Almost half (46 per cent) of multinational companies say they’re prioritizing the use of employee-facing technology to support benefits management, including the use of artificial intelligence and other advanced technologies to improve benefits navigation and decision-making, according to a new survey by WTW.
The survey, which polled more than 260 employers, found more than half (52 per cent) consider the use of data-driven insights a high or top priority for enhancing the employee benefits experience.
Respondents indicated several other strategic focuses for their benefits plan. Three-quarters (75 per cent) said they’re focusing on cost management and 58 per cent actively said they’re involved in benefits cost budgets, with a look to focus spend on the areas that matter most to employees.
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Eight in 10 (79 per cent) of employers said they’re promoting benefits and raising awareness and two-thirds (65 per cent) said benefits are important for differentiating the company as an employer to attract, retain and engage employees. Half (52 per cent) of employers indicated the alignment of benefits with broader diversity, equity and inclusion and environmental, social and governance (ESG) policies is a key priority.
More than two-thirds (70 per cent) of employers said they’re using global minimum standards when designing their benefits plan and half (50 per cent) said they plan to implement a cross-country approach to managing benefits strategy across life insurance, health care and retirement and savings plans.
“Benefits have become valuable to employees, investors and leaders because they both support employees’ all-around health and signal what a company stands for,” said Nigel Bateman, managing director of global headquarters solutions at WTW, in a press release. “They are powerful symbols of a company’s identity and purpose. Conversely, it can really undermine what a company stands for when benefits are viewed as little more than a hygiene factor.”
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