New benefits analytics tools give managers real-time data to showcase which benefits are being utilized and by which employee segment.
Today's candidate-driven market requires your employer-clients to work even harder to attract, engage and retain the talent that will allow them to compete in their fields. Thankfully, technology has transformed a substantial part of how employers and their candidates interact, from recruiting to hiring to onboarding. While employee benefits are often the second most valued job offer criteria, few employers are tapping into the power of technology to optimize their benefits offerings in a way that attracts and engages top talent.
There are specific ways technology can transform benefits to the advantage of both the employee and the employer. First, brokers and benefits managers are increasingly privy to critical data that allows them to develop employee benefits packages that cater to the unique needs of their workforce. It is also enabling employers to administer and personalize benefits in ways that improve engagement. Finally, technology now allows employers to make benefits flexible, catering to the needs of individual employees.
|Administering benefits
Benefits managers can now lean on technology to shift from a task orientation to one that is more strategic. Automated data exchange allows administrators to reduce repetitive tasks that are often both time-consuming and error-prone. Thanks to technology, all benefits activity can be consolidated into online hubs that integrate to help eliminate manual processes. This shift ultimately allows benefits managers to focus on more strategic priorities.
Even more, new benefits analytics tools give managers real-time data to showcase which benefits are being utilized and by which employee segment. This data can help HR and benefits advisors determine future offerings and also assist with developing new benefits for different generational needs. With these analytics, employers are able to offer employees and candidates the benefits they value most.
|Personalizing benefits
Brokers and benefits managers are always looking for ways to educate employees about the many available benefits options. Technology-driven personalization can help. Online benefits communication tools also allow benefits managers to personalize communications based on the needs of individual employees. For example, if an employee enrolls in a high deductible health plan, online communication tools can be configured to send the employee a personalized email about the pros of enrolling in a HSA plan. When employees understand how a particular benefit will affect them individually, they are more likely to utilize the benefit.
This is absolutely true when it comes to open enrollment periods. Employees often feel overwhelmed when enrolling in a new health plan, so when employers personalize the process with a guided, online enrollment experience tailored to each employee based on their unique preferences, employees feel more confident about their choices.
For instance, if a millennial employee is enrolling for the first time in his or her company's benefits, it can feel a bit daunting. However, if a list of questions is provided to help identify their specific needs and then a package is recommended that aligns with their preferences, the employee walks away feeling good about their choices. Personalization is opening up doors for new levels of engagement in employee benefits, and companies that provide a better employee experience will continue to recruit, engage and retain top talent.
|Transforming benefits
It's true that employees are in the driver's seat of their careers with today's unemployment rate. It's also true that never before have there been more diverse ages and backgrounds co-existing in the workforce. The pressure is on to engage the workforce while also catering to distinctly different needs and priorities.
Leading-edge employers are enabling flexibility in their benefits to meet both challenges. Technology has transformed benefits from a static offering to a dynamic one, putting the employee in charge of when and how to apply them. If, for instance, an employee is struggling with paying down their student loan debt, they can transfer the value of their unused paid time off (PTO) to this specific need. Employees can also choose to use the value of their unused PTO to fund a vacation, cover an emergency expense, donate to a charity of their choice, or even transfer vacation time to a coworker in need. It's a win-win for employees and employers. Employees finally have the power over their earned benefit and employers gain more satisfied workers.
Technology is shaping the benefits industry in ways unheard of just five years ago. Brokers and employers have the ability to use technology in ways that redefine how benefits are administered and personalized for the good of the employer and employee. The benefits industry is constantly evolving thanks to technology, and companies that unlock the impact technology is making on benefits will more readily win the war for today's talent.
Rob Whalen is founder and CEO of PTO Exchange, the world's only patented flexible benefits platform.
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