How to choose the right benefits tech for your business
If you’re already convinced that employee benefits tech is the way forward but wonder which of the many providers is right for you, read on. And if you’re still pondering whether your company needs benefits tech at all, we wrote an article that can help you decide – Benefits tech – do you need it?
In theory it should all do at least this:
- Showcase your company’s benefits offering
- Give your employees a simple-to-use platform
- Keep employees informed of the wide range of available benefits
- Minimise time-consuming paperwork and admin
But there’s benefits tech and there’s benefits tech. We’ll help you navigate the app maze.
A rose by any other name….
Here at Lumina we are nice people, so we’re not gonna name and shame competitors. Rather, we’ll contrast and compare the different types of companies out there in the benefits tech marketplace.
Against the backdrop of generational change, the Great Resignation, and ever-tougher competition for the best talent, the benefits landscape is changing.
In addition to the big dogs of the benefits world, there’s a host of yapping smaller pups at their heels. All claim to provide workforces with benefits that help with retention and acquisition. And of course, each and every one will tell you that they’re the best. But let’s hush their barking for a minute and take a look.
The big dogs on the block
Well-established and with years of experience, the giants of the benefits marketplace can seem like a safe pair of hands. After all, they’re a known name and many companies choose to place a bet on what they know rather than a smaller or newer provider.
But the downside of this is that in addition to a big bark, the big dogs can have a big price. A little exploration will reveal that more economical alternatives are available. Just because the big dog rocked up to a CiPD conference and gave you a goodie bag with a pen doesn’t give them the right to gouge you for benefits.
What’s more, you can’t teach an old dog new tricks. These companies often lag behind where flexibility and benefits targeted at younger employees are concerned.
The token discount pups
Here we have outfits that can bark the bark but not wag the wag. Their platforms look mighty fine, and they might have low price tag, but their offerings boil down to discounts of the generic kind.
Most discount pups offer flexibility, but often they don’t speak to the deeper values and real challenges of employees. Getting 30% off an Odeon ticket is nice, but it won’t convince potential employees to join your team. Likewise, no one ever felt they truly belonged at a company because it gave them cheaper deals at Currys.
Now, don’t get us wrong. Discounts can be a great place to start, especially if you’re a smaller company without a lot of budget. But for those discounts to be meaningful, they need to be curated to your employees’ values. Our entry-tier Lumina Perks, for instance, offers an ethical marketplace – with discounts on everything from sustainable clothing to food and shampoo. It’s a discount-system, but it’s with discounts that take a stance on the world.
The challenger mutts
New on the scene, these fiery little terriers are full of vim and vigour. Often led by a team of developers, their platform, websites and apps look suitably polished. This young look is clearly aimed at catching the eye of the workforce of tomorrow, and so these challenger mutts can seem like a sexy, cool choice.
And to give them their due, the mutts typically prioritise wellbeing and flexibility. Both are vital components of a genuinely valuable benefits package, and we emphasise them on our platform too.
We’d even go as far as to say these challenger mutts are headed in the right direction, but we also think they’re missing a trick. Obviously, you’re on the Lumina site, and we’re not going to leave you hanging without what we think is the final piece of the puzzle.
Lumina – the new leader of the pack
Lumina is a young challenger mutt, like the above, offering flexible benefits in a sleek platform, with employee wellbeing as a key priority.
However there’s a difference:
- Lumina is backed to the hilt by decades of HR expertise – courtesy of our B-corp pending parent company, Amba.
- Lumina cares about your people and the planet.
Lumina is the only benefits tech option (as far as we know) that prioritises environmental and social impact alongside employee wellbeing and flexibility. Lumina benefits give a damn, if you will, about the state of the world.
Why’s that important? Well, apart from the obvious – it’s good to do good – a revolution in demographics and values is underway.
As Amba’s HR Leaders report makes clear, companies that stick with a business-as-usual strategy during this time of environmental crisis are losing their most talented employees and struggling to recruit more.
By 2025, Gen Z and Millennials will make up most of the global workforce. These generations have a fresh perspective on what they want from their careers. For example, 66% of Gen Z and 57% of Millennials say that environmental concerns should take priority over economic growth.
So, Lumina is a great way to show your employees you care about them, the planet and the people who live on it.
With three levels of benefits on offer, you can choose the package that’s right for your company and employees. If you’d like to know more, just get in touch.
