Access to data is the key barrier for employers wanting to implement an effective benefits strategy that will help them attract and retain top talent, according to new research.
When asked about their benefits platforms, around nine in 10 (91%) of organisations surveyed said they would value highly effective, advanced data analytics. However, this is unavailable to more than three-quarters (76%) of respondents.
The study by HR consultancy business Buck and the Reward and Employee Benefits Association (REBA) of around 140 organisations – representing 1,127,000-plus workers – explored the evolution of benefits systems, also finding that 93% think personalisation is essential for a strategy to be highly effective.
Nearly all (98%) of employers that took part in the data and technology research report thought that a single sign-on point would be useful, with ease-of-use cited as the most important factor for boosting employee engagement with their benefits.
A similar percentage (96%) believe that intuitive navigation and user experience are the second and third most essential elements for increasing engagement.
Three in five (60%) employers plan to boost their digital investments, including artificial intelligence, in the next two years.
John Deacon, head of employee benefits at Buck, said: “There’s no doubt that benefits technology plays a vital role in improving employee engagement and enhancing the EVP, offering a competitive advantage in the race to attract talent. Relying on spreadsheets and other manual processes to conduct benefits analysis is no longer fit for purpose.
“Employers need a best-in-class solution that provides vital insights with minimal manual intervention. As the research shows, this is the biggest challenge in implementing an effective benefits strategy. Only platforms with advanced analytical abilities can provide the information employers need to support their business and HR objectives, so it’s highly encouraging to see the vast majority of employers planning to increase their investment in this area despite the economic downturn. The good news is their needs can be easily met in today’s market, it’s just about finding the right partner.”
