Employee benefits are those extra goodies employers offer on top of regular paychecks. These can be things like medical and dental insurance, life insurance and retirement plans, sports packages, unlimited vacation, stock options, or opportunities for training and development. Many of these benefits and perks can be handled via employee benefits software. And this is the topic we’re talking about in this article.
We’ll look at some of the best benefits software out there so you can choose the one that better matches your employees’ needs.
Now, what you should know is that some of these platforms might handle more than benefits. Some of them can manage payrolls, recruitment and employee onboarding, and so much more. And, it makes sense at the end of the day. Why would a company use tons of software to manage separate processes, when they can use one to manage several?
The employee benefits market was worth $214.36 billion in 2022 and is expected to grow to $346.65 billion by 2030. 40% of the market is in Europe. There are big players in this market, as well as niche ones. Just look at the matrix below created by G2.
Source: G2
Interestingly, employee benefits engagement hovers around 20%, and this means that companies waste a lot of money on unused packages.
This is why, before jumping into choosing any software, companies first need to find out what benefits they need to offer. Don’t just go with “That would be nice.” Get your employees into the conversation. What do they want? Don’t start offering gym cards when they want parental leave.
So, it’s time to dig in.
Contents
Rippling
G2 rating: 4.8 out of 5 (2,024 reviews)
Rippling is a work management platform that helps companies simplify their HR, IT, and Finance processes. Its products are called: HR Cloud, IT Cloud, and Finance Cloud.
| Benefits covered by Rippling | Features |
– Health insurance (medical, dental, vision) – Commuter – Pension plan – Flexible spending accounts (FSA) and Health savings accounts (HSA) – And more. | – Quote, compare, and enroll in more than 4,000 plans from multiple carriers – Automate ACA and COBRA compliance – Payroll deductions sync – Automatically set your new hires up with employee benefits. |
As mentioned earlier, many of the tools presented in this article go beyond benefits management. Rippling is such a case because it helps employers manage and automate every part of the employee lifecycle in a single system. Here are the features that help with that:
- US and global payroll,
- Employee surveys,
- Employee time tracking,
- Talent management,
- Training management,
- App management (connect employees with apps such as Slack, Office 365, etc.),
- Employee device management,
- Expense management,
- Workforce analytics,
- Headcount planning.
Vantage Circle
G2 rating: 4.7 out of 5 (3,783 reviews)
Vantage Circle calls itself an employee engagement platform. Among its clients, we can recognize powerful brands such as Bosch, TATA Motors, and Wells Fargo.
Here are the main benefits covered by Vantage Circle:
- Gamified corporate wellness platform -> Vantage Fit,
- Corporate discounts from global brands -> Vantage Perks.
Vantage Circle is a tool that focuses on fostering employee engagement. This is why it has some extra features, such as:
- Rewards platform
- Survey tool
- A corporate gifting solution to say thanks to employees
- Consulting for developing rewards and recognition programs
- Customizable onboarding kits for new employees to feel at home.
Justworks
G2 rating: 4.6 out of 5 (354 reviews)
Justworks is an all-in-one platform for payroll, benefits, compliance support, and HR tools.
| Benefits covered by Justworks | Features |
| – Health insurance (medical, dental, and vision) – Primary care – Fertility benefits – Pension plan – Savings plans | – Benefits record management – Enrollment planning – The marketplace of benefits products provided by third-party carriers – Store and organize onboarding benefits documents – Compensation statements – Ensure compliance with federal and state benefits regulations – Employees can manage their benefit plans by viewing plans, making changes during open enrollment, and for life event changes – Employers can report and manage payroll deductions based on selected plan options |
Justworks has also developed products and services that make it a reliable HR tool. Here are some of their features:
- Hiring and onboarding for remote teams,
- Payroll features,
- Employee time tracking,
- Employer compliance,
- PEO services.
ADP Workforce Now
G2 rating: 4.1 out of 5 (3,310 reviews)
ADP Workforce is one of the biggest players in the workforce management software market. It was listed in Fortune’s World’s Most Admired Companies list for the last 17 years.
