehensive range of essential features.

These include self-service employee onboarding, document storage, payroll processing, tax filing, reporting, and human resources (HR) compliance assistance. Justworks is the top startup choice due to its responsive 24/7 customer support, transparent pricing, and user-friendly, technology-driven platform.

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Features

• Health, dental, and vision insurance
• Life and disability insurance
• 401(k) retirement plans
• Health savings accounts
• Flexible spending accounts
• Workers’ compensation insurance
• Commuter benefits, gym memberships, and mental health assistance.

Pros

• Simple pricing
• Multiple paid plans
• Run off-cycle payroll
• Automatic tax filing
• Compliance support
• Integrates with top accounting software
• Self-serve employee portal
• Extensive HR features
• 24/7 support

Cons

• Payroll feature is expensive at $49 to $99 per month.

3. Zenefits

Zenefits is a cloud-based software company that provides human resources (HR) management services and tools for small and medium-sized businesses. It was founded in 2013 and is headquartered in San Francisco, California.

The company's software platform offers features such as benefits administration, payroll processing, time and attendance tracking, employee onboarding, and performance management. Zenefits aims to streamline HR processes and provide businesses with a more efficient and cost-effective way to manage their HR needs.

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Features

• Creating and managing PTO policies, including integration with other areas such as Payroll and Scheduling.
• Recording of blackout dates.
• Compensation Summaries
• Equal Opportunity Statistics
• Headcount Activities
• Stock Options Granted
• Partnering with Thrive Global to provide well-being tools.
• Spot problems and monitor progress with assessments
• Quick access integrations on mobile phones for immediate accessibility.

Pros

• Competitively-priced plans
• Robust HR features include recruiting, onboarding, time and scheduling, and more.
• Payroll administration includes tax and filing
• Self-service benefits administration
• Centralized organization management
• Mobile app

Cons

• Minimum five employee requirement for all plans
• Lacks learning management tools
• Lacks task management features

4. Bucketlist

Bucketlist empowers managers and team leads to issue highly personalized and specific rewards to their employees, creating a workplace where recognition and appreciation thrive.

With this platform, managers can go above and beyond in acknowledging their employees' achievements. Whether it's granting bonus time off or arranging unforgettable experiences in the city, Bucketlist offers a wide range of employee benefits that will leave a lasting impression.

By utilizing this platform, managers can show their team members how much they value their hard work and dedication. With Bucketlist, managers have the tools to create a work environment where employees feel appreciated and rewarded for their contributions.

Features

• Benchmarking
• Employee awards
• Employee recognition
• Feedback management
• Goal management
• Performance management
• Compensation management
• Employee lifecycle management
• Health & Wellness programs
• Pulse surveys
• Performance appraisal

Pros

• Higher employee engagement and productivity
• Increase retention and reduce voluntary turnover
• Boost morale

Cons

• Point values closely align with the corresponding dollar amounts, ideally within a 10% conversion range.
• Lesser points allocation
• Activities are sometimes out of a person’s limitations.

5. Gusto

Gusto is a comprehensive solution that combines payroll, benefits, and HR functionalities into a single package, making it a top choice for companies seeking efficient team management.

Recognized for its excellence in payroll technology by reputable publications like NerdWallet, Gusto provides a user-friendly environment that simplifies operations for business leaders.

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With Gusto, you can effortlessly oversee full-service payroll details, efficiently track time and attendance for remote workers, and streamline your hiring and onboarding processes.

Additionally, the platform encompasses additional features such as automated charitable donations and a user-friendly wallet, empowering employees with greater control over managing their funds and the flexibility to decide when and how to utilize them.

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Features

• Set up high-yield savings accounts to grow their earnings beyond their paychecks.
• Set up to five personalized financial goals.
• Manage time off requests.
• Clock in and out and view hours worked.
• Payroll tax support
• Bonus payroll
• Off-cycle payroll
• Employee management
• Benefits administration

Pros

• Transparent pricing
• Flexibility of three plans for changing needs
• Unlimited payroll runs
• Domestic and international contractor payroll
• Charitable giving benefit
• College savings benefit
• Automatic tax filing and compliance guidance
• Employee financial wellness tools

Cons

• No free trial
• Per-person pricing gets costly at scale
• No invoicing or accounts receivable features
• A lot of upfront manual data entry
• Benefits and time-off data don’t sync throughout the platform
• No automated workflows
• No international employee payroll
• Limited mobile app functionality

6. Rippling

Rippling is a versatile software that combines payroll management with benefits administration capabilities. This comprehensive platform enables employers to explore a wide selection of plans from numerous employee benefits providers and easily compare them.

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It also offers the convenience of seamlessly integrating existing coverage into the system. Noteworthy features include automated emails, invitations, and an accelerated online enrollment platform, ensuring a streamlined and efficient enrollment process.

Additionally, Rippling includes compliance tracking safeguards to help organizations stay on top of regulatory requirements and ensure adherence to relevant policies.

