Workforce demographic analysis

A Workforce Demographic Analysis can help businesses discover insights about their people. By analysing factors such as employee demographics or length of tenure, alongside an anonymous survey, we can help you:

• Test employee’s understanding of their current benefits and where employees access similar services.
• Dependant analysis – consider the importance of Group Risk with employees with several loved ones who depend on them financially.
• Understand employees’ preparedness for retirement – Workplace benefits can have a big impact on the quality of life employees can expect in future, understand your employee’s motivations and retirement readiness.
• Benchmark your company against your industry – How do you compare to your competitors? Understand your attractiveness as an employer.
• Focus on diversity and inclusion – Assess your workforce and identify areas for improvement through salary benchmarking and Gender Pay Gap analysis.

Where does the data come from?

• Company data – We’ll ask about employees’ length of service and pay levels so that we can understand employee loyalty and remuneration. We’ll also need information about uptake of your current employee benefits strategy.
• Employee surveys – We’ll ask your employees about their awareness of their benefits, what they find most useful. This allows us to gather insights ‘in their own words’, which employees may feel they can’t share directly.
• External research – We’ll research your industry and your competitors to understand how you compare.

A Workforce Demographic analysis can help you:

• Make better decisions – Make informed decisions rather than relying on assumptions. Challenge your beliefs and create a fact-driven strategy.
• Create a cost-effective employee benefits strategy – Offer benefits your employees actually use, rather than paying for those that go ignored.
• Champion diversity – Support your employees with differing needs. Use this analysis to learn more about your employees, balance inequality and support their work-life balance
• Increase employee engagement – Motivate your employees and improve employee satisfaction by providing employee benefits your employees will value.

Workplace pensions, Statutory Sick pay, Holiday pay, Maternity/paternity leave must be provided by law. However, there are other additional staff welfare benefits which are optional. Companies wanting to compete for talented individuals should consider whether their competitors are offering.

It’s not a legal requirement to challenge ideas about your employees that no longer reflect your workforce. But guesswork is unlikely to provide the best outcome and engaged employees. We recommend conducting Workforce Demographic analysis to create your data-driven employee benefits.

While this is not a mandatory exercise, we’d recommend a doing Workforce Demographic Analysis if you’re intending to make big changes to your strategy, or haven’t updated it in several years and are looking to meet the needs of your current workforce. We recommend this project to avoid assumptions about your employees.

Following an acquisition, you can get to know your new workforce with a demographic analysis, to ensure your employee benefits feel valued, and understand the benefits available to them.

When a business merges with another or is acquired, employees may experience greater anxiety about their job security or how their role will be affected. During a transitional phase employees can experience increased workloads, new leadership styles, and a fear of redundancy. We can help you support your employees with financial education remove uncertainty.