LONDON, 9 October 2023 – Gaining true insight and actionable results from data has been identified as the biggest barrier to effectively executing a benefits strategy that attracts and retains talent, according to new research from Buck, a Gallagher company, an integrated HR, pensions, and employee benefits consulting, technology, and administration services firm, in partnership with the Reward & Employee Benefits Association (REBA).
The research, which looked at how reward and employee benefits systems are evolving, shows that almost all (91%) employers say they would value highly effective and advanced data analytics when it comes to their benefits platforms. However, just over three quarters (76%) do not have access to this functionality and still rely exclusively on manual analysis.
The news comes as recruiting and retaining the best talent continues to be a key concern for HR departments. In addition to the pandemic causing employees to reassess their priorities and think about what benefits really matter to them, the well-documented skills gap that employers are currently contending with is making an effective employee value proposition (EVP) all the more important.
To that end, being able to analyse and derive actionable insights from any offering and give employees the ability to personalise their benefits is key, with 93% of employers confirming that personalisation is vital to a highly effective strategy.
On top of this, making the platform easy to use is important for increasing engagement with benefits as almost all employers (98%) say having a single sign-on point would be beneficial. Meanwhile, intuitive navigation and user experience, both of which 96% of employers agree would be hugely beneficial, are the second and third most effective features for employee engagement.
While the majority do not yet have the above functionality, 60% of respondents are looking to address this with increased investment in digitisation over the next two years, including the use of AI as they begin to understand its importance in the market.
The Buck and REBA Data and technology research report can be accessed here: https://buck.com/uk/survey-reba-data-and-technology-research-2023/
John Deacon, Head of Employee Benefits at Buck, a Gallagher company, comments:
“There’s no doubt that benefits technology plays a vital role in improving employee engagement and enhancing the EVP, offering a competitive advantage in the race to attract talent. Relying on spreadsheets and other manual processes to conduct benefits analysis is no longer fit for purpose.
“Employers need a best-in-class solution that provides vital insights with minimal manual intervention. As the research shows, this is the biggest challenge in implementing an effective benefits strategy. Only platforms with advanced analytical abilities can provide the information employers need to support their business and HR objectives, so its highly encouraging to see the vast majority of employers planning to increase their investment in this area despite the economic downturn. The good news is their needs can be easily met in today’s market, it’s just about finding the right partner.”
ENDS
Methodology
The data analysed in this report is based on the responses from 140 employers who represent over 1,127,000 employees.
About Buck
Buck, a Gallagher company, is an integrated HR, pensions, and employee benefits consulting, technology, and administration services firm. Founded more than 100 years ago as an actuarial consultancy, we’ve evolved to serve organisations and Trustees across the health, wealth, and career spectrum.
With the ultimate goal of securing the futures of our clients’ employees and members, we develop tech-enabled programmes that engage individuals and drive organisational performance. Our award-winning engagement solutions and people-first approach empower the world’s most forward-thinking organisations to protect the physical and financial wellbeing of their employees and members and improve how their people work and live. For more information, visit www.buck.com.
About Gallagher
Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.
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