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Features

• Benefits Record Management
• Enrollment Planning
• Self-Service Portal
• Benefits Record Management
• Enrollment Planning
• Self-Service Portal
• Benefits Dashboards
• Pay runs as well as one-off items, like taxable employee stock options exercises
• Comprehensive +Rippling software that enables compensation reviews without a single spreadsheet

Pros

• All in one solution
• User friendly
• Automation
• IT management integration
• Customizable and scalable
• Comprehensive set-up

Cons

• Not the most cost-effective in the market
• No free trial
• Training to use the platform may be required
• Time-consuming set-ups

7. Bamboo HR

BambooHR is a game-changer for HR management. It streamlines processes, removes inefficiencies, and automates key functions.

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With its single source of data, electronic signature feature, and comprehensive view of employee information, it's a reliable and efficient solution.

It is a highly recommended platform for organizations looking to simplify and optimize their HR operations.

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Features

• Centralized employee database
• Benefit and payroll administration
• Employee and manager self-service
• Time and attendance tracking
• eSignature
• Performance management
• Reports / Analytics
• Alerts (for training deadlines, license renewals, birthdays, etc.)
• Phone and email support
• Web-based/Mobile App
• Open API
• Six languages (English, French Canadian, German, Spanish, Brazilian Portuguese, Dutch)
• Pay per employee per month

Pros

• Mobile app
• Centralized employee database
• Offboarding features

Cons

• Pricing is not available on the website
• Does not offer a free plan
• ATS is not available on the basic plan
• Phone support is not available on the basic plan

8. Everything Benefits

EverythingBenefits is a powerful employee benefits solution software that automates tasks like benefits enrollment, COBRA administration, and dependent eligibility audits.

It integrates with hundreds of HR software systems and connects with over 600 carriers for seamless data transfer.

Users appreciate its efficient reconciliation process and responsive customer support. Simplify benefits management, and save time and money with EverythingBenefits.

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Features

• Benefits Record Management
• Enrollment Planning
• Third-Party Carrier Integration
• Regulatory Compliance
• Benefits Record Management
• Enrollment Planning
• Third-Party Carrier Integration
• Regulatory Compliance
• Benefits Dashboards
• Integrations / APIs

Pros

• Benefits enrollment solution with decision support tools, including a glossary, summaries, and plan comparison
• The two-click approval process for COBRA qualifying events with automatic notifications and compliance maintenance
• Automated new hire reporting by monitoring connected payroll or HR systems
• Drag-and-drop interface for quick benefits reconciliation, correcting discrepancies on employee invoices
• Automated dependent eligibility audits for compliance, with options for company-wide or random sampling surveys

Cons

• Extended website loading time
• Integration issues

9. Fringe

Fringe empowers your employees with personalized lifestyle benefits that reduce stress, save time, and bring joy to their lives. It is the all-in-one solution for lifestyle benefits, employee well-being, rewards and recognition, peer-to-peer giving, employee donations, and recruiting incentives.

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Leading companies trust Fringe to attract and retain top talent, resulting in significantly lower turnover rates than competitors.

Fringe goes beyond physical and mental health, offering curated options for caregiver support, financial wellness, and continued learning.

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Features

• Employee Discount and Perks
• Peer-to-Peer Recognition
• Customization
• Rewards & Recognition
• Reporting (Analytics)
• Recognition Tracking
• Manager-to-peer Recognition
• Social Recognition
• Employee Segmentation
• Pulse Surveys
• HRIS Integration
• Goal Management
• Badge Management

Pros

• Abundance of option
• The ability to save and use points as desired offers tremendous flexibility in planning on how to use the acquired points
• Allocation of extra points of events like birthdays.
• Cons
• Delayed email delivery
• Unpredictable vendor delivery
• There should be allocation of Unused Points without Redemption Value

10. Reward Gateway

Reward Gateway is a well-known employee benefits platform that provides comprehensive solutions to help organizations enhance their employee engagement, recognition, and benefits programs. It's designed to create a more positive and productive workplace culture by offering a wide range of tools and features.

Reward Gateway offers a robust set of features, including customizable recognition and rewards programs, communication tools to engage employees, wellness initiatives, feedback mechanisms, analytics for program evaluation, mobile accessibility, integration capabilities, global support, educational resources, exclusive employee discounts, and a strong focus on security and compliance.

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Features

• Alerts/Notifications
• Customizable Questions
• Employee Database
• Employee Recognition
• Employee Reward Programs
• Feedback Management
• Gamification
• Manager-to-Employee Recognition
• Nominations
• Peer-to-Peer Recognition
• Performance Appraisal
• Performance Management

Pros

• Wide catalog of employee experiences makes recognition personalized to the employee’s unique needs.
• Easy to implement and navigate.
• Lots of discounts across various products.

Cons

• Constant iteration of features declines the user experience
• Prolonged time between receiving and delivery of experience might make the user frustrated.

A Quick Comparative Glimpse

Conclusion

An employee benefits platform is a valuable tool for organizations and their employees. It simplifies benefits administration, streamlines enrollment processes, and enhances employee engagement.

With easy access to benefits information, self-service functionalities, and integrated communication tools, these platforms empower employees to make informed decisions about their benefits and improve their overall well-being.

This article is written by Vaishali Goswami, a member of the content team at Vantage Circle. Between being an active writer and a traveler, Vaishali can be found in books about psychology and human behavior. For any related queries, contact editor@vantagecircle.com.