People Analytics Project Delivers Increased Benefits Savings for Over 20,000 Employees

An international oil company with more than 20,000 employees throughout the U.S wanted to analyze how different segments of the population were utilizing benefits efficiently and optimally. 

Here's how we helped. If you have any questions about people analytics, get in touch.

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Key Achievements

To meet the challenge, Sibson:

  • Reviewed relevant data about the company’s workforce, including age, gender, marital status, health (as measured by claims and biometric data), income, pension benefit and 401(k) balance;
  • Helped the company identify 10 life-stages of the population;
  • Placed each employee into the life-stages;
  • Reviewed benefit enrollment information, including medical plan election, voluntary benefit elections, 401(k) deferral and retirement readiness, for each of the 10 segments;
  • Noted variations in benefit elections among the segments, which provided insight into the priorities and value proposition for each segment; and
  • Identified common traits within each of segments to help the company understand potential challenges employees may be facing.

What People Analytics Discovered

Sibson’s workforce analysis, a holistic look at the company’s benefits data by employee segments, revealed some unanticipated insights.

For example, one segment of employees had selected an expensive health plan option that provided more coverage than they were likely to need.

That same group fell short on the 401(k) contributions they needed to be on the right track to be retirement ready.

The company was able to use that information to create a targeted communications campaign to help that part of the workforce better understand their health coverage needs and the advantages of increasing their retirement savings to help guide them to optimal benefit utilization. 

The Results

The results of Sibson’s workforce analysis were also used by the company at a strategy session aimed at designing future benefits programs.

Knowing where significant portions of the population stood in terms of health and retirement readiness, coupled with key priorities of each group, were vital in identifying plan designs on which to concentrate.

This collaborative process helped narrow the focus to specific offerings and well-being programs aimed at the needs of these employee segments.

Interested in People Analytics?

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