Recently, there has been a significant increase in the adoption of HR technologies by HR professionals. One of the key reasons for this trend is the variety of social benefits that HR technologies can bring into an organization and the demand by employees for more competitive labor conditions and social packages.
Employee benefits have always been an essential component of human resource management. A well-planned and managed benefits program not only promotes employee retention but also serves as a tool for attracting new talent. However, with the increasing complexity of benefits administration, many HR professionals are turning to HR technology solutions to simplify the process, increase efficiency, promote employee well-being and maximize the return on investment.
We would like to present you some of the main reasons why HR professionals invest in HR technologies for social benefits:
To Reduce Administrative Complexity
HR professionals spend a significant amount of time and resources managing employee benefits, from enrollment to plan management and communication. HR technology solutions streamline these processes, reducing the administrative burden on HR professionals. Automated workflows and self-service portals enable employees to manage their benefits, leaving HR professionals to focus on higher-level strategic tasks. This, in turn, can lead to improved productivity and also greater cost savings for the organization.
To Increase Employee Productivity
Employee engagement and productivity are critical factors for any organization’s success. Offering employee benefits is a powerful tool to improve engagement and productivity levels. HR technology solutions allow employees to access their benefits information easily, promoting transparency and engagement. This, in turn, leads to higher levels of employee satisfaction and ultimately, improved productivity.
To Meet Different Expectations
According to a report by Mercer in 2022, over 80% of employees want benefits that are personalized to their individual needs. Every employee has different priorities and expectations regarding their benefits package. HR technology solutions provide customization options, allowing employees to tailor their benefits to their unique preferences.
To Attract and Retain Talent Easier
A comprehensive and flexible benefits program is an essential tool for attracting and retaining top talent. HR technology solutions allow organizations to offer a wide range perks, tailored to the needs of their workforce. This leads to improved retention rates, reduced turnover costs, and more engaged and productive people. Results by the Willis Towers Watson 2022 Global Benefits Attitudes Survey found that 70% of employees are more likely to stay with a company that offers a wide range of benefits. Another study by the Employee Benefit Research Institute found that employees who are satisfied with their benefits are more likely to increase their commitment to their employers and jobs.
To Maximize Return on Investment
Investing in employee benefits is a costly undertaking, and ensuring the maximum return on investment is crucial for any organization. According to our survey, 44% of the benefits offered in the standard package remain unused. This means a 44% loss of the employer’s investment in social benefits, as well as inefficiency in achieving employee satisfaction and retention. HR technology solutions provide tools to analyze the benefits utilization and employee activity, enabling HR professionals to adjust their benefits program accordingly.
To Get Access to Metrics
With access to metrics for analysis, HR professionals can make informed decisions about their benefits program. By analyzing utilization data, they can identify which benefits are most important to their workforce, allowing them to allocate resources efficiently. For example, metrics can show how many employees opt for health insurance as a benefit or how many employees value charitable donations. By using this data, HR professionals can tailor their benefits program to meet the needs of their employees, thus improving their satisfaction and engagement.
To Strengthen the Employer Brand
Last, but not least, a well-designed and comprehensive benefits program can enhance the employer’s brand image, help you stand out in your industry, and contribute to the overall success of the business.
HR technologies can help businesses create a positive work environment that supports the success of the entire organization. One solution of this type is Re:benefit, Bulgaria’s first and only innovative platform for flexible benefits. It provides employers with an exclusive choice of additional benefits, reduces administrative costs, and enables full control over budgets. It is an excellent platform for businesses looking to attract and retain top talent while ensuring their employees are satisfied with their social package.