What You Should Know:
- Beanstalk Benefits today launched the first benefits platform to give individual employees the access and control to build their own portfolios of “everyday” benefits.
- By giving employees the flexibility to choose their own health, wealth and wellbeing services and solutions, rather than choosing on their behalf, employers are now better able to meet the dynamic needs of each member of their diverse and modern workforces – all under a single contract.
Beanstalk Benefits: Simplifying and Optimizing Employee Benefits Management
Beanstalk consolidates top-tier benefits services into a comprehensive suite covering mind, body, lifestyle, family, and financial needs. Through its intuitive platform, employees can customize their benefit portfolios, utilizing either employer-sponsored or personal accounts. The suite caters to the diverse workforce, spanning five generations, with solutions ranging from health management to parenting, elder care, finance, and mental well-being. Initial suite members include BeMe for teen well-being, Upswing Health for on-demand pain relief, Vitalxchange for parenting resources, and Sober Sidekick for sobriety support.
Beanstalk Benefits streamlines the complexity of benefits options by providing:
1. Access and Flexibility: Employees gain direct access to a wide array of benefits services and solutions, managing their portfolios effortlessly on an adaptable platform. This enables employers to offer benefits that better suit their diverse workforce, including virtual health solutions for underserved areas.
2. Simplified Contracting: Beanstalk handles all contracts, vendor relations, and customer service, continuously updating its suite with new market entrants. Employers sign one contract and pay an annual fee for access to all solutions.
3. Increased Uptake: Employees are empowered to choose and manage their benefits, enhancing engagement. Beanstalk personalizes communication and updates employees on relevant options.
4. Cost Optimization: Beanstalk’s data analytics tool provides employers with insights to optimize spending, ensuring resources are allocated efficiently based on employee needs.
“We saw a gap because people’s needs often shift during the year, after open enrollment. But typical benefits programs aren’t flexible, and they don’t give busy employees a way to easily find resources and adapt their own portfolios to personal circumstances,” said Matthew Sydney, CEO of Beanstalk. “At the same time, we’re talking to employers that are worn out evaluating employee needs against thousands of benefits offerings. Even the most well-meaning can’t sign enough vendor contracts to create a single benefits package that fits every individual well. Beanstalk lets employers put the benefits decision-making into individual employees’ hands, while employers get aggregated, apples-to-apples data on how employees use their benefits.”