It should come as no surprise that employee benefits are a key factor in attracting, engaging, and retaining talented employees amid a competitive hiring market. So, how exactly are leading companies using their benefits technology to stand out from the competition?
We set out to answer that question in our sponsored Harvard Business Review Analytic Services report: “Boost Competitiveness by Leveraging Global Benefits and Total Rewards”. This report surveyed leaders at 214 global companies to understand what tools and strategies they’re using to stay ahead.
Based directly on the insights from leaders at companies like Atlassian, BCG, and Iveco, we’re sharing the top 3 tips you need to harness technology to improve employee benefits and keep up with the competition.
Tip 1: Choose an Easy-to-Integrate Benefits Platform
Integration is key to a seamless employee experience. The report reveals that 39% of companies struggle to use a benefits platform that doesn't share data well with other tools, leading to fragmented and inefficient processes. However, by integrating benefits platforms with other HR systems, companies can streamline administration, reduce manual work, and improve data accuracy.
For example, once Atlassian successfully integrated its benefits platform with other HR tools, it ensured that employees could easily access comprehensive benefits information and personalized recommendations. Not only did this enhance the overall employee experience, but the integration reduced administrative burdens and streamlined HR processes.
“With this kind of [integrated] system, you’re able to give people that white glove experience, and have a seamless, frictionless experience for employees,” said Lydia Wright, Senior Manager, Global Benefits at Atlassian.
Tip 2: Invest in User-Friendly HR Technology
According to the report, 34% of respondents find their benefits platform challenging for general employees to use. Additionally, many of the organizations we surveyed reported that the ease of use of their tools was linked to higher engagement levels and better retention rates.
In response to these user challenges, leading companies are adopting benefits platforms that are intuitive, personalized, and adaptive. This kind of benefits technology helps employees easily manage and understand their benefits, reducing frustration and increasing satisfaction.
Employees need to be able to access and understand their benefits easily. As Rob Gerdes, Head of Rewards at Iveco, pointed out, the importance of user-friendly, accessible benefits is clear: "At the end of the day, if you don't have reasonable benefits, people won't come to work at your company, and you won't be able to retain your employees."
Tip 3: Harness Your Internal Data
Data can play a vital role in optimizing employee benefits. However, 30% of companies report that their benefits platform falls short by only offering limited data analytics capabilities in their benefits platforms. By embracing data capabilities, companies can gain valuable insights into employee needs and preferences, enabling them to more effectively tailor their benefits offerings.
According to Mark Kelly, Global Head of Benefits and Wellbeing at Boston Consulting Group, having data is just as important as how the data is used: "Done in the right way, data-driven decisions will really benefit a workforce."
This perspective is seen among leading companies worldwide, as advanced data analytics to track benefits usage and employee feedback. A data-driven approach helps companies identify trends, measure the impact of benefits programs, and make informed decisions that enhance the employee experience.
Discover more
By integrating benefits platforms with other HR tools, investing in user-friendly technology, and leveraging data analytics, companies can create a more seamless and personalized employee experience.
For more information, read our sponsored Harvard Business Review Analytic Services report: "Boost Competitiveness by Leveraging Global Benefits and Total Rewards." You'll hear directly from global business and HR leaders, and learn how to help your organizations create more competitive benefits — download the report now.
