In the corporate setting, there’s an increasing amount of emphasis placed on employee well-being. HR departments compete at who’s going to provide better employment conditions and support. In their efforts, employee benefits programs often take center stage.
Of course, there is no personalized benefits program without employee data. However, gathering, storing and validating this data requires HR professionals to be organized better and to honor the compliance regulation standards. Let’s dig deeper into the importance of employee data for HR employee benefits programs, as well as how best to use it.
Big Data Is on Everyone’s Mind
The number one asset professionals generally discuss concerning HR is undoubtedly the potential of big data. It’s already shaped the HR industry, as well as many others. People analytics makes it possible for HR to make more informed decisions, especially about benefits. However, these can also be tricky waters to navigate owing to the number of rules and regulations that govern the conditions in which employee data can be used and stored.
Top Trends in HR Technology
Along with big data, there are other HR technology trends to watch out for. SaaS, integration, and data quality are among them. HR departments everywhere need to be sure they have the enterprise quality data when it comes to their employees. Striving for the golden record is essential, but the system needs to be unified and easily accessible to every department in the organization. Mobile, social collaboration, and process flexibility are also significant in HR employee management, but not as much as data in general.
Managing Employee Benefits the Right Way
Many organizations still struggle with finding an effective way to do employee benefits. They create separate spreadsheets for each benefit plan or try to calculate everything manually. That way they’re unsure whether the current costs are too high and have no idea of what the future numbers might look like. On top of everything, the amount of company funds they spend on paper, postage, and printing could be easily saved with the right solutions. Not to mention the fact that there’s a significant risk of error in manual data entry.
On the other hand, setting up an employee benefits system can be quite easy. With the proper solutions, you could set up and administer plans which include health, life, retirement, AD&D, and COBRA. With an automated process, it will be much easier to track current costs and plan for the future ones. Finally, online enrollment is much quicker and cheaper.
The Impact of Employee Data
Creating an HR benefit program that is personalized and specially tailored to help employees stay happy and healthy would be impossible without data. The first thing any HR professional needs is employee contact data. With Runner EDQ CLEAN_Employee software solution that integrates with different ERP and CRM platforms, contact data is more comfortable to manage and keep accurate. Then there’s big data, which gives HR professionals better insight into what the employees need and want. It’s hard to imagine any HR department working efficiently without data.
Using software solutions to improve collecting, verifying and using data is the future of HR employee management. It ensures an efficient employee benefits program, which can play a big part in an employee’s decision to work for a company. Visit the Runner EDQ website for more information about our software integrations and how they can help your business.