thomsons online benefits- how to demonstrate real value from your benefits spend
TRANSCRIPT
The challenge is…
Annual benefits spend reaches hundreds of millions of dollars globally for the majority of organizations.
But with spend fragmented across markets, countries, providers and products, most HR professionals don’t know the costand impact of their benefits program.
1 in 4
37 %37% have di�culty reporting globallyon total reward costs
Only 12% can report on ROI
More than 1 in 4 can’t reporton benefits costs at all
15%
Only 15% strongly agree they haveaccurate global benefits cost data
46% don’t have an accurate viewof total benefits costs
46%
So how can you demonstrate real value from your benefits spend?
Global Employee Benefits Watch 2016/17 has identified 3 key pillars of success:
2. Unlock the potential of technology to deliver your vision and needs
1. Build a defined global strategy 3. Enhance your decision making -great data underpins great governance
Build a defined global strategy
The advantages of devising, articulating and rolling out a globally consistent benefits strategy are clear:
Don’t know Ine�ective E�ective Very e�ective
20
40 60
80
0
Percentage of employers
Yes, for more than three years
Yes, for less than three years
No, but writing
No, no plans
Global strategy maturity vs. e�ectiveness in meeting objectives
E�ectiveness increases to more than 80%
80%
are e�ectivelymeeting their
objectives
are e�ectivelymeeting their
objectives
Organizations with an aligned benefits and corporate strategy 76%
Organizations without an aligned benefits and corporate strategy33%
Vs
Unlock the potential of technology to deliver your vision and needs
Technology provides a single solution for cost management, consistent processes and instant access to global benefits data.
What’s more, implementing a centralized global benefits platform can help you reduce resource burden by at least 25% with 40% better global reporting capability and streamlined administration. And many are recognizing the benefit:
Organizations with established globalbenefits technology
Organizations without established globalbenefits technology
meet objectives93%
employee engagement score 79%
meet objectives59%
employee engagement score 64%
Enhance your decision making – great data underpins great governance
Data insights from your benefits program enable you to actively manage, improve and make future business decisions…
Employee engagement score
Those who measure participation and engagement report higher levels of e�ectiveness
Using analytics
73%
Not using analytics
59%
In Summary...
A defined global strategy Great data-analyticsOptimum use of technology
100%+e�ectiveness
14%+employee
engagement
25%-admin burden
40%+superior
reporting
Organizations are achieving…
With these 3 key pillars of success…
Thomsons is a provider of employee benefits and employee engagement software. Our award-winning platform, Darwin™, is the global market leader for automated employee benefits management, connecting employees with their benefits in over 80 countries and 24 languages.
www.thomsons.com
DOWNLOAD your copy of the Global Employee Benefits Watch 2016/17 report
Or TALK TO US [email protected]
Are you demonstrating real value from your benefits spend?