Written by Dino Zincarini
June 2, 2021
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.
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.