"Personalisation is becoming something that people now value and expect"
Today, more than ever, employers are using data to improve their employees’ benefits experience through personalisation. Sophisticated systems for managing the employee experience provide the ability to work with a constant data flow, in real time… enabling you to provide a truly personal experience for all your people.
Personalisation is becoming something that people now value and expect, including in their workplace, rather than just a ‘nice to have’. You probably have all your benefits in a central place on your intranet or in a bespoke branded hub, but it’s also crucial to make people feel valued as individuals, using data to give them personalised communications.
Ultimately, by using data effectively, you can both encourage your people to engage with their benefits and measure whether your provision is delivering value for your business.
Here are just three ways you can harness data to transform your employee benefits strategy for 2022:
1. Identify benefits that are relevant to your people at certain points in their lives
Keeping your people engaged with their employee benefits can be especially challenging when you’re addressing unique needs at different times in people’s working lives. That’s where using data to build automated triggers into your systems is crucial – it will enable you to identify key moments where your benefits can help your people, and send them an individually tailored reminder or ‘nudge’.
By delivering these types of personalised communications, you can ensure you are supporting your people with their mental, physical and financial wellbeing, at the times in their lives when they need it the most.
Example
One of your employees returns from parental leave. What better time to send them a personalised reminder that they can add their child on to your Private Medical Insurance policy?
2. Prompt your people to make informed financial decisions at the right time
The gold standard for providing truly valuable financial wellbeing support is in pinpointing those moments in people’s lives when they might need some guidance, or a prompt to make an important decision… and then delivering a personalised message to help them improve their financial wellbeing, both in the short- and long-term.
Employers and HR teams are uniquely positioned to deliver financial guidance at these moments. After all, they are often engaged with many of their peoples’ key life events, including getting married, changing jobs, becoming parents and retiring.
Finding the right times to communicate with individual people about their finances can be difficult and delivering an all-staff webinar sometimes just won’t cut it. This is where your data can play a vital role in identifying moments in each of your people’s lives where they are most likely to experience financial stress.
Example
One of your people is ten years away from their selected retirement age, which triggers your system to send a ‘nudge’ advising them that they need to start thinking about how their retirement might look, calculating the funds they might need, working out how they’re going to access their money and making sure they know how they’ll make it last.
3. Use data to provide a holistic view of how your benefits are working
Engagement
Ensuring your employee benefits are delivering value for your business is vital, and having a holistic view of all your benefits data can help you make the right strategic decisions, at the right time. Monitoring your schemes throughout the year, you can track factors such as how many members are enrolled into each benefit, costs for each benefit and how your people are interacting with them.
Renewals
Preparing for your benefits renewals can be a daunting task, but having all your benefit data in one easy-to-access location will make the benefits renewals process a lot more manageable. It also takes the administration burden away from your HR team, helps avoid any surprise premium increases and may even give rise to better terms. Having the right data and insights can also help when you are looking to enhance or re-design areas of your plan that aren’t performing.
Future strategies
Access to accurate data will give you a comprehensive view of how your benefits are performing against your target throughout the year and will provide you with valuable insights into whether your current benefit strategy is working. This will enable you to enhance your strategy accordingly, to ensure your benefits are engaged with, and valued, by your people.
AllMyBenefits - Revolutionise your benefits strategy
AllMyBenefits delivers a personalised employee benefits experience for all your people, alongside powerful data insights to help you ensure that your benefits are delivering value for your business. Request the brochure to find out how AllMyBenefits can revolutionise your benefits strategy.
