How Data Can Improve Wellbeing Programs And Reduce Costs
Wellbeing programs can be costly for organizations and employers, but leveraging data can help in providing the right programs for employees while keeping the cost reasonable and sustainable. This will benefit both employers and the workforce when wellbeing is prioritized in the long run.
In this Pacific Prime Dubai article, we discuss how data can help in determining which aspects of employee wellbeing to focus on, narrowing down the right benefits to add to your group health insurance plan using data, and what tools to use to generate data and analysis.
Optimizing Wellbeing Programs With A Data-Focused Approach
A properly designed, data-driven wellness plan can help companies personalize their offerings and monitor their use more efficiently. This can help improve the overall effectiveness of their wellness programs, which leads to higher utilization and promotes better health results for employees.
Here are some of the benefits of a data-driven strategy to improve wellbeing programs in the workplace:
- It helps define short-term and long-term goals for their wellness program.
- It can identify different types of data that need to be collected, tracked, and evaluated.
- It helps match the right employee benefits solutions that are sustainable and cost-effective.
- It allows employers and employee benefits providers/specialists the chance to work closely together and share vital information.
- It can pinpoint the exact areas where companies should allocate more or fewer resources, such as mental/financial health programs, smoking cessation, Employee Assistance Programs (EAPs), wellness programs, gym reimbursements/memberships, scholarships/tuition reimbursement, etc.
Sources Of Data For Employers To Consider
A data-driven wellness program can provide a clear picture of workforce wellness by collecting, assessing, and evaluating real-time information from sources, including:
- Claims
- Registration details
- Utilization of benefits
- Demographic details
- Monthly and quarterly employee feedback
- Individual appraisals
- General company surveys
- Wearable devices like Apple and Samsung smartwatches
With employees’ consent, employers can also review biometric screening tests and health-risk assessment questionnaires to gain better insight into the needs of individuals.
The above data sources can help employers optimize their wellness programs through customized, manageable, and targeted resources. When introduced to employees, the offerings will likely drive better health outcomes as they are more relevant to their needs.
Leveraging Data To Design Cost-Effective Wellbeing Programs
Employers can use data to understand where the highest healthcare claims are occurring and deliver programs targeted to the workforce’s needs. When analyzing data, you can learn the most common health conditions or concerns of your employees and what the biggest drivers of costs are.
Employers can pick up on health concerns that are contributing to higher costs. For instance, if employees claim more for a chronic condition, employers can also introduce a chronic care program to help those employees access resources to improve their health and manage their care.
In turn, this can have a long-lasting benefit to those with common chronic health conditions. Employees will likely claim less as their chronic health needs are being met, which leads to lower costs.
This is one way in which data can target specific health concerns and allow employers to adopt ways of resolving them and reduce/save costs in the long run.
Customizing An Employee Benefits Plan
Although it’s reasonably easy to get an employee benefits plan designed, getting one that’s tailored requires a different level of expertise. Employers should understand that employees across the workforce will be of different ages and prioritize benefits based on their current needs.
This also means a large amount of data will be needed to fully grasp the needs of employees and match them to relevant solutions. Processing all this data can be painstakingly hard, but with the services of Pacific Prime Dubai, our experts can advise you on how to:
- Best allocate your budget on wellness initiatives in your company;
- Develop a bespoke employee benefits strategy;
- Access our “Prime Care Portal” – a state-of-the-art benefits management portal; and
- Utilize flexible benefits plan options and manage everything on our Flex Portal.
Our Prime Care Portal and Flex Portal are two amazing tools that allow HR leaders and their employees to seamlessly manage their benefits and keep track of real-time updates on their benefits.
5 Tips For Designing An Employee Benefits Program
Wondering how to design an employee benefits program? See our 5 bonus tips below:
- Firstly, identify your business goals
- Secondly, calculate your budget
- Thirdly, know your options
- Fourthly, build a benefits package
- Lastly, engage an expert
Download a copy of our guide to Structuring an Employee Benefits Plan to learn more!
Advantages Of Flexible Benefits
Flexible benefits allow employees to choose which benefits to have for their coverage, while also allowing employers to gauge the costs. Here are some advantages of flexible benefits for organizations:
No Guesswork Needed
Most employers offer basic benefits to their employees without considering their employees’ unique needs. Flexible benefits, however, allow employers to easily and conveniently offer benefits that all of their employees would appreciate and actually utilize.
Give Insights on Cost
With the amount of data that can be gathered, employers can make informed decisions on how to better manage their costs and maximize their efforts in giving benefits and wellbeing programs that their employees truly need
Increased Productivity and Improved Wellbeing
When employers prioritize their employees’ wellbeing and offer ways to cope with their physical and mental health, employees not only become more productive, but they also become happier and more loyal towards the company. Improving your employees’ wellbeing is an investment worth taking.
Get In Touch With Pacific Prime Dubai
Are you looking for expert advice on employee benefits or group health insurance in Dubai? As a leading employee benefits specialist and health insurance broker, Pacific Prime Dubai can help you find the most suitable solutions for your needs and budget.
If you’re interested in our Prime Care Portal and Flex Portal for your benefits management, you can request a demo with us to learn more.
Contact us to get started today!
His expert view and wealth of knowledge on insurance can also be found in his blogs for China, Dubai, Hong Kong, and Singapore.
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