5 ways technology is changing employee benefits
Businesses are increasingly looking towards new technology to improve their employee benefits schemes, improving the way they educate employees about their options and making it easier for employees to sign up for benefits. In other words, empowering their employees to make the right decisions about their benefits in any circumstance.
Part of the driving force has been how we as individuals use technology. We are no longer content to access our benefits from our work PC or staff noticeboard; we now want information on the go through our own mobile devices, such as smartphones and tablets.
Using digital communications to improve engagement
According to Employee Benefits/Xerox HR Services Benefits research published in June 2016, over two-thirds (68%) of respondents are using digital communications to improve employee engagement with benefits. Nearly one in 10 are using technology platforms, while others have turned to apps and gamification.
New technology in employee benefitsis changing the way modern employers deliver employee benefits programmes, with advantages for both employers and employees. This article highlights five technologies that are changing the landscape of employee benefits and how to embrace them:
1) Online portals
Online employee benefits portals enable employees to easily view all of their employee benefits options and information in one place and permits them to get the best from the scheme.
The portal can be personalised for each employee so that they can see their own personalised total reward statement and keep abreast of updates to the scheme, while allowing them to browse FAQs and policies.
Many organisations are investing in this form of employee benefits technology to engage their employees with comprehensive communication plans and even competitions embedded into the portal.
Personalised online employee benefits portals can be integrated with employees’ payroll information, reducing the burden that falls on HR teams in terms of capturing and updating information or answering employees’ questions.
New technology in employee benefits also means that businesses are no longer limited to an annual sign up either. HR professionals can reduce the time they spend on employee benefits admin by allowing employees to ‘self-serve’, meaning they can change their benefits at any time to suit changes in their lifestyle, without causing a major headache for those administering the scheme.
Tip: Your online employee benefits portal should be more than just a static website; regularly post new content to keep your employees engaged.
2) Gamification
Gamification can help you enhance an existing employee benefits portal by adding an extra layer of fun and interactivity.
Working with appropriate partners on great prizes – or even offering some kind of ‘work’ incentive (like a parking space or late start) can ensure that employees are more inclined to check their portal regularly.
On top of their more typical benefits, they can appreciate the added value of fun ‘game-like’ interactions and the opportunity to win prizes – encouraging them to feel positive and engaged with their employer.
Tip: Competitions are an excellent way to hook employees in and encourage them to engage with their portal.
3) Apps and mobile devices
There is a growing list of mobile apps at the employer’s disposal that can make their employee benefits more accessible and improve participation - especially when it comes to the younger generation in the workforce, as there is almost an expectation that they can access their benefits via an app on a smartphone or tablet.
Apps and mobile devices enable employers to offer a more personalised experience to employees, helping them to reach and engage all of their employees, however remote. They also allow employees to access information or change their benefit options on-demand, something younger generations are demanding.
Tip: Employee benefit notifications via an app can drive participation and employee engagement.
4) Big data
Technological advances have put an enormous amount of information at our fingertips, and the same goes for employee benefits data. The data collected through online employee benefits platforms means that employers have a tremendous wealth of information available to them, which they can use to improve their employee benefits offerings.
By using big data and identifying trends in employee benefits, employers can build on the technological innovations in the industry to improve participation and forecast what future benefits would be most attractive.
This information can be used to give HR professionals a better understanding of which benefits are being taken up and the value of each to their employees, supporting them to create a truly personalised employee benefits programme for each individual.
Tip: Use analytics to break down the data and identify trends so you can build a more competitive, engaging and cost-effective employee benefits scheme.
5) Digital delivery
The look and feel of benefits delivery is changing. Digital employee benefits allow staff to have e-codes sent directly to their email, so they can easily and quickly access employee benefits which are redeemable in multiple stores, either online or in person.
eVouchers or digital rewards can be integrated into your existing catalogue or can be accessed via a bespoke online portal. For employers, there is no risk of staff then trying to buy out-of-stock, physical vouchers and encountering any negative associations with the program.
For employees, they can receive their benefits almost immediately, as there is no waiting for postal delivery, which means they can visit a store or shop online and redeem their eVoucher within hours of selecting it.
Tip: Use your employee benefits providers’ experience to help tailor the communications so employees understand the benefits of a digital package.
Conclusion
Technological innovation gives employers a tremendous opportunity to improve staff engagement in their employee benefits. And by working with employee benefits experts employers can personalise these solutions to meet the individual needs of their organisation.
Technology enables the customisation of an employee benefits offering and provides staff with a wide range of choice so that they can select the benefits that best suit their lifestyle - whether it’s pre-paid cash back cards (that help them budget), or salary sacrifice schemes (that help them get the latest laptop or buy more annual leave.)
By harnessing employee benefits technology, employers can ensure that their scheme meets their employees’ needs. In turn, this will lead to improved participation rates and increased staff loyalty, and it can even make the attracting and hiring of new talent far easier and cheaper.
James Malia is the director of employee benefits at P&MM Motivation, part of the Sodexo family.
This article was provided by P&MM Employee Benefits, part of the Sodexo family.
(If you're interested in how benefits and rewards are being transformed by technology, you should take a look at the REBA Innovation Day programme here.)
In partnership with Pluxee UK
Pluxee UK, is a leading employee benefits and engagement partner that opens up a world of opportunities to help people enjoy more of what really matters in their lives.
