Strategic use of data can enhance the value you deliver to employees and amplify HR’s influence at every level of an organisation. In this article we explore how you can effectively use data to power a compelling employee value proposition (EVP).
Key takeaways:
- Leveraging your existing providers is a cost-effective way to harness data
- A data-driven approach helps support effective decision making
- Six key performance metrics for employee benefits programs
The role of data in a compelling EVP
An EVP cannot be a set and forget statement. HR teams need to continually assess and measure its components – a task made easier when you have the right data and analytics to hand. As a component of remuneration and rewards, employee benefits can and should be measured.
A cost-effective approach to data
With the right information from your benefits provider, it’s easy to show the dollar value your program is delivering for employees and your organisation. With this valuable data, HR can ensure budget is used efficiently and invest in benefits that provide the most significant return on investment.
Your employee benefits provider should:
- Have the expertise to measure performance of your program across key metrics and outcomes, including participation rate, employee engagement and the overall financial value of your program.
- Provide insights based on your sector, organisation type and workforce makeup. Benchmarking is a powerful tool for building credibility and influence with executive leadership.
- Deliver the tools to make it easy to benchmark and measure progress over time, and explore strategies and solutions to help improve performance across all measures.
By presenting data-driven insights and comparisons, you become an advocate for change and a key player in strategic decision-making.
Download a sample performance report, to see the 6 key performance criteria your benefits provider should be tracking for you.
Benchmarking for success
If you’re looking to set realistic and achievable targets for your employee benefits program, benchmarking is an essential tool to compare your organisation's current performance against similar companies in your sector to understand where you stand. Each industry has its unique challenges and standards, which is why Maxxia specialises in delivering sector-specific benchmarking data.
“Benchmarking data has given us a lot more credibility with our executive leadership team and definitely led to us being able to build our influence.”
Michelle Wiseman, HR and Advisory Services, Anglicare South Queensland
Take a benefits assessment, health check today. We will measure the effectiveness of your current employee benefits offer and put a dollar figure on the potential savings and efficiencies from running the program.
