Employers turn their attention to benefits technology
The urgency for more sophisticated technology that can help deliver the data analytics that today’s reward and benefits professionals need to carry out their work, create more efficient processes and engage employees is now pressing.
The Benefits Design Research 2024 found that as many as a fifth of all respondents (21%) state that their benefits technology requires urgent attention, with 84% stating that they don’t have the ability to model benefit costs, but think it would be highly effective.
A further 61% don’t have benefits technology that enables employees to personalise their benefits choices.
Many of the barriers to implementing change faced by respondents could be mitigated to some degree with better technology.
While technology cannot be the solution to everything, it can help to enable efficiencies to increase resource capacity, improve data security and facilitate analytics that could produce evidence to justify budgets, forecast costs and savings, and model the predicted impact of benefits on key HR and business objectives.
Spend on technology to increase significantly in 2024-25
The research predicts a significant upswing in spend on employee benefits technology over the next two years.
More than half (56%) have or will increase spend on technology, while 53% (of the 56%) have committed to a dedicated large-scale project in 2024-25.
