Leading employee experience product adds new tool to help HR leaders identify the ideal benefits and compensation packages unique to their organization and budget and simulate benefits trade-offs
Qualtrics, the leader in experience management, announced the launch of the Employee Benefits Optimizer. The Employee Benefits Optimizer is a first-of-its-kind tool that leverages employee feedback and models trade-offs to automatically identify the ideal benefits and compensation packages for an organization’s unique culture and budget.
Designing benefits and compensation packages can be costly, time-consuming, and inefficient. Yet it is also a significant competitive advantage for organizations recruiting and retaining talent. Built on the Qualtrics XM Platform, Employee Benefits Optimizer is a simple, cost-effective, and real-time tool that automates the typically complex conjoint analysis process. The tool offers guided configurability and delivers real-time trends and reports on the most impactful and optimal benefits packages – all without the need for a data scientist or constant re-modeling that exists in current solutions and capabilities.
“We’re always looking for ways to continue being an employer of choice. As we consider our forward Benefits and Wellness strategy, we have found the Qualtrics tool extremely useful in helping us understand what programs our employees value most,” said David Landman, Global Head of Talent Assessment, Goldman Sachs. “On the Qualtrics platform, we can design a conjoint study that helps us obtain employee feedback and identify preferences across various demographic factors.”
In addition to making the process easy for HR leaders, the Employee Benefits Optimizer puts employees at the center of the benefits and compensation process. The tool gathers their feedback and identifies the trade-offs employees are willing to make when building a benefits package. With the built-in live simulator report, benefits and compensation leaders can experiment with various benefits options and package configurations to ensure they’re delivering the most impactful option for employees.
HR Technology News: Coupa Announces Intent to Acquire Contract Lifecycle Management Leader Exari
Employee Benefits Optimizer is the latest innovation to Qualtrics EmployeeXM, which identifies and closes experience gaps across an employee’s lifecycle, from recruiting to onboarding to performance management and employee engagement. Qualtrics EmployeeXM enables managers and leaders to understand and improve the experience of their employees so organizations can attract, develop, engage, and retain a world-class workforce. Many of the world’s leading brands turn to Qualtrics to improve employee experience and enable high-performance organizations, including Adidas, Deloitte, Disney, Goldman Sachs, Microsoft, Target, Zillow Group, and more.
“Organizations spend millions of dollars to create a benefits and compensation package for their employees, but they have never been able to put employee feedback at the heart of such a critical decision,” said Jay Choi, Vice President of EmployeeXM, Qualtrics. “Employee Benefits Optimizer closes a gap for HR leaders by making it easier for them to ensure that the money they spend is driving impact across the entire organization.”