3. A better understanding of your people through data
Reward and benefit teams haven’t typically had the right data in place to understand what people want, whether their strategy is working, or even how much they are spending and where. Only 11% of HR and benefit leaders describe their use of benefits data as ‘excellent’, and two thirds worry that their organisation is lagging behind competitors in how it uses data and insight to provide employee benefits (Benefex).
Employees themselves point to a need for their organisations to understand them better – 89% believe that by better understanding what their employees want from experiences at work, organisations can prevent people from leaving.
To meet this challenge, the more innovative end of the employee benefits tech market is providing HR leaders with actionable insights that help them be more proactive in their benefits strategy, react faster to changing trends, and create more compelling stories to share with the
wider business. Data insights can identify which benefits are working well, which need to be changed, and which may need some additional communications support.
When I first began working in benefits, it would take weeks to compile the data needed to support some of these things. As we have automated many processes, data analytics mean we can now understand engagement in real time, and pivot our strategies accordingly. Today your employee benefits technology shows data that enables reward and benefit teams to anticipate long term trends, find future opportunities, and commit to more thoughtful spending.
Employers are using advanced employee benefits tech to identify trends in wellbeing, to reduce sickness and absence, to get better insurance rates, and to keep healthcare costs down. And, the right analytics is helping companies demonstrate the strategic importance of benefits to organisational success.
