Why real-time data can help create personalised benefits strategies
In a competitive market, your benefits package can help set you apart and might even be the difference in attracting and retaining talent.
But as workforces grow increasingly diverse, a more personalised approach genuinely resonates with employees is needed to satisfy employee needs.
This is where real-time data comes into play.
Make it personal
Only 14% of mid-sized SMEs currently provide flexible benefits, according to Howden’s 2024 employee benefit trends report.
So, it’s no surprise that 65% also said they expect to make changes to their benefits offerings in the near future to align with employee needs for personalised benefits recommendations.
And with 81% of those surveyed by Howden believing benefits help drive a productive and healthy workforce, surely now’s the time to make benefits more appealing to employees.
By using real-time data, we can provide tailored benefits.
From health plans to fitness memberships, cycle-to-work schemes to electric car leasing and everything in between, the benefits we offer can truly reflect the needs of employees and deliver what they want - a more bespoke benefits experience.
And the advantages of using real time data for personalised benefits go well beyond employee satisfaction.
It can also help improve work-life balance by providing benefits such as hybrid working and childcare support, help increase productivity and even reduce turnover.
After all, a workforce that feels listened to and valued is more likely to stay.
Mind the gap
We know the importance of checking how a communication has landed after it’s been sent out, particularly when a new benefit is involved.
And real-time data can help identify gaps in messaging so we can refine our communications plan.
Checking metrics like open rates, click-throughs and employee feedback can offer valuable insights into which messages are resonating, and which ones aren’t.
This in turn can help make sure each employee receives targeted, relevant information to make the right choices for their needs and interests.
These insights can also help us communicate them most effectively.
A strong benefits strategy isn’t just about offering the right benefits, it’s about making sure employees actually know about them and why they should choose them.
If feedback shows employees simply don’t know about a certain benefit, rather than it being down to a lack of interest, we can use this information to send targeted communications to raise awareness.
There could even be instances where employees know about the benefit but want more opportunities to choose it or make changes to it.
If it’s a benefit that can only be chosen or updated once a year, is there potential to make it available twice a year?
If it’s any ‘anytime benefit’, could we tailor our communications plan to increase awareness at the most optimal time?
For example, during cycle to work week, it could make sense to promote a cycle-to-work scheme in the weeks preceding.
If after a more targeted campaign the data still shows a lack of interest, the benefit can be withdrawn or replaced with something more appropriate.
After all, continuing to offer an underused benefit doesn’t make good financial sense.
Taking on feedback
To work out whether a benefits strategy is truly effective, we need to regularly evaluate employee engagement and satisfaction by gathering real-time feedback, analysing enrolment trends and offering tailored recommendations.
Surveys, continuous communication and regular reviews are essential to making sure the benefits provided are aligned with employees’ evolving needs.
Personalised benefits are no longer optional
Ultimately, personalised benefits are no longer a nice-to-have, they’re potentially the difference between an employee staying at a company long-term or looking elsewhere.
Leveraging real-time data to create a dynamic, tailored benefits strategy means we can build a more satisfied, productive and loyal workforce - an outcome beneficial to employees and companies alike.
Supplied by REBA Associate Member, Barnett Waddingham
Barnett Waddingham is proud to be a leading independent UK professional services consultancy at the forefront of risk, pensions, investment, and insurance. We work to deliver on our promise to ensure the highest levels of trust, integrity and quality through our purpose and behaviours.