It boasts clients such as Amazon, Dell, Pfizer, Honeywell, and Lenovo.
| Benefits covered by ADP Workforce Now | Features |
| – Health insurance – Retirement plans – Life insurance – Paid time off (vacation, holiday, sick day) – Tuition reimbursement – Paid family and medical leave – Shopping discounts at recognized brand names and local retailers | – Seamless integration with payroll – HR and financial systems, and most ERPs – Powerful benefits analytics – Personalized decision support – Automated regulatory compliance – Integration with top benefit carriers, streamlining the exchange of data for plan setup, enrollment, and billing – Employers can report and manage payroll deductions based on selected plan options – Working with 700+ insurance carriers, financial institutions, and other organizations |
Here are the other products and tools ADP Workforce Now has developed for workforce management:
- Payroll management
- Employees time tracking
- Recruiting and hiring
- Talent management and activation
- Compliance services
Gusto
G2 rating: 4.4 out of 5 (1,245 reviews)
Gusto is a tool that helps companies not only manage their benefits but also manage payroll or hiring. Gusto is serving 300,000+ businesses across the US.
| Benefits covered by Gusto | Features |
| – Health insurance (medical, dental, vision) – Commuter benefits – Savings accounts – Retirement plans – College savings – Life insurance – Disability insurance – Worker’s compensation | – Seamless integration with payroll, HR, and financial systems, and most ERPs – Powerful benefits analytics – Personalized decision support – Automated regulatory compliance – Integration with top benefit carriers, streamlining the exchange of data for plan setup, enrollment, and billing – Working with 700+ insurance carriers, financial institutions, and other organizations – If companies already have a retirement plan provider, they can sync it with Gusto – Employers can report and manage payroll deductions based on selected plan options – Compliance tools – Budgeting tools |
Like the other tools presented here, Gusto has some extra tools that help companies hire, pay, and manage teams. Here they are:
- Payroll
- Project tracking
- Attendance tools
- Compensation tool
- Employee feedback surveys
- Hiring, onboarding, and talent management tools
Paylocity
G2 rating: 4.4 out of 5 (2,256 reviews)
Paylocity helps companies manage their workforce, payroll, and benefits. 72% of its client companies are mid-market, while 23% are small businesses.
| Benefits covered by Paylocity | Features |
| – Health benefits (medical, dental, vision) – Pension plan – Transit and parking benefits – Health reimbursements – US COBRA plans (workers and their families who lose their health can choose to continue group health benefits) | – HR events (new hires, terminations) are automatically processed – Automated coverage updates with carriers – Account activity and deductions are all managed from the same system and connected to payroll – Benefits reporting |
Now, let’s see what other workforce management tools Paylocity has:
- Employee experience tools
- Hiring and onboarding tools
- Payroll
- Time and labor tracking
- HR reporting software
Ease
G2 rating: 4.6 out of 5 (1,440 reviews)
Ease is a tool for benefits and HR used by more than 75,000 SMBs, with more than 2,5M employees.
| Benefits covered by Ease and its partners | Features |
| – Financial wellness – Health insurance (medical, dental, vision) – Life insurance – Retirement plans – US COBRA plans (workers and their families who lose their health can choose to continue group health benefits) – Disability benefits – Pet care benefits – And more | – Simplified enrollments for employees – Employees can manage their benefit plans by viewing plans, making changes during open enrollment, and for life event changes – Employers can report and manage payroll deductions based on selected plan options – Automatic change notifications – Real-time enrollment progress – Compliance tools |
Ease is not a benefits-only solution. Like many other tools, it covers other HR areas as well:
- Payroll
- Employee onboarding and offboarding
- Handling holidays and paid time off (PTO)
- Compliance management
Workday Benefits
G2 rating: 4.1 out of 5 (115 reviews)
Workday Benefits is part of a bigger platform, Workday HCM.
