Using Benchmarking Data to Improve Your Employee Benefits Strategy

How do your employee benefits stack up against other companies in your industry or region? Benchmarking data gives you the insight you need to stay competitive and ensure your benefits package truly meets employee expectations.

What Is Benchmarking?

Benchmarking is the process of comparing your company’s benefits plans, contribution levels, and perks to those of similar businesses. This helps you identify gaps, opportunities for improvement, and strategies to enhance recruitment and retention.

Why Benchmarking Matters

Attract and Retain Talent.  Employees often compare benefits when evaluating job offers.
Stay Competitive.  Ensure your health, dental, and ancillary plans align with market trends.
Plan Design Insight.  Benchmarking reveals how deductibles, copays, and employer contributions measure up.
Cost Control.  Identify where you may be overspending on features employees don’t value.

Key Data Points to Review

Average employer premium contributions for single and family coverage.
Common plan types (PPO, HDHP, HMO) offered in your industry.
Prevalence of voluntary benefits like vision, life, and disability.
Average deductible and out-of-pocket maximums.

How to Access Benchmarking Data

As benefits advisors, we have access to national and regional benchmarking reports that we can review together. This data allows us to compare your current plan against similar companies and design strategies to fill any gaps.

A strong benefits package isn’t about offering the most expensive plan—it’s about offering the right plan. Benchmarking ensures your benefits strategy aligns with both your budget and employee needs.

For more information, contact the Frost-Beck Insurance Agency.  Call us at 419-592-4476, send an email to frost@frostins.com, or click here to submit your request today!  Or, stop by and see us at one of our four convenient locations in Archbold, Napoleon, Holgate, or Whitehouse.

Ross Durham is a licensed Group Health Insurance Advisor at Frost-Beck Insurance Agency.  Frost Insurance has four convenient locations in NW Ohio in Napoleon, Archbold, Whitehouse, and Holgate.  Contact Ross for your Group Health Insurance needs.

Coming next week, we will explore strategies for reducing healthcare costs without cutting employee benefits.