Global approach to benefits ‘huge advantage’ | Incentive&Motivation

Employee Benefits News: Global approach to benefits ‘huge advantage’

Bersin’s latest research has revealed that organisations channelling their time towards creating a flexible and empowering workplace experience are five times more effective at improving employee engagement and retention than their peers. Bersin’s study of High Impact HR organisations finds they regularly outperform their peers in analytics, artificial intelligence and data security.

“Hope is not a strategy; those organisations without a global approach to benefits underpinned by technology now risk being left behind. While their contemporaries, who were bold enough to ride the first wave of digitalisation in HR, find themselves ahead,” revealed Matthew Gregson, SVP data and analytics at Thomsons Online Benefits. “Those businesses with a successful technology-enabled benefits strategy in place are at a huge advantage as they amass the data to harness new analytics capabilities to create and promote schemes their employees really value.”

Thomsons Online Benefits’ research, which surveyed 400 HR and reward professionals across APAC, North America, Latin America, Europe, and UK also found that having an online benefits platform increases the chance of employers being able to measure every aspect of their benefits programmes by more than double. The revealing stats has shown that those organisations with analytics capability are:

• twice as likely to effectively budget and predict global costs
• twice as likely to be offering the benefits employees want and
• 95% more likely to be offering benefits that impact and drive strategic business objectives
• nearly three times more likely to see a reduction in admin errors and
• twice as likely to see a reduction in overcharges and an increase in operational efficiency

In Bersin’s latest research, the most mature HR functions spend only 29% of their overall time on transactional work, while the least mature spend double this time (58%). How are you planning on spending yours?

For more information, get the Global Employee Benefits Watch 2017/18 here.

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