NFP Series: Hyper-Personalization in Employee Benefits
5 Things Powering the Movement Toward Hyper-Personalization in Employee Benefits

If you’re taking to heart this global discussion, and you’re truly looking to shake up your benefits program and bring more personalization, you’ll need a good understanding of why businesses are having to adapt and change and rethink what they’re doing.

To discuss exactly that, NFP’s Mark Rieder and Justin DelVecchio offered polls and addressed chats in an interactive conversation about hyper-personalization in digitalization and digitization (there’s a difference and they explain it!). You can listen to their entire discussion in our recent webinar, which is now available on-demand.

Here are some of the thinking points and stats that decision-makers are keeping top of mind:

Growth of technology is faster than it’s ever been.

An analysis of the history of technology shows that technological change is exponential, which means a different way of thinking about growth than the 'intuitive linear' view we’re so used to. So, that means we won't experience 100 years of progress in the 21st century—it will be more like 20,000 years of progress (at today's rate). Mind blown #1!

Data accessibility continues to expand and interlock. (Much of the data is IoT based).

According to Forbes, in the last two years alone, 90% of the world's data has been created. 2.5 quintillion bytes of data are produced by humans. Every. Day. Mind blown #2! Ericsson estimates there will be 18 billion IoT devices in 2022 with forecasts to grow to more than 25.4 billion by 2030.

Global investment in digital transformation will almost double (Statista) between 2020-2024.

Digital is no longer “a thing” – it is the world we live in, and companies have figured that out. While 52% of companies plan to cut or defer investments because of COVID-19, just 9% will make those cuts in digital transformation (PwC). That’s a VERY telling statement because Tech used to ALWAYS be one of the FIRST places to receive cuts.

87% of companies think digital will disrupt their industry, but only 44% are prepared for it. (Deloitte)

It is not easy and it’s not quick – it’s actually less about the tech and more about change management. The engagement and adoption of digital transformation is more of an evolution than a transaction. That’s why you can’t just buy a digital transformation package. You have to inform and empower your workforce to participate. It’s really synergy that we’re talking about. If you’ve already engendered trust and cooperation in your workforce, you likely not part of that unprepared 44%.

Companies are having to get creative as they meet the different needs of five generations in the workplace (a historical first). If you’re embracing the digital-first approach and focusing efforts on driving a better employee experience, look us up to see how NFP is brings digital transformation to bespoke employee benefits.