What is benefit plan benchmarking and why is it important for large companies

Thirty years ago, benefits plans were different. One-size-fits-all plans were the norm. Employers offered simpler plans for a simpler world.

Fast-forward to today, the benefits landscape has changed. Competitiveness of the labour market, cross generational workforce, and increasing cost drivers has created the need for more benefits options for employers. As a result, plan sponsors must manage benefits costs while continuing to provide a competitive compensation package for a workforce with increasingly diverse needs and wants.

While employers can have different objectives for their group benefits plans – to be a leader, to be competitive, to provide a base level of support – the one thing they all can use is reliable comparative information to determine if their plan is achieving its intended goal. And that’s where benefits benchmarking can play a key role. Benchmarking tool allows BenefitDeck's clients to work with their consultants to build a customized plan and then benchmark it to the industry block to determine if it’s competitive for the client’s size, industry and location. BenefitDeck clients who have utilized this exclusive tool were amazed by the amount of data available at their fingertips.

With this tool, BenefitDeck's clients can compare over 200 plan design attributes and claims utilization by various Key Performance Indicators (KPI) like average amount paid for claiming or covered members. Reports are available for a variety of benefit categories including comparisons for dental specialists and paramedical practitioners, and even for very specific industries such as mobile app gaming developers. It's depth and flexibility equips HR Directors and CFOs with the data required to justify health benefits investment. It also allows our clients to create plans that align with industry standard, analyze claims utilizations, and determine areas for change.

Download here:

Plan InSite Benchmarking Sample Report

Sample report courtesy of Sunlife Financial

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