Data and benefits technology - a game changer in business strategy

HR and reward leaders are always under pressure to produce a benefits strategy that satisfies employees and comes in within budget. This is when data technology makes the process simpler.

As an HR or benefits professional, you know the pressure to deliver a benefits strategy that works for your people and your business.

With improving digital technology and an increased emphasis on employee engagement and satisfaction, there's a pressing need for businesses to rethink their traditional benefits strategies.

Here's where data and benefits technology come in as game changers.

You’ve likely seen it first-hand: a business struggling with a one-size-fits-all benefits strategy. This approach may seem fair and uncomplicated but fails to resonate. This is because not every employee values the same things. And over time, that disconnect can chip away at morale, employee satisfaction and retention.

Making benefits relevant

By leveraging data and technology, you can uncover what your people truly value, and what they don’t. By analysing past benefits data, you can track usage, identify trends and preferences among your employees.

This data-driven approach allows you to tailor your benefits package to the specific needs of your employees, making the benefits more relevant, more appreciated and more effective. And you may also identify potential cost-saving opportunities.

For example, if you’re spending a significant portion of your budget on health insurance for employees who rarely use it, it might be time to shift focus from treatment to prevention.

Digital health tools can encourage employees to maintain healthier lifestyles, leading to fewer health insurance claims and a healthier, more productive workforce.

Financial wellbeing is another area where innovation is making a difference. Fintech solutions are reshaping workplace savings, loans and pensions. Integrated budgeting tools can help your employees feel more in control of their finances, and more supported by their employer.

Securing your systems

Of course, with data comes responsibility. Cybersecurity, privacy and ethical use must be front of mind. You must ensure your benefits systems are secure and that you are using data in a transparent and ethical manner.

While data provides valuable insights, it's essential not to overlook the human element. Employees are more than metrics, and you need to balance insight with empathy to truly engage your employees. The most effective strategies combine smart data with a human-centric approach.

A growing number of organisations are turning to benefits platforms to help manage this complexity. Broadstone’s employee benefits platform, Flexcel, is designed to help employers deliver personalised, data-informed benefits experiences, simply and securely.

Technology alone isn’t enough

Most benefits platforms offer similar features: digital access, flexible configuration, real-time data and automation. But no system, no matter how advanced, delivers value without the right input.

That’s where expert consultancy makes the difference. In reality, employee benefit platforms are only as effective as the strategy and expertise that supports them. That’s where the right consultancy becomes invaluable.

A version of this article is hosted on Broadstone’s website.