How Having the Right Data Helps Navigate These Top-of-Mind Employer Issues

How Having the Right Data Helps Navigate These Top-of-Mind Employer Issues
February 9, 2023 8 mins

How Having the Right Data Helps Navigate These Top-of-Mind Employer Issues

Three Top of Mind Employer Issues and How Having the Right Data Helps Navigate Them

Volatility in the global economy is putting pressure on organizations and employees at all levels.

Key Takeaways
  1. Talent retention, employee wellbeing and macroeconomic conditions are a key concern for companies in 2023.
  2. Data is key to successfully navigating emerging challenges, but accessing the right data can be difficult.
  3. 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 pressures. Because most employers aren’t able to align wage increases with high inflation, they in turn, are looking for non-monetary opportunities or cost-saving tactics to support both employees and the business.

Doug Melton, Global Analytics and Actuarial Leader, Health Solutions, Aon, explains that this shift in dynamics means large employers, particularly, have three top-of-mind issues this year: 1) retention, 2) a continued focus on wellness and 3) factors driving the global economy – high inflation, recession and pressures on the supply chain.

Navigating these issues is helped by effective data use, according to Melton, but he advises that employers face two key barriers when it comes to their organizational issues - gaining the right data to give clarity and demonstrating return on investment (ROI).

“When it comes to data, most employers are good at identifying the basics, but it’s uncommon to know specific issues. These, if understood, drive better support for employees. That’s especially true of elements affecting physical, emotional and financial health,” explains Melton. “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 behaviors and their engagement with benefits.”

Melton points to Aon’s The Benefits Solution (TBS), as it helps employers gain meaningful insights about issues they face, so they can make more informed strategic decisions to support their employee population.

It’s possible, with TBS, to gain analytics and benchmarking data so employers can implement appropriate people strategies, perhaps improving engagement, increasing employee wellbeing, strengthening resilience and mitigating health risks. In turn, this helps manage costs by improving visibility of benefits expenditure and helping predict and manage future costs.

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When it comes to data, most employers are good at identifying the basics, but it’s uncommon to know specific issues. These, if understood, drive better support for employees.

Doug Melton
Head of Global Client Analytics, Human Capital

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.

Kelly Pickford, TBS Product Owner, UK, Aon, adds: “One of the most important elements in developing TBS 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, etc. - but can also be informed more directly, for instance, about their employer’s Environmental, Social, Governance or Diversity, Equity and Inclusion activity. Employee experience is vital for engagement.”

You can find out more about Aon’s The Benefits Solution technology platform or book a demo here.

General Disclaimer

The information contained herein and the statements expressed are of a general nature and are not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information and use sources we consider reliable, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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