Now, what we like about Workday Benefits is the fact that they customize their offer based on country. It’s obvious that each country has its own laws and policies. And terms such as Cobra, HSA & FSA, 401(k) are clear in the US, but inexistent in Malaysia or France.
| Benefits covered by Workday Benefits | Features |
| – Medical insurance – Life insurance – Disability insurance – Worker’s compensation – Pension plans – Flexible spending accounts (FSA) and Health savings accounts (HSA) – Commuter benefits – Stock purchases – College savings – Shopping discounts – Paid time off – Mental and emotional support – Back-up child and elder care – Family planning – Spouse and kids coverage – Pet care – Fitness and wellness subsidies | – Benefits record management – Enrollment planning – Carrier marketplace – Document management – Compensation statements – Compliance tools – Budgeting and decision tools Integrations |
Ceridian Dayforce
G2 rating: 4.2 out of 5 (451 reviews)
Ceridian Dayforce is an enterprise HCM solution that combines payroll, HR, benefits, talent management, and workforce management in a cloud application.
All employees within the company who have been granted access can utilize Dayforce’s benefits software. This software incorporates self-service functionalities, enabling employees to conveniently access and review their existing benefits, enroll in benefits as new hires or during the annual enrollment phase, and receive help with their choices.
Being an HCM solution, Ceridian Dayforce also provides tools for:
- Payroll
- Talent acquisition and management
- Time and attendance
- Workforce analytics
- Tax services
Namely
G2 rating: 4 out of 5 (302 reviews)
Namely is an all-in-one HR solution designed for mid-sized businesses (25-1000 employees). Clients say the benefits wizard is easy to use.
With Namely, employees are empowered to make smart election choices with embedded support in a modern enrollment wizard.
Being more than a benefits solution, Namely also takes charge of:
- Processes across the whole employee lifecycle,
- Payroll,
- Employee engagement,
- Compliance risk.
isolved
G2 rating: 4.3 out of 5 (784 reviews)
isolved is a popular HR, benefits, and payroll solution. From talent acquisition to workforce management to talent management, the isolved solutions are delivered to more than 6 million employees and 168,000 companies.
| Benefits covered by isolved | Features |
| – Flexible spending accounts – Health savings accounts – Health reimbursement – Retirement benefits – US COBRA plans (workers and their families who lose their health can choose to continue group health benefits) – Commuter benefits | – Compliance management – Data insights – The self-service benefits enrollment process |
Here’s what else can be managed inside:
- Payroll
- Employee hiring and onboarding
- Time and labor management
- End-to-end learning management
- Talent engagement
- Predictive people analytics
- Intelligent reporting
Coverflex
G2 rating: 4.9 out of 5 (11 reviews)
Coverflex is a startup based in Portugal that raised a €15 million Series A led by Paris-based CVC SCOR Ventures for developing its employee benefits software.
The company has 4,500+ clients, including Santander, Bolt, and Revolut, with 85,000 active users, who, according to Coverflex, use the platform more than eight times on average per month.
Benefits covered by Coverflex:
- Childcare voucher
- Retirement investment
- Education expenses
- Gym and fitness benefits
- Health insurance
- Worker’s compensation insurance
- Shopping discounts
- Meal benefits
- Parking benefits
- Donations
Wrapping up: The Comparison Table of the Employee Benefits Software
To summarize things a bit, I’ve created this matrix of the above-mentioned tools and some of the most popular employee benefits.
Tiny disclaimer: some of the tools presented below might have more benefits, but they are not as visible as the ones already presented.
I hope this clears out things more for you.
| Benefits software | Health insurance | Wellness options | Retirement benefits | Shopping discounts | Commuter benefits | Fertility benefits | Life insurance | Paid time off | Saving plans and/or spending accounts |
| Rippling | x | x | x | x | |||||
| Vantage Circle | x | x | |||||||
| Justworks | x | x | x | x | x | ||||
| ADP Workforce Now | x | x | x | x | x | x | |||
| Gusto | x | x | x | x | x | ||||
| Paylocity | x | x | x | x | |||||
| Ease | x | x | x | x | |||||
| Workday Benefit | x | x | x | x | x | x | x | x | x |
| isolved | x | x | x | x | |||||
| Coverflex | x | x | x | x | x |
Now, there is one major benefit that is missing from the list: flexible schedules. Flexible schedules can happen in the office, but also while working from home.
Also, the other mentioned benefits can work differently when the employee is working on-site or remotely. This is why it is crucial to run employee surveys and see what exactly they want.
