TriNet adds new compensation, benefits analytics tool
TriNet has updated a new analytics tool to help small and medium-sized businesses better assess their employees benefits, compensation and retention.
The new tool, Workforce Analytics, is bundled into the TriNet platform allows HR managers to create reports and review employee data to get a more comprehensive view of their workforce. Employers can also analyze data on costs spent on payroll, benefits, and workforce distribution between salaried and hourly workers.
For example, employers can view data on average employee tenure, which can be helpful in strategic planning and allocation of resources or benefit election trends. The tool also provides insight into which benefits packages are most adopted by their employees, says Dilshad Simons, senior vice president of products at TriNet.
“Small and medium-size business owners are confronted with a variety of barriers to HR data visibility, including a general lack of reporting and analytics technology,” she says. “Due to these challenges, SMBs often struggle with identifying data trends, much less translating them into actionable insights.”
TriNet’s platform is used by roughly 16,000 employers including fantasy sports website FanDuel, software company Aaptiv and apparel company Bombas. The company’s platform is targeted for small and medium-sized businesses, which sometimes struggle to independently administer HR and benefits.
In February, the company released an updated version of its mobile app, which includes more detailed pay history and paycheck comparisons, access to benefits coverage information, member identification cards from certain insurance providers, flexible spending account overviews, a detailed company employee directory and a chat feature.
See also: TriNet adds new features to mobile app
Simons says Workforce Analytics is integrated into the company’s platform and is already available to current customers at no additional cost. Employers do not always have extra time, resources or bandwidth to ensure HR reporting is done proactively, she adds. So it is important to have systems that are easily able to report and analyze data. Then they can use this information to improve their own packages.
“They can use this information to improve the effectiveness of their [benefits] offering which is particularly helpful in a competitive hiring market,” she says.