Why You Should Embrace the Power of Benefits Data

You’re likely not a data scientist. The good news is that you don’t have to be. You’re less concerned with the numbers and more concerned with what the numbers tell you. And as data and analytics have taken on a larger role for the modern business, so too has their ease of use.

We chatted with Mari Whittaker, our senior product manager of analytics for WEX’s benefits division, on an episode of our Benefits podcast about what data you should leverage when making benefits decisions to boost your recruiting and retention efforts. Watch the episode below or keep reading for four tips on analyzing benefits data.

Benefits data is not math

More than 90 percent of Americans are anxious on some level about math. So if you’re anxious about math, you’re not alone! Fortunately, data is not math. Yes, data involves numbers, and math involves numbers, but data does not equal math. 

Follow the story

Data — and specifically, analytics — is the story behind the numbers. Leaning on data and analytics can help you identify solutions and, just as importantly, problems that you didn’t even know you had. 

“As in every aspect of our lives, data is being used more and more to improve our experience as we receive healthcare and pay for it,” Whittaker said.

Simplicity is key

Data and analytics need to be easy and intuitive. You’re not as interested in the numbers as you are in what the numbers are trying to tell you. 

Visualize the result

You don’t need to be a numbers cruncher when data is presented visually. Graphs and charts can help you spot trends in participant behavior. 

“The best benefit analytics empower you to not just find solutions, but also to ask the right questions to grow your business and support the needs of the employees you care about,” said Matt Dallahan, senior vice president of product management for WEX’s benefits division.

Learn more about how data can help drive better benefits decisions with benefit analytics from WEX. 

The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own counsel.