Three ways to personalise benefits using HR technology
The world is in turmoil and everybody is feeling the pinch. This also affects employers when it comes to meeting the diverse and changing needs of their workforce.
According to Deloitte, 79% of chief financial officers say their companies plan to embed more automation and digital transformation into operations as they manage higher costs and concerns about the economy.
For organisations with a distributed global workforce, finding and retaining talent and engaging employees – remote or hybrid, desk-based or working across various locations and offices – is always quite a task.
With employee wellbeing and flexibility identified as the two main areas to focus on 2023, they must also ensure to get value for money from their benefits programmes. They also need to meet employees’ ever-changing expectations and needs instead of spending valuable time manually preparing annual total reward statements, answering questions from employees due to a lack of clear online information, and preparing monthly enrolment reports.
The outdated one-size-fits-all approach in recognising employees is no longer enough. Employees require a personalised, tailor-made and digital-first experience with access to real-time information. Today, HR technology and the data it provides are critical in personalising employees’ experience when accessing, enrolling and using benefits.
Here are three ways that HR technology and data can help personalise benefits:
1. Everything in one place, accessible anytime
For employers, especially with a global workforce, the administration and the individualisation of benefits are only possible to manage with SaaS platforms.
Employee benefit platforms streamline and automate processes, ensuring better data governance and benefits and reward costs management. It minimises the administration in, for example, the employee lifecycle by using self-filled checklists and training videos.
This also enables the companies to tailor benefits to the employees’ individual needs for them to enrol online.
Employees frequently leave a company because they lack insight into the compensation and benefits available to them. The answer is to give them a unique and digitised user experience based on their profile.
They can view everything from their total reward statements, read communications explicitly aimed at them, select benefits based on their needs and enrol directly through the platform – anytime, via any device they prefer.
2. Timely and relevant information in your hands
A good employee benefits platform comes with a communication engine – an excellent platform also provides a mobile app with the same functionality as the web-based platform.
According to Statista, there will be around 6.8 billion smartphones in use in 2023, a figure estimated to grow to around 7.7 billion, at least, by 2027.
With more than 61% of the world’s population using smartphones to read emails and browse today, having a communications engine and a mobile app means you can reach your entire workforce anywhere and anytime.
Content can be sent to individuals, groups, departments, and countries. You can even automate the delivery of announcements, reminders and invitations during particular life events, such as work anniversaries or a change in benefits available to encourage enrolment.
With an app, you can reach your employees anywhere, anytime, with all the web-based platform functionality. Mobile access allows employees to manage benefits and even answer company surveys on the go, improving the overall employee experience.
3. Make informed decisions
By leveraging HR technology, such as HR management systems, companies can access and analyse information about their employees’ benefits use to better understand what benefits are popular, which ones aren’t and what benefits they’re searching for that your company may not offer. This information is vital and the foundation for designing personalised benefits packages that meet the individual needs of each employee.
By deploying a digital system for employee benefits, you gain a single source of real-time data for your global benefits programmes, capturing the core data such as cost, demographics and uptake and how employees engage with the benefits. This enables you to be a forward-thinking, attractive employer with the ability to be agile and effective as standard with your rewards and benefits strategy.
In partnership with Benify
Benify offers the market's leading global benefits and total reward platform.