Demystifying benefits spend: How data analytics can help

Global benefits management is inherently complex, often involving manual administration, multiple systems and many different benefits varying from country to country. (Image: Shutterstock)

Data is an integral part of business strategy – and HR is no exception. Business leaders expect their HR teams to be able to understand and report on all aspects of employee satisfaction and retention. According to PwC’s 15th Annual Global CEO Survey, more than 80 percent of US CEOs reported they needed critical talent-related insights to make key business decisions in 2012. Yet, when these CEOs were surveyed again in 2016, only 46 percent said their companies used data analytics to gather these all-important insights.

So what can HR teams do to satisfy the C-suite’s need for data? While some advancements have been made in generic HR analytics, benefits and reward have remained largely unexplored. This is a huge miss. The potential for using data to determine the effectiveness of benefits and reward programs is huge, as when employees feel appropriately rewarded and that their benefits meet their needs, engagement and productivity dramatically improves.