The advantages of using consumer analytics to devise an employee benefits package will be the focus of a session at Employee Benefits Connect.
In a session titled ’Applying consumer analytics to employee benefits design’, Dr Eric Tyree (pictured), chief data scientist at Capita Employee Benefits, will discuss how to apply staff demographics and consumer analytics to employee benefits design.
In terms of why it is advantageous to treat employees as consumers to fashion their benefits, Tyree said: “It is better to think of employees as consumers and look at what they need from their reward and benefits.
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“Employers need to understand who their employees are from a consumer point of view.”
Tyree said: “Employers must be asking who their employees are, and make sure they know how much they are willing to spend on engaging and motivating them, as well as offer targeted benefits.
”Don’t waste money on benefits employees don’t want.
“Those on low pay want any kind of benefits that generates cash flow for them, or something they really want like a gadget or shopping or discount voucher. Something that is meaningful will get employers the most engagement from their staff, as well as loyalty.
“The main factor that drives staff to take up benefits is whether they actually need the benefit on offer, so employers should be offering something of value for their workforce, such as private medical insurance (PMI).”
Employee Benefits Connect will take place on 4 March 2015 at the Lancaster London.