Benefits have come a long way in the past several years. Modern HR professionals aren’t just tracking how many employees get enrolled during AE. Because the data shows us a successful benefit program goes beyond just the enrollment window. From decision support to cost savings and engagement, HR professionals are now looking at new and improved KPIs to holistically understand their employee benefit experience.
Consider these modern benefit KPIs, and how they could help your organization transform the impact your benefits have on your business, and your people:
The age of enrolling on paper is gone. With innovative benefits administration technology, employees can elect their benefits at the click of a button. So it’s important to consider the impact of decision support on employee confidence in their decisions.
Some ways you can leverage decision support as a KPI include:
Because at the end of the day, we know employees will never be benefit experts. But they can still be confident in their benefits. And by measuring the impact of decision support tools, we can start to better understand that gap and how we might be able to fill it.
For instance, maybe you’re not seeing utilization of the women’s health benefits your organization invests in—but you also don’t have that benefit included within your decision support model. A great KPI could be to implement a specific decision support question for female employees and then track how women’s health benefits are utilized within the next year.
At Businessolver, we believe benefits should be more than a checkbox your employees feel like they need to fill once a year—but rather, a year-round, personalized journey. We do this through omni-channel engagement tools. Those are just fancy words for creating ways to meet and engage your employees where they want to be met.
Maybe you have a highly dispersed employee population who can’t just go into HR to ask a question about their deductible. Or maybe you’re finding that your Gen Z employees just don’t check their email often enough and would prefer mobile text messages about their benefits instead. Whatever your employees need, it’s about understanding where they’re coming from…and how you can engage them in measurable ways.
Some benefit KPIs around employee engagement include:
Engaged employees are more productive, loyal, and likely to contribute positively to the company culture. By measuring how well benefits resonate with employees and support their needs, your HR team can make the most of your programs.
Let’s be honest: benefits don’t come cheap. They are probably one of the most expensive line items in your overall budget. That’s why it’s so important to evaluate how well your organization is optimizing resources and your benefits administration solution to avoid unnecessary expenses while maintaining or improving the employee experience.
Some cost-savings benefit KPIs include:
Tracking cost savings isn’t just about proving to your CFO that your benefits strategy aligns with budget goals. It’s about analyzing where your benefits budget is being allocated and identifying opportunities for improvement.
Start by reaching out to your benefits administration provider for more information on tracking these metrics.
Struggling to see how your current benefits administration vendor partners with your organization to track and influence these KPIs? Register for a live demo today to see for yourself the power that a strategic benefits partner like Businessolver could have on your business—and your people.
