Benchmarking… how does your business measure up?
An attractive benefits program is vital for your recruiting and retention efforts, but it is also a significant expense. To ensure you are providing a package that is both competitive and economical, you need to know how your offerings compare to those of other employers in your industry. Benchmark data can provide valuable insight for evaluating your benefits package, helping you conform to or even set industry standards. Quality benchmarking allows you to search for best practices, innovative ideas and highly effective operating procedures that lead to superior performance.
Benchmarking Can Show You:
- Where your weaknesses are
- Where your strengths are and how to maintain them
- Which areas you can improve
- Strategies for improvement
- New or different ways to do things
Everything Can Be Benchmarked
The first step to successful benchmarking is to identify different aspects of your benefits and choose which are most costly and which are most important to your business’s success. There is information available for almost any aspect of a benefits program, including:
- Total costs
- Cost-sharing measures
- Plan design
- Voluntary offerings
- Workers’ compensation
The Importance of Benchmarking – Knowing how other employers plan to address these benefit decisions can be incredibly advantageous for your company, allowing you to anticipate the shifting benefits landscape and evolve before your competition responds.
Let us provide you with a free Benchmarking Report today by clicking here.