4 Ways Data Can Help You to Better Understand Your Workforce
From the very beginning stages of recruitment, through to job performance, career development, and offboarding, companies today understand that technology plays an ever-important role in employee experience.
Below, we look at four ways you can use data to better understand your workforce so you can provide an outstanding employee experience throughout the entire employee lifecycle:
1. Use Data to Better Understand Your Global Workforce
Using a global benefits and total rewards platform, HR leaders can get a company-wide overview of their entire workforce, all in one place, all in a single view. Administrators can use filters to drill down and sort employees into any number of categories.
From geographical location and benefit eligibility to generational demographics and benefits usage, administrators can use data to gain a deeper understanding of their workforce.
Using data to better understand their workforce and the needs of their people, employers are in a better position to provide an outstanding employee experience.
2. Use Data to Understand What Benefits Employees Want and Use
Inside every company today there are multiple generations working together, each with their own needs and preferences. Use data to see what benefits employees are enrolled in and which selections are being made from flexible benefits schemes.
With data at hand, employers can tailor their benefits offering to meet the specific and varying needs and wants of their employees. Employers can assemble flexible benefits plans and enable employees to select from a variety of pre-tax offerings to create a customized benefits package that matches their needs.
Higher job satisfaction results in increased retention and numerous studies have shown that employee benefits are one of the best ways to increase employee satisfaction.
3. Use Data to Gauge Employee Awareness of Total Reward
In our Compensation Gap report, we see that 8 out of 10 employees underestimate their total compensation package. On average, employees are unaware of up to 33% of what their employers spend on them.
Without knowledge of their total reward, employees miss out on a significant part of their compensation package, resulting in lost money for the company. If your benefits platform provides employees with a digital Total Reward Statement, you can view data to see the number of employees who have accessed this feature and how often. You can then use this data to establish what percentage of your workforce is aware of their total reward, beyond their take-home salary.
If page views or usage numbers are low, platform administrators can increase awareness by sending reminders to employees via e-mail, push notification or via a message inside the employee’s benefits platform.
4. Use Data to Gauge Employee Satisfaction Levels
In addition to gaining insight into the number of employees who are aware of their total reward, you can also use data to gauge overall satisfaction. As one Forbes article shares: “HR teams can use data to make better HR decisions, better understand and evaluate the business impact of people, improve the leadership’s decision making in people-related matters, make HR processes and operations more efficient and effective, and improve the overall wellbeing and effectiveness of the company’s employees.”
One way to gauge satisfaction and engagement levels is to look at open-rates and click-rates for communications as well as participation rates for special incentives and offers.
In conclusion, today companies have access to a wealth of data to gain insight into their workforce and to provide an excellent employee experience.
Want to learn more about how to create an exceptional employee experience? Download our e-book, The New Employee Experience: How to maximize and optimize every step of the employee journey.