Using data to make real ROI decisions for benefit design
You’ve got to hand it to those clever people in marketing. With their big-data-inspired customer relationship management systems, there’s no metric they leave unturned in the pursuit of squeezing better value from their clients. They know the precise cost of each customer acquisition, the number of repeat purchases they make, and even how responsive they are to certain levels of discounts. As the Chartered Institute of Marketing’s own statistics show, the cost of acquiring new customers is between 4-6 times more than keeping existing ones spending, while repeat customers also spend, on average, 67% more.
Contrast this to the HR/reward and benefits function however, and the story could not be more different. The oft-heard excuse is that it’s extremely hard (and therefore not worth doing), to squarely link benefits provision to any changes in attrition or performance or hiring costs.
But, the fact is, this is not the case, and at this session, co-hosted by Capita’s ‘chief data scientist’ Dr Eric Tyree, and Sky’s benefits consultant, John Whitaker, this will be categorically proved, using real-life examples.
Our two speakers will explore how adopting some of the same techniques used for looking at external consumers can transfer to the way you look at your internal consumers – your own staff – too.
The hardest thing, they will suggest, is actually changing your mindset – truly looking at staff (and the spend you devote to them) as customers. After all, staff all have a ‘cost of hire’ too, and by applying some simple marketing rules – such as knowing which benefits they want, to help them stay longer – it can indeed reduce how much you spend re-hiring people that leave. The team will also argue that just as having too few benefits can be a problem, there is often no point paying to provide more-than-is-necessary either – especially if they are expensive to set-up and administer, but simply aren’t supported, and make no difference the people’s perception of being valued.
This will be a session you’ll go home from, that gives you the tools you need to make some real ROI decisions. Delegates will benefit from hearing first-hand from John, who will explain how his own data-driven approach at Sky is now reaping benefits – both to staff and the organisation as a whole. This is definitely not a session to be missed.
What: Reward Live
Where: Edgbaston, Birmingham
When: Day 2 (14th May) at 11.35am