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.
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To meet the challenge, Sibson:
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 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.
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