Mercer research indicates that employers’ #1 challenge is attracting and retaining talent in an increasingly competitive environment -- and that current rewards strategies are falling short. The good news is that, by using HR data that you already have, you can create a rewards experience that will make employees want to join, stay and deliver their best work. The trick is to think like a marketing professional – analyze the data, segment your population, and engage employees through personalized offers and communication.
Some of my Mercer colleagues recently presented on a webinar about all the cool ways you can use HR data to inform rewards strategy. They polled attendees about the information they use when considering changes to rewards programs. The most common sources of information were benchmark data, leadership perspectives, and employee surveys/focus groups. Fewer than 5% said they use predictive analytics – a surprising response given how powerful this type of analysis can be and that the data needed is already in hand. In the benefits space, the options stemming from a workforce analysis are limited only by our imaginations. We’re seeing employers use analytics to reconfigure their benefits lineup in an effort to increase productivity and decrease turnover. Other employers are using predictive analytics to tweak plan designs and increase benefits utilization and engagement. Analyzed in the right way, HR data can lead to a competitive, differentiated, and unique value proposition that connects with employees and drives business outcomes.
Want to learn more about the power of workforce analytics? Check out this Mercer webinar.