Final thoughts: Tech and trust will form the basis of the employee benefits experience
Greater investment in benefits is clearly a strategic priority for HR and Reward professionals. 71% of global organisations are planning to increase their investment in benefits over the next 12 months.
As employees increasingly look to their organisations for support both inside and outside of work, benefits have never been more relevant than they are today. But it’s the technology that delivers these great benefits that will set you apart, and ensure your benefits package has the impact you intend. In fact, 50% of employees state that great workplace technology is now an important factor for them when choosing a new employer (Benefex, Evolution report).
Looking to the future, the most common reason employee benefits technology will fail will be down to a lack of trust from employees. There’s a mismatch between employees’ expectations for personal experiences and their willingness to share data; only 26% of employees say they’re happy to allow employers to use the information they hold on them to get the best employee experience, and a further 26% would allow only a highly trusted employer to use their data (Benefex).
But there is a powerful symmetry between personalisation and trust. Ninety percent of us say personalisation in tech is appealing and that we are willing to share more data as long as it results in improved products and experiences. If we want our people to have more personalised benefits experiences, they must trust the technology they use.
To secure employee trust, benefits technology must prioritise security, privacy, and data handling – especially as more of our workplace tech is being used to support sensitive employee issues like wellbeing. Collaborative features will help employers build trust; think user generated content and social proof.
HR tech is enabling employees to lead more flexible lives, find new opportunities to learn, stay safe, engage with their organisation, recognise colleagues, improve their wellbeing and stay motivated. Organisations that use their employee benefits technology to its full potential are differentiating their employee experience – and reaping the returns in employee acquisition, retention and engagement.
