Organisations which I’ve helped to improve benefits and rewards policies are often surprised at the level of clarity which can be achieved by interrogating internal performance-related data – from employee performance appraisal and engagement data, to profitability, customer satisfaction and sales data.
This evidence-based approach really shines a light on the inner workings of benefits and rewards programmes and allows this significant area of organisational spend to work harder and become of greater value both to the workforce and the organisation.
For example, identifying higher performing staff within an organisation and establishing (rather than assuming) which benefits appeal to them, means that spending can be more effectively directed towards these higher performers. It may be that insights gained from data analysis show that higher performers value benefits such as cycle to work schemes or gym membership.
It’s all about optimising spend – and while it may sound overly simplistic to suggest that currently too much intuition and not enough analysis is driving decision making – I think this is largely the case. Taking this a stage further, even if analysis of data is used, organisations are, in my view, often missing a trick because the results of reward and benefits strategies aren’t being monitored and tested over time.
Visit our BIO page and watch a video on how to get the most out of your workforce data.