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Creating Better Employee Benefits With Advanced Analytics

Are you using analytics to their full potential when looking at employee benefits?

21Oct

Job satisfaction is the most important part of maintaining a happy workforce. If you have a workforce that feels like they could get a better deal elsewhere then they are likely to leave.

It is therefore important to provide a working environment, benefits and payment system, that keeps your employees happy without breaking the bank.

Analytics is being used to make sure that this is being done effectively, seeing where discontent is occurring and helping to suggest how this can be solved.

For instance, there are research companies that can use text analysis tools to analyse hundreds, if not thousands of survey entries that can give a holistic view of employee benefits. Often when survey results are being analysed by an individual, it is difficult to gauge the overall feeling and there can be bias put on the results.

It also allows for HR to note the frequency of meetings with individuals as well as the frequency and size of any pay rises. If it is flagged that somebody hasn’t had a meeting with HR where they can directly communicate any concerns for a considerable amount of time, then tho scan be rectified.

Analytics can also be used to investigate which teams are happiest, have the highest retention rates or are the most profitable. This then allows companies to investigate in detail what is making these teams happiest or most productive, then create benefit packages to create similar results for other teams in the company.

Analytics and data has allowed companies to collect data to make their workforces happier and more content. This in turn, creates situations where employees are eager to work and appreciative of the benefits they receive, improving ROI and increasing productivity.

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