Archived Insight | January 14, 2019

Workforce Analytics—Solving Problems You Didn't Know You Had

Like every relationship, the one between employer and employee can sometimes be taken for granted. That's bad news for your workplace effectiveness, but we can help.

You may think you have a handle on what your people need, but as a successful employer you also know that things never stay the same. We'll help you keep ahead of changes in the market so you can remain a beacon for great talent.

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How we can help you with workforce analytics

In everything we do, we work with you to develop the solution that fits your situation and your specific needs. That can include any of the following and plenty more.

Employee education

Are your employees educated in the array of benefits you offer? Do they know what is available at the time they need it? Are they using them most efficiently?

Lifecycle analysis

During an employee's working career, many life events can cause stress. Do your benefits change with an employee's life events? Employee engagement: Do your programs engage your employees at the times they need it?

Well-being

Are your employees happy and motivated at work? What is the financial wellness of your population?

How we've helped using workforce analytics

Below is just one example of how we've worked with clients with our workforce analytics in order to help them save money, improve efficiency and grow their talent.

The issue

An international oil company with more than 20,000 employees throughout the U.S. wanted to analyze how different segments of the population were utilizing benefits efficiently and optimally.

Our solution

A holistic look at the company’s benefits data by employee segments revealed some unanticipated insights. For example, one segment of employees had selected an expensive health plan option that provided more coverage than they were likely to need.

That same group fell short on the 401(k) contributions they needed to be on the right track to be retirement ready. The company was able to use that information to create a targeted communications campaign to help that part of the workforce better understand their health coverage needs and the advantages of increasing their retirement savings to help guide them to optimal benefit utilization.

The result

The results of our workforce analysis were also used by the company at a strategy session aimed at designing future benefits programs. Knowing where significant portions of the population stood in terms of health and retirement readiness, coupled with key priorities of each group, were vital in identifying plan designs on which to concentrate.

This collaborative process helped narrow the focus to specific offerings and well-being programs aimed at the needs of these employee segments.

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This page is for informational purposes only and does not constitute legal, tax or investment advice. You are encouraged to discuss the issues raised here with your legal, tax and other advisors before determining how the issues apply to your specific situations.

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