Benefits’ Impact On Employee Experience

Insight into actionable data is the key to creating a differentiated employee experience

Today’s economy has created a unique opportunity for innovative HR and benefits leaders. With unemployment at an all-time low along with rising healthcare costs, the “squeeze” is on.

Nielsen found that for every 1% decrease in employee attrition, they could avoid $5 million in business costs.
 

For innovative leaders, there’s an answer to this challenge. It’s data. But, really, you don’t need more data. What you need is direction — actually, you need actionable data. 

Insight into actionable data, or direction, is the key to creating a differentiated employee experience, ensuring you can retain and recruit the best people — ensuring that this employee experience trickles down to your customer experience.

Yet employers struggle to effectively and efficiently manage their investment in their most valuable resource — their people — because they lack:

• Understanding: They don’t know where costs are coming from and where they’re going because they lack timely access to reliable information.
• Certainty: They don’t know how changes to their plans and programs will impact their populations.
• Accountability: They don’t know how to assess the success of their plans and programs across a vast ecosystem of vendors, partners, and technologies.

With available healthcare data increasing by 800% since 2016, how should employers cut through the noise to create unique benefit plans that fit their population and their business?

Innovative leaders combine data science, machine learning, artificial intelligence, and a team of clinical experts to curate unique strategies for your unique population so you can spend less time finding opportunities and spend more time making decisions that matter.

Three Steps to Building Proactive Benefits Strategies

There are three steps to effectively building proactive benefits strategies — moving from “sick care” to “health care.”

First, you must know what has happened in your population. Is your data accessible, understandable, and accurate? Is it easy for you to find trends? From our Employee Health Trends 2020 Report of over 2,500 employers, we found three major trends and actionable opportunities across Mental Health, Chronic Conditions, and Opioid Abuse. Do you know the trends in your population? 

Second, you must be able to easily act on these opportunities. Once opportunities are identified, do you know what to do? There are endless solutions, plans, and programs to address opportunities, but what is best for your population. Smart strategies must not only display opportunities but show you the strategies you can take to address these opportunities, the tools that are available, and example goals that can be set for your organization. 

Finally, how do you measure the impact of the decisions you make? The ability to measure your impact and champion your success will quickly create momentum across your benefits plan, your team, and your entire business. Again, the employee experience will eventually become your customer experience. Actionable data is the key to healthy populations and healthy bottom lines. 

Simply put, an intelligent benefits strategy is good for the business because it ensures you’re maximizing the investment in your benefits. It’s good for the people because you’ll deliver plans and programs that fit their needs. And it’s good for the brand because you’ll create a truly differentiated employee experience. 

Because in today’s economy, employers can’t afford not to care. 

Author Bio

Phil Daniels is the Co-founder and Chief Customer Officer of Springbuk, as well as the Co-founder of Healthiest Employers Awards Program. Phil is an authority on health analytics, a business builder, and a weekend sommelier.   Visit www.springbuk.com  Connect Phil Daniels Follow @SpringbukHealth