The Value of Benchmarking Data

An attractive benefits program is vital for employee recruiting and retention, but is also a significant expense. The key to a benefits package that is both competitive and economical is knowing how your offerings compare to others in your industry. Benchmark data can provide valuable insights for employers evaluating their benefits package – insights more important than ever in light of health care reform. Analyzing how other companies are structuring their plans and the strategies they employ to cut costs will arm you with vital information when making important benefit plan decisions. Employer interest in benchmark data has grown over the past decade, as the cost of providing health care benefits continues to skyrocket and companies look for new ways to manage costs. There is information available for almost any aspect of a benefits program including total costs, cost-sharing measures, plan design, voluntary offerings, workers’ compensation, paid leave and more. Benchmark data is important when:
  • Comparing your company benefits against the competition;
  • Balancing salary and profit-sharing with benefits; and
  • Evaluating the strength of your total compensation package.
Whether you are curious to know how your voluntary disability benefits stack up or are wondering if your paid leave program is comparable to competitors, Pacific Group has a library of benchmarking data to provide the answers.