Benefits improve employee value propositions. They help attract, retain, and motivate employees. Over the years, Benefits have gone beyond health insurance and retirement plans. We all know that.
What is astonishing is that technology is reshaping how companies offer these benefits. I can talk about the tech impact but it may sound like a future story.
Hence I have decided to give you some real-world examples that will inspire you. Interestingly some of these initiatives have yielded measurable results.
Here are the seven broad areas of benefits that are being leveraged using technology.
1. Personalized Benefits Programs
TCS uses advanced analytics and AI to offer personalized benefits to its vast workforce. They utilize employee data to tailor benefit packages, which include health, wellness, and financial planning. TCS’s approach to personalized benefits has been recognized for improving employee engagement and retention.
In a survey by Willis Towers Watson, 93% of organizations said they plan to personalize their benefits offerings by 2025 to enhance employee satisfaction.
IBM uses AI to tailor benefits recommendations to employees’ life stages and preferences. Their AI-powered benefits platform, Watson, helps employees navigate complex benefits options, leading to a 15% increase in benefits utilization.
2. Virtual Health Services
Apollo Hospitals, through its digital platform Apollo 24/7, provides telemedicine services to employees of partner companies, including Tata Steel and Infosys. This service allows employees to access healthcare remotely, leading to reduced absenteeism and improved health outcomes.
A similar organization, Teladoc Health provides telemedicine services to companies like Amazon and PepsiCo. They claim to reduce absenteeism by 25% according to a study by Mercer. Telemedicine also cuts down on healthcare costs by up to 10%.
Lyra Health partners with companies like Starbucks to offer virtual mental health services. Starbucks reports that employee engagement in its mental health programs increased by 200% after integrating Lyra’s platform.
3. Digital Wellness Programs
Cognizant has implemented a comprehensive digital wellness program that includes mental well-being resources, fitness challenges, and personalized health tips via its mobile app. The company has seen significant engagement, with a reported 30% increase in participation in wellness activities.
Whereas Google uses gamification in its wellness programs, encouraging employees to participate in fitness challenges and offering rewards for milestones. This approach has led to higher participation rates, with over 70% of Google employees engaging in wellness activities.
Studies show that companies with comprehensive wellness programs see a 28% reduction in sick days.
4. Flexible Work Arrangements
Microsoft has been at the forefront of remote work, using tools like Microsoft Teams to facilitate seamless communication and collaboration. Their flexible work policy has led to a 40% increase in employee satisfaction and a significant boost in productivity.
Spotify adopted a “Work from Anywhere” policy, supported by technology that ensures employees can work effectively regardless of location. You just need to be there in the same country. This flexibility has been a key factor in retaining talent, with turnover rates dropping by 15% since the policy was implemented.
However, you need more than a platform to implement this.
5. Automated Benefits Administration
HDFC Bank uses automated benefits administration to streamline the management of employee benefits. The bank’s HR tech platform allows employees to manage their benefits online, leading to a 25% reduction in administrative workload and improved accuracy.
Unilever also adopted the same approach and it has led to a 25% increase in employee satisfaction with the benefits process, as employees appreciate the transparency and control.
6. Financial Wellness Tools
PwC offers financial wellness programs through its digital platform, “My Financial Wellness.” This tool provides budgeting, saving, and investment planning resources, helping employees reduce financial stress. According to PwC’s Financial Wellness Survey, 76% of employees who used the tool reported feeling more confident about their financial future.
Many organizations use partner platforms like Refyne to provide financial wellness tools to their employees.
7. AI-Driven Insights for Benefits Optimization
Chevron uses AI-driven analytics to track and optimize benefits usage. This approach has helped Chevron identify underutilized benefits and adjust offerings to better meet employee needs, leading to a 20% increase in benefits engagement.
HubSpot uses AI tools to gather real-time feedback on benefits programs. This allows the company to quickly address issues and adapt benefits offerings, resulting in a 15% increase in overall employee satisfaction.
Finally
We have seen the speed and transparency increase significantly in the last decade. Earlier only Pizza used to come in 30 minutes. Now everything comes in 30 minutes. We need to match the speed and transparency of the environment within our organizations while offering something as personal and valuable as benefits.
Good part is that all these things are not very far-fetched or hard to do. There are partners to help who are more than willing to integrate with your HR platforms. Still, the most critical part is neither the technology nor the partner, it is your understanding of your people and your creativity.
Let your creativity make a difference and inspire others.
