As a business leader, you know that taking of your employees is a top priority. However, you also know that you have little time to dedicate your attention to this. Therefore, having a tool such as Benefitfocus, Inc. which can help you to coordinate employee benefits for you is a great idea. At the end of the day, the more help with tasks that can be automated, the better.
Investing in employee benefits not only makes your more attractive to potential employees but also improves retention rates. The 2019 Work Institute Report shows that people continue to leave their jobs, in search of higher pay and better incentives. We already know that having a great employee benefits package in place is important, but is Benefitfocus the best tool to help you with that?
Why Benefits Should Be a Priority
The Aflac report shows that 71% of employees place their benefits package as central to their job satisfaction. In today’s challenging economy, many people struggle to afford essential healthcare and look after their families.
Benefits packages can help with the financial burdens of everyday life and create a better workplace culture. If your employees know you care about their health and happiness, they’re more likely to contribute to the and offer their loyalty.
Many employers recognize the importance of offering an incentive plan and turn to a specialist benefits advisor to help them find the right package. Another alternative to obtain assistance when it comes to creating the perfect employee benefits package is Benefitfocus. Our review looks at what Benefitfocus offers, how it compares to other companies, and answers the most prominent question; is it worth it?
What is Benefitfocus?
Benefitfocus is an all-in-one cloud-based platform for employers to find the right benefits package to suit the needs of their employees. Putting together a benefits package is hard, especially when you have to speak to numerous suppliers, but Benefitfocus puts accessibility at the hub of their .
This software brings together employers, benefit suppliers, and brokers to simplify the employee benefits process and find the best solution for everyone involved. Their customer-orientated platform is designed to facilitate ongoing support for employers and their team members with expert advice from providers. One of the ‘s most helpful products for insurance carriers includes BenefitsPlace, a transaction-oriented, marketplace solution.
The is headquartered in Charleston, South Carolina, but there are numerous Benefitfocus locations across the United States, including offices in New York, Salt Lake City, Brookfield, and Tulsa. The also takes pride in its corporate image and supports over 200 organizations.
What Does Benefitfocus Offer?
Instead of employers having to shop around to find the best benefits packages, Benefitfocus features each of their partners on their website, benefitfocus.com, and makes recommendations based on the needs of you and your workforce. They also have software to handle your billing, compliance and a useful analytic tool to ensure you’re maximizing your benefits strategy.
What makes Benefitfocus unique is how it approaches benefit implementation. The uses a holistic approach and focuses on areas that improve employees’ health, stability, and security. They also appreciate that people have various needs, and offer a diverse range of benefits to suit your employees and their families’ needs. are some incentives Benefitfocus offer and the companies they partner with:
Health benefits are the most sought after among employees because they pay for medical expenses in times of need. While basic medical insurance has its advantages, Benefitfocus partners with numerous providers to ensure your workforce can access financial support when they need it most. Some popular partners of the include:
- Beam – Offers dental insurance with hygiene treatments included in the policy.
- Happify – Screens and supports mental health needs, including emotional wellbeing.
- MedPut – Financial aid for emergency treatment, with the ability to use payroll deductions.
- Wellbeats – Online fitness classes and programs for your employees to work out wherever they are.
Finding a work/life balance is something many people dream of, but rarely achieve. However, by providing a benefits package to support your team, you can increase their motivation. Benefitfocus offers a range of options, including:
- Legalease – Offer your employees legal protection.
- Genworth – Long-term insurance to pay for treatment and equipment.
- Shipt – Discounts on clothing and groceries with delivery in as little as one hour.
- Pet Benefit Solutions – Offers pet plans to ease the financial burden of vet visits and medication.
A report published on CNBC states that Americans worry about money now more than ever. One of the most prominent concerns in accessing affordable housing, so property benefits are high on everyone’s priority list. There is a range of benefits available at Benefitfocus including:
- Toggle – Designed for renters to help them manage their housing budget and bills digitally.
- Liberty Mutual – One of the largest insurance providers in the USA. They offer car and contents insurance at competitive rates.
Did you know that student debt is at an all-time high of $1.5 trillion? Companies recognize that debt can affect an individual’s health and wellbeing, but there are specialist organizations such as FutureFuel that help employers work with their team to reduce student debt. Benefitfocus offers the following solutions:
- Bright Dime – This financial planner is ideal for your employees to manage their budget, set goals, and control their spending.
- Self Lender – Offering this alternative to credit cards enables your employees to build their credit rating and set their payment plans.
- Wage Works – Use pre-tax dollars to pay for healthcare and benefit from reduced payroll taxes.
The Better Business Bureau () rates the as an A+, which shows that they are trusted amongst consumers. The latest revenue reports show that Benefitfocus earned $272 million last year, so the is financially stable.
Is Benefitfocus Worth It?
Benefitfocus has plenty of great reviews from customers, and the has made an impact on many employers’ lives up to this point. One of the most significant advantages of partnering with them is superior customer . While some companies provide basic advice, Benefitfocus (NASDAQ: BNFT) advisors work with you to discuss your needs, choose which benefits you’ll introduce and can help put together an implementation strategy. This streamlined process takes the headache away from choosing benefits and enables you to focus on other aspects of your business.
The sheer volume of suppliers they partner with is impressive, and it gives people access to less common benefits such as pet insurance and student loan programs. One disadvantage is the complicated system, which is difficult to configure if you have an extensive benefits program. However, the team is always available to help and offer solutions, so it’s a minor inconvenience.
Overall, Benefitfocus can improve your image and make you an attractive prospect for top talent. With so much on offer, you can create a voluntary benefits package that appeals to employees from all backgrounds.