HRO Today October 2019 - 11

Upside
NEWS FROM THE WORLD OF WORK
* Fifty-eight percent of HR leaders report that employees
aren't aware of all the benefi ts they are entitled to.
* Only 41 percent of employees choose the right plan for
them.
* Thirty-fi ve percent of organizations consider their
employees knowledgeable about the quality and cost of
healthcare.
There is a signifi cant problem of underutilization that is only
exasperated by existing benefi ts administration technologies.
Just 10 percent of organizations rely on a single system,
while 46 percent use up to three systems, 21 percent use up
to fi ve systems, and 13 percent use more than fi ve systems.
This results in a complex, diffi cult to navigate user interface
that prevents employees from making intelligent benefi ts
decisions and takes time away from HR leaders who are
forced to answer basic benefi ts questions rather than
focusing on higher quality tasks.
How are organizations dealing with these challenges? The
research reveals two trends:
* making access to health benefi ts more consumer-friendly;
and
* delivering benefi ts information in moments that matter.
Tech and
Benefi ts
Research from Thomsons Online Benefi ts' Global
Employee Benefi ts Watch 2018/19 reveals a new reality
in the world of employee benefi ts. The survey highlights
three key trends that are pushing benefi ts professionals
over a tipping point:
* Benefi ts administration is moving towards a digital-fi rst
consumer experience.
* As benefi ts become more automated, the role of
benefi ts professionals is shifting toward a more strategic,
data-driven function.
* Data is becoming critical to unlocking insights about
employee preferences and creating a personalized
approach to benefi ts administration.
And mastering these three shifts is key, for a global
benefi ts strategy is essential to attracting and
retaining high-quality talent. Last year, 65 percent
of organizations said that recruitment was the top
objective of their benefi ts strategy, and now the
number has risen to 82 percent. This is followed closely
by enhancing employee engagement (65 percent), cost
control (63 percent), and global governance issues.
Results show that only 31 percent of organizations have
had a defi ned global benefi ts strategy in place for three
or more years, but in the face of globalization and
increased regulation, this number is expected to rise to
82 percent in the next few years.
However, organizations that wish to implement a global
benefi ts strategy need to be sure that their benefi ts
packages are aligned with their people strategy.
According to the research, 54 percent of respondents
report that a benefi ts strategy that is " very much
aligned " with the people strategy results in effective
global benefi ts delivery, while six in 10 organizations
whose strategies are " not aligned " say that their
benefi ts investments are not effective.
To improve their programs, organizations are turning
to technology. The number of companies using benefi ts
software jumped to 70 percent from 61 percent last
year, and around one in seven organizations no longer
use manual systems at all. In addition, more than half
(51 percent) of organizations are in the process of
implementing fl exible benefi t plans, with a further 14
percent considering doing so in the future.
These new technologies and approaches enable
companies to deliver benefi ts in highly individualized
ways, enabling a digital, consumer-focused experience
and giving employees the fl exibility to choose exactly
the benefi ts they need.
Yet there are still opportunities to improve:
* Over half (57 percent) of benefi ts teams do not have
plans to communicate with employees around fi nancial
well-being.
* Only 37 percent of organizations currently provide
benefi t access from mobile devices-and 18 percent are
not even considering implementation.
OCTOBER 2019 | www.hrotoday.com
[11]
http://www.hrotoday.com

HRO Today October 2019

Table of Contents for the Digital Edition of HRO Today October 2019

HRO Today October 2019 - 1
HRO Today October 2019 - 2
HRO Today October 2019 - 3
HRO Today October 2019 - 4
HRO Today October 2019 - 5
HRO Today October 2019 - 6
HRO Today October 2019 - 7
HRO Today October 2019 - 8
HRO Today October 2019 - 9
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HRO Today October 2019 - 11
HRO Today October 2019 - 12
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