The relationship you have with your global benefits technology provider is more than just a contractual agreement—it can define your organization's ability to attract, retain, and engage employees. But what happens if your provider can no longer offer what you need?
If you're wondering if it's time to break away from your current global benefits tech provider, ask yourself: are you getting everything you want from your provider? If not, it might be time for a change.
Here are three key signs it might be time to seek out a new global benefits tech provider:
The Power of Personalization
In today's competitive market, it's essential to understand that when it comes to benefits, one size does not fit all. For instance, a recent study found that 50% of employees would reduce their salary for more personalized benefits. It's crucial that your provider offers personalized capabilities that suit both your organizational needs and those of your employees.
Our survey, The Benefits Factor, found that employees in the UK ranked work-life balance and healthcare as their preferred benefit types. If you aren't providing personalized benefits based on individual employees, then your offering is no longer competitive. Your benefits platform should allow you to interact with employees at an individual level: from acknowledging life milestones and opening benefit selection windows at relevant times to taking note of which benefits are actually used. If you can't do this, you risk losing talented people.
Does your current platform provide customization options that correspond to your company's unique priorities and brand identity? If not, then consider looking for a provider that allows for a digital-first experience so that employees can access their rewards and benefits anytime, anywhere.
A Benefits Provider That Grows with You
How often have we seen the trope in romantic comedies where one person tries desperately to change their partner? In a business relationship, you shouldn't have to ask your tech provider to change—your global benefits platform should actively anticipate and adapt to your needs.
When looking for a new global benefits tech provider, look for one that is independent and committed to continuous improvements and system upgrades. This forward-thinking approach not only future-proofs your investment but also guarantees that your benefits platform will evolve as your company grows and changes.
Platforms with strong APIs and a robust tech infrastructure ensure that any new functionalities can be adapted to your unique needs—making the solutions both innovative and sustainable. Platforms that don't offer API options will inevitably have limited integration capabilities: restricting the impact and power of your platform. Instead, look for a platform that has the technological capacity to offer personalized benefits that fit not only the needs but the desires of your employees.
In 2023, 53% of companies experienced a third-party data breach. As these kinds of security issues become more prevalent, the consequences of not having a protected and agile platform provider can be devastating. A benefits platform should not only protect against current threats but should be able to adapt to new security challenges as they arise. This means that your provider should continuously update and refine its security protocols in response to emerging threats and digital vulnerabilities.
A Global, Scalable Platform
When deciding whether you need to break up with your current benefits provider, consider whether they can keep up with your ambitions whether they be scaling your employee size or launching in new markets. Managing employee benefits worldwide presents a unique challenge, and while only 35% of organisations currently have digitalised key global mobility processes, 76% plan on investing in it within the next five years.
However, the process of understanding and managing a global workforce can be streamlined with the right platform. A global benefits technology platform can help you offer worldwide benefits, while also localizing regional benefits as needed. The most robust platforms provide you with a comprehensive, real-time overview of your workforce's data from a single dashboard, enabling strategic decision-making while effectively managing employees' diverse needs.
If your current provider fails to deliver robust live reporting tools and actionable insights that help you make smart decisions, it might be the right time to seek a solution that provides greater visibility and supports data-driven decision-making. This will ensure that benefits are offered effectively to all employees, resulting in greater employee satisfaction and retention.
Start Looking for Your Perfect Match!
A breakup is never easy, but sometimes it's what's needed to grow and evolve. While the idea of an initial switch may seem daunting, changing providers can actually result in long-term savings, enhanced employee engagement, and increased productivity.
By choosing a platform that offers adaptability, personalization, and a global perspective, you can significantly enhance your ability to manage employee benefits and support your overall business objectives. Consider these factors carefully to find a partner that not only meets but exceeds your expectations — paving the way for a more engaged and satisfied workforce.
Learn more in Benify's Purchasing Playbook: a simple guide to help you find the best benefits and total rewards platform for you and your entire workforce.
