5 Technologies That Revolutionized Employee Benefit Programs
As we enter 2020, companies are shifting their focus on employee benefits and welfare. Now, employers are putting in special efforts to ensure that office staff is satisfied with the workplace environment. The motto is to improve employee retention rates along with boosting productivity and quality of work. Over the past few years, we have witnessed innovations in this space with several technologies contributing to the aim. There is no denying the fact technology has changed the way companies work and for all the good reasons. It has improved work flexibility, working ambiance, and training & education processes.
But wait there, the big question is: What is ‘Employee Benefit?’
In simple terms, it includes perks & benefits, that can be monetary or non-monetary that are provided to workers in addition to their wages or salaries. From an insurance plan and profit-sharing to smooth organizational communication and vacations, the concept covers a wide range of programs. The idea behind this is to show them that they are a valuable asset to the company and you are invested in their future. Of course, it will help you recruit skilled candidates and improve the overall profitability of the business. As stated by Joe Lineberry, senior vice president at Aon Consulting, "Give employees the benefits they value, and they'll be more satisfied, miss fewer workdays, be less likely to quit, and have a higher commitment to meeting the company's goals.”
No wonder employee benefits administration has become a serious business these days. Several studies have concluded that over 60% of employees feel demotivated and less enthusiastic in the absence of effective wellness programs. On the other hand, office members have shown an 80-90% growth in their productivity when they have favorable and healthy working conditions. Considering these facts, organizations are now exploring smarter and efficient ways to foster employee benefit, and technology is certainly the most popular one. Companies are incorporating the latest and advanced technologies into their employee welfare schemes. Artificial Intelligence, Virtual Reality, Data Analytics, and more have opened the door to new possibilities for Human Capital Management and will soon become a constant part of HR.
So, in this blog, we are going to discuss a few latest technologies that are contributing to employee benefit programs and their smooth execution. Let’s get started:
With technological advancements and evolution, an enormous amount of information is now at our fingertips. Just a few clicks on the computer and the employer and HR manager can have all the required details at their disposal. The online data and information collected from the employees can serve various purposes at one go by bringing all the details at one destination. Companies can ensure participation and forecast the future course of action which is essential to create a personalized employee benefits program.
Moreover, data analytics can help evaluate the team which is satisfied and happy with the highest retention rates. Also, in finding the reasons that make employees happy or stressed, so as to come up with the package that works in favor of the company. The data can also identify disease trends that can be used to build schemes that are beneficial for their mental as well as physical health. The power of big data is useful to comprehend the options that are valuable to employees and study their behavior patterns.
Artificial Intelligence is transforming the way employers interact with the employees and take care of their wellness. Honestly, it has outperformed humans when it comes to decision making, recruiting, and ensuring a healthy environment. The companies that have employed AI tools and techniques have witnessed immense growth over the years while making their tasks simpler and more efficient. Firstly, let’s talk about the hiring process which is a strenuous and costly task in many ways.
However, with Artificial Intelligence at your assistance, it is getting easier and even helps in finding skilled professionals that are highly suitable for the job. You can pick the most qualified and experienced candidates amongst numerous applicants and get done with the recruiting step within a few days. The time that recruiters would have invested in reaching out to people can be put into better use like honing the skills of new employees and evaluating their knowledge via a structured system.
Apart from this, employees can opt for the right and relevant employee benefit plan after considering all the available options. Most importantly, AI can promote health at the workplace by accessing different data from various resources and spreading the word about possible treatment options.
Do we need to exaggerate the importance of cloud computing? Be it any industry or sector, the cloud platforms have proved their potential and HR is no exception to it. Unlike earlier, when data storage systems were disorganized, cloud-based applications have made the data and other information easily accessible online. Companies are now shifting to a flexible, secure, and reliable environment and all the credit goes to cloud platforms.
Organizations can centralize the data without any hassle and streamline operations & workflow across the branches and offices. This will ensure a positive impact on workforce management, product development, and business integration. However, before you switch to a cloud-based HCM system, make sure that your company is ready to adapt to this technology and it can add value to your business.
The use of wearable technology by companies and consumers has skyrocketed over the past few months. From controlling their diet to monitoring their wellbeing, it has made everything convenient. Needless to say, why giants like Apple, Google, and Microsoft have introduced it in their offices and integrated it with other technologies.
As wearable technology can track your fitness and daily routine, employers are using it to promote a healthier lifestyle amongst employees. It can analyze heart rate and monitor any sign of unusual activity within the body with a constant eye on their health. Office members will certainly be encouraged to adopt a healthy routine. Investing in this technology will minimize absenteeism, increase productivity, and motivate them to indulge in physical activities.
Internet of Things
IoT has become a go-to technology for companies that are looking forward to transforming their business. Apart from connecting them with their consumers instantly, it is contributing to creating an engaging workplace with efficient employees and a happier work environment. The IoT-based devices can inform the staff about the expected technical issue and arrange the relevant solution in advance.
Moreover, automated routine tasks and quick interaction is no more a big deal and all thanks to IoT. Employers can create safe working space using sensors and smart devices using IoT technology to track the work and alert the workers against any danger.
Technology is evolving the space that we work in and we are not complaining at all. It is bringing employers and employees together ensuring seamless communication and a healthier workplace. Of course, it’s not one size fits all so companies need to analyze their requirements and then switch to the employee benefits software that suits them the best. However, once an organization embraces advanced technology, it will not only ensure effective employee benefits schemes but also witness huge growth in productivity and efficiency. Hence, creating a Win-Win situation for all.
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