Bringing Power BI to SIPs
Building on the success our clients have had with these SAYE insights, we have now adapted the Power BI technology to provide the same real-time, detailed overview of our clients’ SIPs.
With access to our Power BI SIP dashboard, it can help you:
- Spot opportunities for renewed participation
Identify people who are no longer participating in the SIP, remind them of the benefits and ask if they would like to rejoin.
- Identify dormant funds
Highlight people who may have forgotten that they have funds available – perhaps through free shares issued several years ago – and re-engage them to become an engaged employee shareholder.
- Pinpoint weaknesses
Demonstrate where take-up is working and where it isn’t, providing the insights to improve participation and communication where required.
- Get the message across better
Segment SIP mailings according to employee category. For instance, you may well achieve better results by deploying different language, imagery and explanations of benefits for different age groups.
- Support employee wellbeing
The dashboard insights can help you to support employees who may be in difficulty. For example, your Power BI data may show low take-up of SIPs in specific locations. This could perhaps demonstrate that, particularly given the current economic circumstances, some of your employees are being held back from participation by financial hardship issues. Again, this would be an insight that your organisation could then act upon to support your employees across the board.
“But working closely with our clients, we also bring experience to the table in terms of extracting the key insights from the data. This is about more than following general best practice for SIPs, it’s about ensuring that you have exactly the right information you need to make the best decisions for your organisation and your people.”