Tip Tuesday! What’s the real ROI on your benefits programs? How to find out

by Guest Author

Given the ever-increasing costs of employee benefits programs — and the need to maintain them in order to attract the best talent — it only makes sense to know exactly what you’re getting for your benefits buck. Guest poster Brenden Mielke explains how analytics can help.  
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As big data continues to drive business decisions, professionals in every vertical are scrambling to make sense of the numbers to determine how time and resources should be spent more efficiently.

According to PwC’s 2012 Annual Global CEO Survey, more than 80% of US CEOs said they needed critical talent-related insights to make business decisions. When surveyed this year, however, only 46% said their companies used data analytics to indicate how effectively skills are being deployed.

While advances are being made in the technology needed to interpret big data, the realm of benefits and reward analytics remains primarily unexplored – until now. It’s a massive opportunity to not only maximize efficiency in corporate benefits spending, but to use the insights as a basis of creating a more engaging employee facing benefits platform.

A more rewarding benefits package traditionally translates into increased employee engagement and satisfaction, which in turn drives up business productivity and client satisfaction.

The problem – despite the goldmine of talent information most employers sit on – lies in that businesses either lack the foresight to see the long-term potential benefits, or they don’t have the proper technology needed to break down data for decision making. This is surprising, considering the investments made in benefits packages make up a significant percentage of talent-related spending.

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