In recent years we’ve seen HR budgets stretched while every departmental spend is scrutinised. HR teams are under pressure to demonstrate a return on investment (ROI) for each initiative, including employee benefits.
There’s no question that employee benefits are vital to making a business attractive to prospective employees, bridging the gap between slow moving salaries and boosting workplace morale and satisfaction. However, in tougher climates, HR departments need the business advantages of their benefits package to go much further.
In response, benefits providers have been developing their Management Information (MI) capabilities to provide data which shows the added value and increased ROI for their employee benefit. Numbers on a spreadsheet have been replaced by meaningful charts and graphs, making it easier for HR teams to recognise the impact of benefits. HR can use this information to work out what’s impacting their workforce, helping inform their overarching HR strategy or identify hidden problems in the workplace.
MI typically includes analysis on how a workforce is using a benefit. This can include usage by different demographic groups, workplace locations, spikes and dips in benefit engagement over periods of time and/or the value employees get from the benefit. MI data can help a business to identify hotspots within their organisation where improvements or changes are needed. Links can be made to show if more can be done to increase employee engagement, support staff health and wellbeing, improve workplace culture, or upgrade working environments. If there is high usage of an employee benefit offering physiotherapy treatments, for example, this could suggest the workforce needs refresher training on safely lifting heavy objects.
Seeing the nature of EAP helpline calls can help you gain a deeper understanding of what is going on in your organisation, raising awareness of issues that managers may be unaware of. For example, a high number of calls about workplace bullying may be a warning sign, prompting deeper investigation. Understanding your MI data can be a fantastic tool to identify underlying problems in your organisation and any red flags shouldn’t be ignored.
At Simplyhealth, we encourage a prevention over cure approach to all aspects of wellbeing. Using your MI to nip potential problems in the bud will lead to your business having a happier, engaged and more productive workforce for the long term.
We’ve created a guide, ‘Measuring the return on investment (ROI) from health benefits’ to help you drill down the detail behind your usage data. Download it for free here: go.explore-simplyhealth.co.uk/Measuring-ROI