Your People Data Holds the Answers
Do you have a question or an HR issue about utilization of your organization’s benefit plans? Getting answers to that question might be easier than you think. Most likely, it can be solved by looking at your people data. Next week at the IHRIM Conference, Optis’ Business Development Analyst, David Spring, will be discussing how you can get started and the tools you need to make more educated decisions in benefit plan design during the session, “Ask the Right Questions: Your People Data Holds the Answers.”
Certain questions to ask yourself are:
What factors are driving my benefit costs?
Is there a small percentage of claimants who are contributing to a large percentage of my costs?
Are there differences in total costs verses average costs regarding claim type or location?
For example, one scenario that we’ll be looking at on Monday is what conclusions you can draw when you integrate your FMLA, STD and workers’ compensation data. In one particular organization that we looked at –
28% of claimants had both an FMLA & STD claim
An additional 8% had an FMLA, disability and workers’ compensation claim
After looking at the data further, it was revealed that 9% of family-related leaves were followed by either a STD or WC leave within 6 months. What factors are driving this and what can you do to set up HR processes that positively affect your bottom-line and help your employees?
Check out a sneak peek into our #IHRIM2014 session in this short video interview.