My Benefits World | Benefit Management System

Benefits Management
System

The Benefit Management System (BMS) is an engagement and communication platform which houses all of your employee benefits in one place. BMS is currently supporting clients ranging from ten to several thousand employees. As the platform is built “in-house” it is not reliant on third party support or technology which means we can tailor it to the requirements of your business. You may also be surprised at just how affordable the Benefit Management System is.

Your company benefits

Through the Benefit Management System (BMS) your employees can find out about and better understand the core benefits your company offers, such as pensions, Life Assurance, Health Cash Plan and Medical Insurance. They can also change their contribution/cover levels (if permitted by your scheme rules). The BMS also gives visibility to company benefits which are often forgotten about or underused by employees, such as Employee Assistance Programmes or retail discounts.

Any changes employees make to contributions or levels of cover is compiled into a report which is tailored to meet the requirements of your payroll system and the benefit provider. The BMS can prevent employees from going above or below minimum contribution amounts or levels of cover and in the case of pension schemes, automatically match levels of employer and employee contributions as per the scheme rules. We have a range of educational videos that focus on the importance of saving for the future which can be embedded into the pension section.

Employees can also manage (add and change) beneficiary details for pension and life assurance benefits. Once an employees’ dependents details are held in the BMS they can reuse them for any other family benefits without the need to re-enter information each time.

Voluntary (employee paid) benefits

Through the Benefit Management System (BMS) your employees can view and apply online for the range of voluntary benefits they have access to through your business. Employees can see how much a benefit will cost them on a monthly and annual basis and how much they will save, either through a corporate discount, tax savings, or a combination of both. You can choose to offer as many or as few voluntary benefits as you wish.

When developing the BMS we have looked to make the application process as intuitive as possible, much akin to buying products and services from leading online shopping sites with just two or three clicks of a button. Employees have to read and agree to the terms and conditions of the benefits before submitting their application. This includes Data Protection statements giving permission to use their data for the purposes of taking out an employee benefit. We make it clear which data we require, why we need the data and who we are sending it to.

The BMS simplifies the administration of voluntary benefits. You will receive a consolidated list of the benefits your employees have applied for and for many of the benefits we can also operate collectivised invoicing. Collectivised invoicing means rather than receiving multiple invoices from different suppliers, you will receive one invoice, broken down on an employee-by-employee basis, detailing the total amount you need to deduct from salary and the applicable tax status.

Benefit Management System - Voluntary (employee paid) benefits

Total Rewards Statements

There is the option to include a Total Reward Statements (TRS) which provide visibility of the value of an employee’s overall benefits package. The Total Reward Statement places a cash value on the benefits your company provides and also displays the savings employees are making on their voluntary benefit options. If applicable, this includes how much is being saved against high street prices.

The TRS is optional. If you offer a more limited choice of benefits the TRS may be better reserved until your business expands its offering. It is very easy to switch this feature on or off (no charge) so you can choose to add it in at a later date.

The Benefits Management System can also manage benefit allowances, for example, if your business wished to allow employees the flexibility to spend a set amount on benefits of their choice.

Benefit Management System - Total Rewards Statements

Operate the Benefits in a way that works for you

Many companies now operate a combination of “Anytime” and “Window” benefits. A Window benefit usually permits your employees to make a change to their level of cover only during a fixed time period in the year. Window benefits tend to include life assurance, medical insurance, dental and cash plans and holiday buy/sell.

Anytime benefits allow employees to elect them at any time throughout the year. Most voluntary benefits now operate on an anytime basis as employers recognise it drives ongoing engagement in their employee benefits offering. Anytime benefits tend to include things such as Health Screenings, Will Writing, Kids Pass, cycle to work, technology, phones, childcare vouchers and gym schemes. In addition, you can link these anytime benefits to coincide with company and national wellbeing initiatives such as cancer awareness campaigns, cycling events or healthy living initiatives.

If you already have a voluntary benefit provider(s) in place and wish to continue to work with them, we can normally link their products and services to the Benefits Management System. The BMS can display any additional benefits your company provides, such as staff training, study leave, holiday policies, team lunches free fruit and travel policies. It can also host staff handbooks or company policy documents.