Benefits leaders have had to pivot priorities and take on new roles to amplify efforts over the last couple of years and the pace of change is not slowing down any time soon. With the employer benefits landscape constantly shifting there are ways to stay ahead of the curve. Here are three ways benefits leaders are using data to come out on top admits uncertainty.
Consistency and innovation may seem on opposite sides but it is in the balance of the two where great benefits leaders find their sweet spot. On one side of the coin, consistency is necessary for employees to feel safe, especially in times of economic turmoil. Then on the other hand, innovation is a must to meet the evolving expectations of the future. Benefits leaders can use data to help strike the right balance between consistency and innovation by re-evaluating programs and change to meet transforming needs.
In our recent study one respondent addressed the balancing act of innovation and consistency in benefits offerings by stating, “We must be creative in coming up with solutions to our employees' problems, but we most consistently use those solutions to create reliability, we need to innovate and then standardize.”
Our research published in 2023 found the top three employee benefits goals are improving employee health, retaining top talent, and enhancing employee satisfaction are all neck-in-neck in significance. With heightened importance across the board, it’s not a surprise that over 80% of respondents said that their responsibilities, workload, and stress have gone up.
The question is, how do you prioritize multiple areas that are showing equal priority in your data? This is where leaning on multiple data inputs comes into play to properly allocate efforts.
Organizations surveyed that reported being ahead of their competitors were more likely to rely on diverse types of data to make benefits decisions. These types of data may include employee feedback, external and internal evaluations, vendor reports, and input from brokers or consultants.
Everyone has finite budget and time constraints; it is vital to rely on multiple tools and data sets to make sure you have the clearest picture of where you are and where your organization is heading to investing resources in the right places.
The looming recession has turned up the pressure to invest resources in just the right places. During the economic downturn, it is also vital that benefits leaders provide consistency to provide a sense of security while implementing creative solutions to retain top talent and try to curb costs.
But with more than 80% of research respondents saying their workload and responsibilities have increased, along with their stress levels, how do benefits leaders reorganize and recoup their time and resources to meet all their goals?
Data can aid leaders in making informed decisions with confidence even with an ever-changing tide by spot lighting the areas performing well and the best opportunities for innovation to close the most pressing gaps.