How to identify the data that is critical to your future reward strategy
There’s also a lot of money in the data analytics field and a good data analyst is worth their weight in gold to big companies. Data analytics spending by UK businesses looks set to reach £24 billion by 2020. With such a huge spend, it’s clear to see that effective data analytics can be hugely valuable to businesses. It can also be beneficial to your reward strategy. However, it doesn’t need to be expensive, and you don’t need to capture huge amounts of data. Quality not quantity is key.
Should you define your future reward strategy first or let the data define it for you?
This is the first important thing to establish when identifying the right data. You could have already decided on your future reward strategy, however the data could tell you that you need to revise it. Ideally, you’ll want to let the data define your strategy as the data doesn’t lie. Starting with this can give you a good foundation for your future reward strategy.
Conduct a basic trend analysis
At the very least, companies should conduct a basic trend analysis to find out more about employee behaviour on their employee benefits platform. This could include analysing things like how often employees engage with the rewards aspect of your benefits platform, how many employees use it and what specific aspects they use.
Take this data, then benchmark it against either your own previous internal data or industry data. How you capture this data depends entirely on how you present your employee benefits. If it’s through a web-based platform then Google Analytics could be your best bet, if you don’t already use it.
How has your reward strategy worked previously?
Of course, it helps if you’ve been collecting data for a while. If you’ve got data on how employee performance has previously been affected after receiving rewards, this could give you a good idea of what works and what doesn’t. It could also be worth assessing how attendance and overall employee happiness has been affected. Attendance is quite easy to assess, however employee happiness can be difficult. This is why gathering data is so important. If you haven’t already, consider doing regular employee surveys.
Make use of secondary data
Your future rewards strategy doesn’t necessarily have to be defined just based on your own data. Of course, your own data is key as it’s your employees who’ll be the beneficiaries of your reward strategy. However, external data is there for you to use and interpret how you like without much effort. It can be particularly useful if you don’t have the time or resources to gather your own data. Try to find data and research on how other reward strategies have worked for other organisations in the past or maybe look into the psychology behind rewarding employees.
As mentioned, while many companies pump a ton of money into research and data analytics, data can be useful for virtually any organisation, regardless of budget, and in most cases will absolutely help you improve your offering.
Collecting data on how employees use your benefits is and will always be extremely important to optimising your offering going forward.
This article was provided by Caboodle.
In partnership with Caboodle
Caboodle is one of the UK's leading employee benefits companies.
