Offering metrics like benefits recovered, eligibility & policy utilization rates, and average leave length, Insights helps HR teams see their leave policy ROI and more.
For most People teams, the job of managing employee leave extends far beyond helping individual employees navigate the process. Employers have to juggle countless tasks at the organizational level: determining the best policies, ensuring equity across employee types and geographies, making sure they’re not leaving money on the table, and more.
Cocoon’s new Insights feature surfaces key data to empower you to make informed decisions about your company’s leave program, demonstrate its ROI, and understand costs and utilization. With Insights, instead of pulling data into spreadsheets and wading through manual calculations, our platform does the work for you (one of the many benefits of having leave management software). Get the data you need with a few clicks so you can spend more time creating the strategies that best support your employees.
First and foremost, the Insights feature tracks key trends across different employee leave types and time frames. Insights are now the first thing employer Admins see when they log into their Cocoon dashboard. The section includes four key data points that Cocoon Admins can filter by time frame (see all time, the last year, the last quarter, the last month) and by leave type (parental, medical, or caregiver):
When employees don’t file for all the benefits they’re owed from the state and/or private insurance, employers that offer a fully paid policy end up paying more to keep their salary at 100%. Cocoon automatically calculates how much you save when employees can easily file claims and recoup the benefits they’re due.
Cocoon helps employers save an average of $12,515 per leave
Cocoon automatically calculates the average number of working days that employees take during leave. You can also use our benchmarking data to see how you compare to companies like yours.
66% of all leaves taken in Cocoon are eligible for state benefits, a number that is steadily increasing as more states roll out paid family leave laws. For distributed companies in particular, this indicates the growing importance of investing in solutions to help employees file for benefits.
See the average percentage of available leave time used by your employees.
Measuring total benefits recovered helps People teams demonstrate a concrete return on their investment in leave management software and savings recouped in general. This is particularly helpful data for carving out budget or “selling internally.”
“It was really helpful when we went through renewal to make the case for finance… to [say] ‘we’ve actually saved this much money that we would have had to pay in salary.’” - HR Admin at a 2,000-person software company
Tracking policy utilization across leave types can give you a valuable signal into how well those policies are meeting your employees’ needs. Low utilization rates of parental leave policies, for instance, might lead you to explore potential barriers or cultural norms stopping employees from the full time they’re due.
People teams are often tasked with projecting their annual or quarterly talent costs. Average leave length and the percentage of employees eligible for state benefits are key inputs for these projections. They help you estimate the amount you will spend on employee leave, taking into account potential benefits recouped from state programs.
Cocoon is committed to building intuitive software tools that empower People teams with the information they need to show up for their teams when it matters most. To learn more about how we’re using technology to transform leave, subscribe to our updates below.
