Big data is a popular topic in the workplace, and for good reason. Being able to crunch the right numbers can make all the difference for your clients. “Data from employees who are enrolled in benefits plans can be analyzed, providing insights around patterns of what is working, what isn’t working and where there are holes in coverage,” wrote Jon Shanahan for Employee Benefit Adviser. “Very broadly, big data should continue to push employers to be smarter and solution-oriented about their benefits offering.”

 

Here are three ways you can help your clients understand the power in the data available to them:

 

Make It Actionable

All the data in the world won’t help if employers don’t know what to do with it. Provide employers tools that spit out actionable data. “Regardless of whether it’s data analytics or advisory services, employers are looking for support that actually helps them identify the concrete steps they need to take to realize the opportunities that the data suggests,” wrote Bruce Shutan for Employee Benefit Adviser. “It’s not enough to produce massive amounts of data and reports. It’s to organize that in a way that allows employers to synthesize and actually develop their strategic plans accordingly.”

 

Help Them Strike a Competitive Balance

As the workforce becomes more competitive, your clients want to offer the right benefits. But they also want to control their costs. Big data can help them do both. “The insight gained through the use of advanced analytic tools helps strike a better strategic balance between lowering costs and offering competitive benefits,” Shutan wrote.

 

Allow Them to Understand Their Workforces

The right data can help your clients understand their employees and their needs. Tools that measure performance management, company culture, and even employees’ expectations can help you access this type of data. “People analytics will allow employers to connect the dots,” wrote Katie Scott for Employee Benefits. “People analytics is very different from HR analytics. HR analytics focuses purely on HR data; people analytics is about bringing together HR data, finance data, sales data, performance data, … to understand people better.”

 

And More

Here are additional benefits to working with clients to harness big data:

 

  • Offering better informed recommendation engines
  • Allowing more educated benefit decisions
  • Creating new benefits products based on client needs
  • Giving them better user interface and user experience in benefits selection