Does your business provide tech benefits to help your people do their job? Is your company using this technology to transform access and uptake of the employee benefits and perks you offer?
Using technology has become entrenched in our everyday endeavours to live healthier, happier lives. We use apps to help us take better care of ourselves. To set and achieve goals, all the way to getting more sleep to eating well. We use wearable technology; step trackers on our smartphones to monitor our fitness. Also, being accustomed to chatting with digital assistants about our health and well-being.
The ease and convenience of using this tech to lead healthier lives outside of work is setting the bar on expectations. Now allowing us to focus on how employees access and get the most from benefits and perks in the workplace.
With this mind, we thought it would be helpful to explore how technology can transform employee benefits access and uptake. As well as enabling businesses to take a data-driven approach to tailoring plans to meet individual needs.
The robots are coming
In a recent post we talked about how poor communication about employee benefits often means that uptake is lower and businesses could be wasting money on plans. Plans that either people don’t know about or they don’t especially want. Undoubtedly, chat bot technology is set to revolutionise how employers approach communication. This can now go beyond answering routine questions and automating process. Now, digital assistants will be able to educate employees to help them make healthier lifestyle choices.
Consequently, by offering targeted, personalised advice based on employee information, such as data analysis and past behaviours, chat bots can help people choose the benefits and perks that are relevant to their lives. This hyper focus on personalisation can, as a result, increase engagement, awareness and uptake.
Nudge-based technology
Tech-based prompts are a super-effective way to encourage employees to adopt new behaviours and take positive steps. Shared communication tools and digital nudges built into benefits platforms – such as notifications and reminders – can again improve engagement if people are gently nudged in the right direction. Reward and recognition functionality can also nudge people towards positive behavioural change. For example introducing a redeemable points system to reward team members that do good things encourages active participation.
Predictive analytics
HR is playing catch up when it comes to employee benefits data and predictive analytics. Research a couple of years ago from the Reward and Employee Benefits Association discovered that while 58% of respondents saw using data mining, statistics, machine learning and artificial intelligence to make data predictions as a game-changer, 90% were still using spreadsheets.
However, this is changing fast. Investment in employee benefits and rewards platforms is increasing. Businesses are ramping up capabilities to start using predictive analytics to help them work out how to personalise employee benefits. Subsequently, making them more relevant and timely. The study also found that 48% of respondents were planning to either build their own benefits platform or implement a software solution by 2020.
For employee benefits professionals, the technology future is now
In times of unprecedented talent mobility, understanding which employee benefits have the greatest impact, boosting engagement and giving your people the digital tools they expect to access and learn about the plans that are most relevant is a powerful tactic to reduce attrition. For employee benefits professionals, the technology future is now. Are you ready?
Let’s talk to see how we can help.