Organizations Recognize Importance of Employee Wellbeing Data but Struggle to Leverage It

A growing number of organizations worldwide are acknowledging the significance of utilizing wellbeing data to improve employee engagement, loyalty, and productivity. However, many companies are still hesitant to fully leverage this powerful tool due to concerns about cost and complexity.

According to the 2024 Wellbeing Diagnostic Survey, only fewer than two in ten globally used data insights comprehensively to inform decision-making and understand the impact of their health and wellbeing programs. Despite recognizing the importance of wellbeing, employers often struggle to decipher the vast amounts of employee data, which is frequently provided in disconnected formats.

Enter machine learning (ML) and Artificial Intelligence (AI), which hold immense potential for helping organizations make sense of this complex data and unlock valuable insights about employee wellbeing. By analyzing large volumes of data, ML and AI can provide actionable recommendations for designing health and wellbeing strategies that cater to individual employee needs.

Rising Prevalence of Non-Communicable Diseases and Employee Benefits Costs

The global rise in non-communicable diseases (NCDs) poses significant concerns for employers and healthcare systems worldwide. As NCDs account for seven out of every ten deaths globally, states increasingly focus on management, awareness campaigns, and screening programs rather than preventative measures.

This leads employers to reassess their employee benefits strategies, particularly those related to cost and financial implications. Rising employee benefit costs call upon companies to optimize spending efficiency while delivering effective healthcare solutions.

Leveraging Data Analytics to Optimize Employee Benefits

Several organizations have found success in combining demographic data, industry benchmarks, and clinical insights to inform wellbeing programs that meet specific organizational needs. Effective use of data analytics can help companies:

1. Create targeted interventions based on identified health risks.
2. Refocus their benchmarking methodologies to better assess effectiveness.

Employers are increasingly recognizing the value in integrating ML-driven analytics into employee benefits platforms. As consumer technology platforms, such as Netflix and Amazon, demonstrate the power of AI-driven insights, so too can employee wellbeing solutions become more refined through technological advancements.

Driving a Culture of Wellbeing with Data Analytics

By adopting data-driven strategies for wellbeing programs, companies can cultivate an organizational culture that prioritizes employees' health and well-being. This includes:

1. Fostering connection between wellness initiatives and organizational mission-based goals.
2. Utilizing technology to personalize benefits experiences for employees.

The 2024 Global Benefit Attitudes survey highlights the impact of effectively utilizing data-driven wellbeing strategies, showing that companies offering personalized employee experiences are twice as likely to enhance their wellbeing programs' effectiveness.

Ultimately, understanding individual needs and leveraging insights is crucial in developing meaningful and impactful wellbeing solutions. Companies now can unlock new possibilities for optimizing benefits spend while addressing growing global health concerns.

For more information on optimizing your company's wellbeing program with data analytics, contact us today!