Three ‘Top of Mind’ Employer Issues and How Quality Data Can Help
Economic volatility is putting pressure on organisations and employees at all levels; one impact for employers is that the workforce is showing up differently at work.
- Talent retention, employee wellbeing and macroeconomic conditions are a key concern for companies in 2023.
- Data is key to successfully navigating emerging challenges but accessing the right data can be difficult.
- Benefits technology can help businesses gain meaningful insights about the issues within their company.
Many employees are looking for increased pay or new roles because of financial pressure. Because most employers can’t align wage increases with high inflation, they are looking for non-monetary opportunities or cost-saving tactics to support both employees and the business.
Tim Dwyer, Head of Health, Asia Pacific at Aon, explains that this shift in dynamics means large employers, particularly, have three top-of-mind issues this year:
- a continued focus on wellness, and
- factors driving the global economy – high inflation and pressures on the supply chain.
Navigating these issues is helped by effective data use, according to Dwyer, but he advises that employers face two key barriers when it comes to their organisational issues - gaining the right data to give clarity and demonstrating return on investment (ROI).
“Demonstrating the ROI of these elements is also a distinct barrier, as it takes time to understand issues and to deliver change based on the outcomes of the data and analytics. However, this capability helps employers better understand their workforce, their motivation, their behaviour and their engagement with benefits.”
Dwyer points to Aon’s Online Benefits flex platform, which helps employers gain meaningful insights about issues they face, so they can make more informed strategic decisions to support their employee population.
The solution also helps engage employees so they better understand the benefits offered by making it simple to interact with their rewards, health and wellbeing, financial options and non-insured benefits while providing support through difficulties they may face. This helps the employee experience, so benefits can be aligned to employee needs, driving higher engagement and strengthening communications to support wellbeing and productivity.
Rice Loh, Asia Pacific Head of Total Benefits Advisory and Management, Aon, adds: “One of the most important elements in developing our Online Benefits flex platform has been to consider the employee experience, and then in turn support the wider employee value proposition. In practice, this means employees can not only see and interact with all their benefit information in one central hub - wellbeing, pension, financial, health and so on - but can also be informed more directly, for instance, about their employer’s environmental, social, governance (ESG) or Diversity, Equity and Inclusion (DE&I) activity. Employee experience is vital for engagement.”