5 things to bear in mind when choosing a new employee benefits provider

Choosing an employee benefits provider to suit the needs of your workforce will be one of the most important decisions you’re likely to make. After doing all that legwork to understand the benefits your employees want, don’t ruin it by choosing a provider who’s not a good fit for your business. If you get it right, it can really help you retain and attract top talent. Get it wrong, and it can be a costly mistake.

Naturally, we think you should pick Salary Extras. But, in the interests of impartiality, here are our five top tips to consider when looking for a new provider:

1.    Shop around

Make sure you do your research - there’s no such thing as too much. Trawl the internet, ask questions, go to employee benefits events, make phone calls and ask contacts in the industry for their advice and recommendations.  

2.    Understand their technology and capability – can they provide what you need?

Technology and smartphones have changed the way we absorb information. Employees want their employee benefits available to them at a touch of a button. A platform that offers everything in one place and is mobile optimised will have far higher levels of engagement.  

3.    What sets a provider apart from their competitors?

Don’t be afraid to ask the important questions. What does your prospective benefits provider do that others don’t and how do they differentiate themselves from their competitors? Ask for examples of the work they’ve done for other companies.

4.    Does the provider know the market you work in?

When it comes to employee benefits, one size definitely doesn’t fit all. Just because your prospective provider has a good track record in one industry, that doesn’t mean they’ll work well for you. Look for an experienced provider, who has a proven track record of working with companies of all shapes and sizes, across a really diverse range of sectors.

5.    How much support do they offer their clients?

It’s all very well choosing the slickest-looking provider, but once you’ve signed on the dotted line, can they walk the walk? Reputation will follow companies around. If it seems like a provider doesn’t offer enough support to their clients, they’re definitely worth avoiding.

Remember, research (yes, we said it again) is key, if you do choose to look for a new provider, make sure it’s the right decision for you and your employees. If you need help mapping out the process, download our checklist

If you’re still unsure how to get started, or would like more information, feel free to get in touch at salary-extras@computershare.co.uk.