Advances in technology have created a goldmine of data. This is a trend that is only expected to continue as it is projected there will be 6.1 billion smartphone users globally and 50 billion smart connected devices in the world by 2020. In fact, an EMC study suggests that 1.7 megabytes of new information will be created every second for every human across the world by 2020. That represents a lot of data.
Every industry, everywhere is expected to be touched. Employers have the unique ability to use data to not only impact their products and services, but the lives of their employees as well. And for some employers that is a wide-range of employees – up to four generations of workers all with different needs and goals.
Big data can lead the way to a more personalized benefits administration strategy, helping employers provide a level of customization to meet individual employee needs. Today, personalization of benefits really refers to a more precise, data-driven approach to benefit and incentive designs that ensure relevancy to individual employees. Who are then more likely to choose and value them.
The first step toward this approach may be the hardest for employers. That’s because in general for the all the data that is floating around out there, currently less than .5% is being analyzed and used, according to the International Data Corporation (IDC). However, it is believed that if the healthcare system was better at integrating big data, healthcare could save as much as $300 billion a year — that’s equal to reducing costs by $1,000 a year for every man, woman, and child.
So organizations need to understand that analysis can lead to benefit personalization and savings. Employers can begin by analyzing data from their benefit portals to see patterns as to what’s working, what isn’t and where the holes or gaps are.
Moving away from static benefit platforms with PDF stored information to enhanced benefit portals that allow employees to create and personalize their own user accounts from which they can select their preferred benefits will continue the data flow. It also give employees the opportunity to choose relevant offerings such as a nutritional coach or DNA testing and even extend access to some perks to family members.
Personalized health and wellbeing benefits help employees feel supported and engaged to take control of their care. Using data to understand and drive a customized benefits approach to multi-generational employees has the ability to positively impact workers’ lives and the overall performance of the business.
Source: Employee Benefits. Advances in technology mean personalized benefits are firmly on the agenda. 10/15/2016. PP15-18.