Hyper-personalization 101

Meeting today’s employee needs requires recommitting not just to providing more flexible, comprehensive benefits, but doing so in a hyper-personalized way. At Voya, we call this "financial care":

The act of diagnosing and treating the unique financial needs of each individual and helping them get their workplace benefits and savings in sync — in order to make a secure financial future possible.

We aspire to clear the path to financial confidence for more fulfilling lives. And we believe that transforming financial care in the workplace is an imperative part of that work.

The rise of everything digital allows consumers to access products and services more conveniently. The same technology that allows companies to scale their offerings also makes it possible for them to create more personalized consumer experiences.

The result has been a meaningful shift in how companies treat consumers and what consumers expect during the customer experience. For example, 71% of consumers expect personalization from their preferred brands and companies today.¹ And 76% are frustrated when they don’t receive a personalized experience.² This trend impacts nearly every industry, including workplace benefits and savings.

Fortunately, advanced technologies make meeting these new expectations easier. Investing in hyper-personalized workplace benefits and savings may be worth it to improve employee retention and satisfaction.

What does hyper-personalization mean?

It’s important to note: we aren’t talking about the “personalized service” created by an exceptionally attentive support representative or over-achieving salesperson. Hyper-personalization is much more unique. Deloitte defines it as the “most advanced way brands can tailor their marketing to individual customers.”³

In a digital world, technologies such as AI (artificial intelligence) and advanced analytics enable companies to provide personalization at scale.

Companies are employing this in a range of ways. For instance:

• Customers might receive specific product recommendations or marketing messages tailored to their interests.
• Shoppers may receive discount codes for products or services that match their online activities.
• They can receive offers to connect with the company offline for additional information or guidance.

If this sounds familiar, that’s because some of the world’s biggest brands already employ hyper-personalization. Many of the most prominent digital banks provide customers with personalized product recommendations based on their spending patterns and account activity.

For example: Banks may offer regular savers access to a higher-yield savings account or additional financial rewards for reaching specific savings goals. In retail, a skincare brand may recommend products based on past purchases and send reminders to re-buy when products run low.  

Why hyper-personalization matters

Hyper-personalization in employee benefits and savings is becoming the standard for organizations wanting to remain competitive and retain talent.

According to a recent Voya consumer survey, 81% of employees say that it’s important to have personalized employee benefits offerings.⁴ That jumps to 85% of employees with an employer-sponsored retirement plan.⁵ For employers, a hyper-personalized approach to benefits can actually save money long-term.

This happens in a couple of ways. First, employees often select plans that include benefits they don’t use (but that employers fund). This new approach can help employees better understand what plans and individual benefits make sense for their lives, potentially yielding savings for employers and employees.

In addition, when employees are satisfied with their benefits, they’re more apt to stay with employers instead of finding a new job. In fact, Voya’s consumer survey also reveals 80% of employees say personalized benefits are a crucial reason for staying with their job.⁶ The figure is higher for employees with children (86%) and those ages 18 to 49 (83%).⁷

Lastly, in a competitive job market, personalized benefits can help employers save on recruiting costs by retaining the talent they already have.   

What hyper-personalization does for employees

Given the expectations of employees and the benefits of hyper-personalization, the next logical question is: How can organizations use hyper-personalization to improve their benefits offerings, employee satisfaction and retention?

Here are a few ways hyper-personalization is changing the workplace benefits and savings game:

• Better enrollment decisions. Guiding employees through the benefits enrollment process with hyper-personalized nudges helps them understand employer benefit options and choose more effectively. Using advanced analytics and AI, employers can practically hand-hold employees through open enrollment.
   
• Ongoing financial suggestions. After open enrollment season, employees continue receiving helpful suggestions to optimize their finances and benefits. This can include spending and savings insights based on habits and reminders to set a doctor appointment to use their benefits.
   
• Leverage health data and analytics. Individual health data — provided with employee consent — opens opportunities for more personalized workplace benefit utilization. For example, Voya Claims 360 uses intuitive claims models to help employees use the Supplemental Health benefits they’re enrolled in. From the time an employee enrolls to when a claim is processed and paid, Voya Claims 360 kicks off a variety of proactive and personalized actions to help employees get the most from their benefits.

How Voya helps

Voya offers a range of workplace benefits, savings and supplemental benefits that employees can use to create customized plans, and we’re also making it easier for employees to personalize their benefits selection. 

In 2022, we debuted myVoyage, a personalized financial guidance experience designed to help employees optimize their household spending across health insurance benefits and workplace savings.  

This technology-enabled, interactive experience encourages employees to create a benefits budget and personalized action plan — based on a complete view of their financial picture.

Voya’s entire employee experience is full of hyper-personalization. As they travel on their financial journey, employees receive helpful messaging, tips and even personalized videos to guide them and help them build financial confidence.

The era of hyper-personalized benefits is here. Meet the moment by giving your employees the tools and guidance they want, and you could see better financial outcomes for all.

Interested in learning more about hyper-personalization and how Voya can help enhance your workplace benefits and savings? Connect with a Voya representative today.