Smart Benefits: The Role of Analytics in Employee Benefits
Monday, October 15, 2018
That’s because the data held by HR can be leveraged to tailor the right combination of solutions employers offer. And with record-low unemployment, it’s critical to get the benefits right to attract talent.
Here are the advantages of big data and what it could mean for your businesses:
- Utilization Analysis: Many companies have plenty of utilization data available but they’re simply not analyzing it. By understanding how employees are using benefits, you can determine the actual needs of your workforce to customize the best offerings.
- Debunking Misperceptions: Employers often think their employees have certain needs based on their anecdotal feedback. But data can help identify the real issues employees are facing and deliver a benefits package that provides true value.
- Optimizing Communication: Analytics can reveal popular times employees access their benefits so companies can tailor communications accordingly. Businesses can also look at the results of campaigns, such as those designed to boost wellness program participation, and adjust future efforts based on what’s been successful.
- Planning for the Future: By analyzing statistics like high cholesterol or other biometric screening results, organizations can better predict health outcomes to identify future health insurance requirements.
Related Slideshow: The 7 Best Health and Fitness Apps
Here is a list of some of the most obsession worthy health apps.
Related Articles
- Smart Benefits: IRS Updates Employer Guidance for Fringe Benefits
- Smart Benefits: Reminder - PCORI Fee Due July 31
- Smart Benefits: When It Comes to Unpaid Summer Interns, Beware FLSA Rules
- Smart Benefits: Form 5500 Due July 31
- Smart Benefits: Help Employees Understand Benefits in Three Steps
- Smart Benefits: HSA Limits for 2019 Released
- Smart Benefits: How to Boost Productivity When Spring Fever Hits
- Smart Benefits: What Makes a Company a Great Place to Work?
- Smart Benefits: CMS Releases HHS Notice of Benefit & Payment Parameters for 2019
- Smart Benefits: MA Pay History Ban Will Change Local Recruitment
- Smart Benefits: Engage Employees in Benefits
- Smart Benefits: Should You Surcharge?
- Smart Benefits: IRS Answers Questions About Paid Family & Medical Leave Credit
- Smart Benefits: Faith-Based Healthcare Sharing: an Option to Insurance?
- Smart Benefits: 2019 Commercial Health Insurance Rates Approved
- Smart Benefits: 4 Things to Know About Inclement Weather & Closing Policies
- Smart Benefits: Could 401(k)s be the Answer to Student Debt Repayment Benefits?
- Smart Benefits: Share Value of Benefits with Total Compensation Statements
- Smart Benefits: With Stress Piling On, Employers Can Help Workers with Financial Wellness
- Smart Benefits: 5 Steps to Open Enrollment Success
- Smart Benefits: Summary Annual Reports Due Sept. 30
- Smart Benefits: The Cost of Noncompliance With Workplace Laws
- Smart Benefits: ACA Update - Continue to Comply
- Smart Benefits: Proposed Rule to Alleviate Reporting Burden on Large Businesses
Follow us on Pinterest Google + Facebook Twitter See It Read It