One Fail-Proof Way to Keep Your Benefits Plan Competitive

Estimated reading time: 3 minutes

Recruiting the best talent, finding the right person for those hard-to-fill positions or even keeping existing employees motivated and happy can feel like an ongoing challenge. This is why many companies will implement an employee benefits plan as part of their human resources or recruitment strategy. An attractive employee benefits plan helps sweeten the deal for prospective employees, keeps existing personnel feeling appreciated and company morale up, all while helping the organization position itself as a top employer. It’s win-win-win on many levels.

However, not all benefits plans are created equal or will produce the desired results. And while any employee benefits plan is often better than nothing at all, taking a look or keeping an eye on what benefits others in your industry are offering can be pivotal in helping you to stay competitive and reach your goals. This is where industry benchmarking takes center stage.

An industry benchmark report is the best tool to keep your benefits plan competitive. Whether you are setting up a new benefits plan, revising an existing plan, or curious about what competitors might be offering their top talent, a benchmark report can help you make more informed decisions. Many clients rely on the summary benchmark reports that we provide to decide what benefits to include, what percentage of costs to cover, and overall, how to structure their employee benefits plan to remain competitive in their industry.

At BenefitDeck, we tailor each report specifically to our client’s industry, company size and geographical region. In a nutshell, the industry benchmark report outlines what employee benefits other companies are offering, so that together we can strategize on the benefits and the plan that will fulfill your objectives.

And we’re not just pulling that data out of thin air. We regularly receive comprehensive reports from insurance providers from which we pull relevant data for our clients. We also use our own database information to supplement the report with additional insight. No specific companies are mentioned. All information is anonymous, and structured as generalized percentages in specific benefits categories so that you get a global view of your industry’s norm for employee benefits offerings.

When to Ask for an Industry Benchmark Report?

At BenefitDeck, we always provide our clients who are setting up a new benefits plan with a benchmark report to remove some of the guesswork. It provides context when they are making decisions and considering our recommendations. In other cases, we generally suggest taking a look at industry benchmark report when you are struggling with your recruitment efforts, or when you might want to upgrade or downgrade an existing benefits plan. Sometimes if there are big changes in the state of an industry, a benchmark report can give insight into what others are doing with extra compensation or perks. If all is well, then it’s still prudent to look through a summary report every few years as a maintenance strategy.

The Difference in Working with an Experienced Benefits Consultant

Every employee benefits advisor has access to this information, but not every advisor will share or summarize it for their clients. If you are setting up a new employee benefits plan or considering some changes to your existing plan, or if you just want to make sure your benefits plan is competitive, contact our team. We’re always happy to share our knowledge and help you make more informed decisions so that you maximize your investment in your employee benefits plan.

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