Using data to analyse your employee benefits scheme
In May 2015 Workplace Savings & Benefits asked reward and benefit professionals whether they’re considering, or have started using data to analyse the effectiveness of benefits on their workforces. A staggering 49% said no – they’re not considering using data. 8% didn’t know and 9% claimed to have tried it already, but said it wasn’t appropriate for them. This leaves just 34% who are either using or considering using data.
What’s your stance on data?
The truth is that you probably have used data in your reward and benefits scheme, whether you realise it or not. You see, data is the simple part, it’s just the numbers and statistics behind everything you do. If you’ve looked at benefit take up data and switched providers, or got rid of a benefit based on the results, you’ve used data to drive business decision-making. If you’ve considered a particular benefit based on the age range of your employees, this also counts as using data.
The real question should be; are you using data to your advantage?
Outside of reward and benefits, companies are utilising data in a variety of ways to increase conversion and drive profits. Retailers are consistently using it to show their customers (who also happen to be your employees), that they understand their needs. As a result of this use of data employees have high expectations set by ecommerce companies.
Case study: How does Buffer use data to drive their company values and goals?
Social media scheduling app Buffer is leading the way with their goal of being a completely “Open Company”. This sees them doing things internally and externally in line with their company value of transparency. This includes; “every internal email sent between any two people on the team has a certain list cc’ed that is accessible for everyone”, “complete openness about revenues and user numbers” and “Open Salaries”.
Buffer’s concept of “Open Salaries” means they share the salary details of every employee, plus the formula they use to generate them. They state that; “transparency breeds trust, and that’s one of the key reasons for us to place such a high importance on it.”
Creating a customer experience that matches the needs and expectations of paying customers
12 months ago we published an article exploring whether online employee benefits can rival the Amazon experience. In the article, also published here on our blog, Ali Lanning, Head of Customer Experience and Propositions at Benefex discussed why we should be looking at the world of ecommerce for inspiration. We considered three key HR objectives; making efficiencies, staying innovative and saving money. We then explored how difficult it can be to achieve these objectives when employees have high expectations from the fantastic services provided by online and offline retailers.
So what did we do? At Benefex we looked at how our online benefits interface treats employees as consumers, and redesigned our flexible benefits platform to create a user experience that matches the needs and expectations of paying customers.
As well as redesigning critical ecommerce aspects, such as rethinking the benefit submission process as an online checkout, we began to introduce data-informed education and persuasion techniques by enabling employees to ‘try before they buy’ with an in-page modelling widget, and viewing benefits that have proved popular with other employees.
We also enhanced our RewardHub insight dashboards, providing you with real-time data and analytics on your scheme; including employee demographics, return on investment and a real-time summary of your enrolment window.