In an era of rapid technological advancement, businesses find themselves navigating a landscape that demands efficiency, innovation, and a competitive edge.
One crucial aspect that can significantly impact a company’s performance and employee satisfaction is how it approaches employee benefits. Traditional methods of managing benefits are being phased out as businesses turn to benefits technology to deliver inclusive programmes that engage and empower employees.
In this blog, we delve into how technology can drive and shape the way companies manage their employee benefits programs and how companies can refine how they use it.
Evolving expectations are driving innovation
The rapid evolution of consumer technology has reset our base expectations for everyday interactions, as mass digitalisation has catalysed an expectation of instant gratification and service delivery. In a world where we can order shoes online and they arrive on our doorstep within 24 hours (or less), consumers have higher expectations than ever before.
Inevitably, this filters through into the benefits space; employees will appreciate a consumer-grade experience when it comes to reviewing and choosing their benefits. A technology platform that can educate and influence decision-making will help employees make informed decisions about the benefits which will positively impact their lives.
Technology should enable a deeper understanding
It’s common knowledge how some of the big tech platforms – Spotify, Netflix, Amazon – use machine learning and AI to predict user interests and deliver relevant content to increase user engagement and reduce churn.
HR leaders can take a similar approach to their benefits and employee engagement. There is a wealth of information that can be extracted from benefits technology platforms and overlaid with uptake and claims data. Overlaying with demographic data will identify additional trends or gaps – potentially highlighting focus areas for DEI initiatives too.
Good design can reduce overwhelm
It’s an all-too familiar feeling, browsing streaming sites trying to find something to watch when you’re not overly sure what you’re in the mood for. Choice fatigue can be overwhelming, and even negatively impact engagement – users can reach a point where they’re so overwhelmed by choice that the preferred option is to disengage.
Employers need to consider this when implementing a benefits platform. It needs to present choices in a clear and categorised manner. Whilst many employees would likely prefer the flexibility to choose benefits that align to their needs, companies need to ensure that their platform doesn’t overwhelm with choice. Clear design, bucketed benefits, and frequent communications can all help signpost relevant benefits – again, using user data (such as life events) can help employees select the benefits that will make a different to themselves and their families.
In an age defined by technology-driven transformation, HR need to ensure that their benefits offering remains relevant and competitive – and go beyond annually reviewing the products and solutions available to employees. Whether you’re considering implementing benefits technology or it’s a well-established channel for your benefits, there’s always room for further innovation – and growing demand too.