We all know that achieving the ideal of the ‘engaged employee’ is a lot easier said than done, so where do we start? We believe that getting to know a workforce and communicating effectively with them is more than just well-designed posters, mass emails or generic newsletters; you need to begin by understanding them by using data and analytics.
If you start with analytics, you can look closely at who you’re trying to engage. You can then better shape your engagement strategy and start tailoring communications so that the right people are getting pertinent messages, delivered in the best way and at the right time of their lives.
"Powerful analytics can drill further down into the data and project forward to see where individual employees might be in the future, in order to tailor messages accordingly."
We think you should start with the simple stuff, by analysing age and affluence.
Segmenting by age tells us more about what an individual’s likely priorities and objectives are now, and in the short term. Those different objectives shape the key message that is pertinent to them. An individual in the 18-29 age group will value saving for a house over saving for retirement, whereas someone in the 50+ age group will likely have the opposite financial priorities.
Affluence gives us an insight into an employee’s ability to save, their behaviour and what they need from their benefits.
Segmenting by age and affluence gives a broader overview of the workforce and with it a better understanding of the different characters within; each character having their own priorities, objectives, challenges and motivations.
Powerful analytics can drill further down into the data and project forward to see where individual employees might be in the future, in order to tailor messages accordingly.
For example; understanding which high earners might be affected by the tapered annual allowance; how and when employees might expect to draw benefits; those who might not be able to afford to retire; and highlight any issues with an aging workforce.
Admiring the view
Our ‘analytics first’ philosophy is broader than just retirement savings, it extends to the wider wellbeing and reward strategy.
By using analytics to gain a deeper understanding of what an employee’s individual needs are at every stage of their working life we find out what they will value the most from their reward package.
We analyse claims and absence data to gain insight into the risks within a business from a wellbeing perspective. Once the sources of these risks have been identified, the root causes can be directly addressed through benefit redesign, and/or a focused employee engagement strategy.
Stress in the workplace is a major barrier to employee wellbeing and productivity. In fact;
Using analytics we can then identify who might have problem debt, tailor a benefit package to give access to low cost loans, as well as developing a targeted educational engagement strategy to give support to those affected.
Harnesses and climbing ropes
A successful engagement strategy focuses on three areas; analysis, education and engagement. We have developed a suite of tools that we use to deliver our consultancy and help to build an effective solution.
GEM (Governance, Engagement and Monitoring) analyses the workforce from a wealth perspective identifying key cohorts and digging deeper into the financial health of employees, looking at the current position as well as the projected outcomes.Find out more
Me2 has been developed to help and educate employees about the various benefits on offer
Me2 is full of videos and interactive tools, including a comprehensive module on retirement savings and wider financial wellbeing
Me2 delivers age related content and imagery to really highlight the key messages that are pertinent to individuals
Me2 allows individuals to review their options and immediately see the impact of all the different ‘what if’ scenarios
A successful wellbeing strategy begins with truly understanding the workforce. Setting employees on the right path from the beginning, engaging and educating them about their choices provides them with the impetus to continue their wellbeing journey towards the peak of financial security.
Luke Thackray, Platform and Engagement Architect, contributed to the writing of this blog post.