Blog

Data is the Basis of Benefits

Written by Dino Zincarini

June 2, 2021

Data is the Basis of Benefits

While creating, revising and deploying employee benefits programs, it’s important to give some thought to the data behind the program. There’s a LOT of valuable insight that can be learned just by making some simple choices as you decide on the technology used as the backbone of your benefits program. Leveraging your benefits data can help you see the big picture of what your people need from their benefits package. As you optimize this process and improve the technology, you can shorten the time between gathering data and implementing the insights gleaned from that data to better serve your employees. One approach is to invest in collecting and organizing your people data in a data warehouse, data lake, or other data repository designed for analysis.

By aggregating anonymous benefits data then visualizing and reporting on this data patterns and outliers emerge. Which benefits are most used? How does this compare over time or between different parts of your organization? If you have access to benchmarks is your experience an outlier compared to other similar organizations in your industry? All these insights will help you tailor the right benefits programs for your employees, ensuring that your spending is in alignment with what your workers value the most.

Insights and analytics will also help your organization proactively adjust your benefits mix as workers change what they use. For example, if you see that your company is spending more on diabetes related benefits there’s an opportunity to provide seminars or information specific to this condition or offer other non-medical benefits like dietary consultations. Employees can opt-in to what they want and over time as people improve their health, you may even see a reduction in healthcare costs!

Your people are your most valuable resource, so of course you want to take great care of them! Leveraging your data can help you better serve your employees, attract top talent, and better focus your expenditures.

Embracing Fair Pay in the War for Talent

Download our white paper to further understand how organizations across the country are using market data, internal analytics, and strategic communication to establish an equitable pay structure.

about the author
Dino has a remarkable background with over 20 years of experience starting from an Economics and Computer Science degree from the University of Waterloo.
Copy and paste this HTML to share this article on your site:

Insights You Need to Get It Right

The latest research, expert advice, and compensation best practices all in one place.
Salary.com Recognized by Analyst Study for Strengths in Data Software
Salary.com Recognized by Analyst Study for Strengths in Data Software Press Release
Survey data reveals Salary.com popular among mid-market and enterprise-size companies

Read More

What to Look for When Choosing a Salary Survey Partner
What to Look for When Choosing a Salary Survey Partner Blog
What to look for, avoid, and be wary of when choosing a survey partner.

Read More

CompAnalyst Market Data: Smart Matches, Fast Prices, and New Insights
CompAnalyst Market Data: Smart Matches, Fast Prices, and New Insights product Sheet
The CompAnalyst Market Data platform is easier to use than ever before.

Read More

Differences Between HR-Reported and Crowd-Sourced Compensation Data
Differences Between HR-Reported and Crowd-Sourced Compensation Data White paper
To make decisions about the value of a job, you need data from a range of sources.

Read More

Salary.com Releases JobArchitect, A Tool to Align Organizational Needs
Salary.com Releases JobArchitect, A Tool to Align Organizational Needs Press Release
Salary.com released JobArchitect, a management tool to keep job descriptions up-to-date.

Read More

It's Easy to Get Started

Transform compensation at your organization and get pay right — see how with a personalized demo.