Improving engagement and benefits usage with data-driven insight
Wouldn’t it be helpful to know what employees are thinking about as they enroll in, and learn about your benefits offering? It would offer a great deal of insight that could help HR drive strategic benefits-related decision making.
While we can’t read employees’ minds, we can get pretty close by collecting and aggregating data in real-time. By leveraging data, HR can paint a clear picture into employee behaviors to identify points of friction and areas of improvement in their benefits package and communication strategy.
How can HR leverage benefits data?
The most effective way to utilize data is through robust reporting capabilities within benefits platforms. The platform gathers data from various sources and consolidates it in one place. Once collected, the data can be refined and structured for analysis.
Benefits platforms house a ton of valuable data that HR can use to drive strategic decision making. Although platforms house data, that doesn’t necessarily mean that data is easy to access (if at all). It’s not uncommon for platforms to require HR to submit a ticket just to run a report. When you have access to robust reporting capabilities, you don’t have to wait around for data that belongs to employers in the first place. HR shouldn’t have to jump through hoops to access data, and with best-of-breed benefits technology they don’t have to.
Unleashing the power of data-driven insights
By analyzing data, HR teams can:
- Identify benefits utilization trends: Which benefits are employees actively choosing, and which are being overlooked? Understanding these patterns allows HR to highlight lesser-utilized benefits that may provide significant value. Or, HR can simply identify benefits that are no longer worth allocating resources towards.
- Segment employee preferences: Breaking down data by demographics such as age, job role, or location can reveal trends in how different groups of employees interact with benefits. This can help HR craft more targeted communication strategies that resonate with specific segments of the workforce. For example, younger employees may be more focused on wellness programs, while older employees might be interested in retirement planning options.
- Pinpoint areas for improvement: Data can show where employees encounter difficulties during the enrollment process. These insights can drive process improvements and ensure employees have the best possible experience when enrolling.
- Boost overall satisfaction: When employees better understand their benefits and feel supported during the selection process, satisfaction increases. Data-driven insights allow HR to fine-tune their benefits strategy, resulting in a more seamless and satisfying experience for employees.
Conclusion
Leveraging data through best-of-breed benefits platforms allows HR teams to gain valuable insights into employee behaviors and preferences. Ultimately, this leads to more informed decision-making. By harnessing data-driven insight, HR can streamline benefits communication, improve enrollment processes, and ensure that employees are utilizing the most relevant offerings.
With robust reporting capabilities, HR teams can identify trends, segment their workforce for targeted strategies, and enhance the overall employee experience. This unlocks the power of these insights and is key to driving both employee satisfaction and organizational success.