It seems that every day brings news of layoffs at marque companies. Even with these stories, the labor market remains tight. Savvy employers understand that a well-designed Employee Benefits Package is a key component in recruiting a talented workforce.
It’s no longer about “perks” or “fringe benefits.” Benefits comprise an increasing share of employee compensation. According to a recent Bureau of Labor statistics report, benefits account for approximately 30% of total rewards. It’s a huge investment.
Employees often take the benefit program into account when deciding where to apply. Many will accept a lower salary if the employer offers a robust package. Given the importance and expense, it’s critical to develop a benefits package that attracts and retains employees.
But how can an organization know if what they’re offering is competitive? Is it too little? Is it too much?
Or is it just right—is it in the “Goldilocks Zone”?
Benchmarking can help answer this question. By closely reviewing your program, you’ll gain insights into how you stack up to other employers. A good benchmarking tool provides the opportunity to compare your offerings against organizations in your industry, geography, structure and size. Armed with this information, you can make educated decisions about the design of your program.
Why benchmark?
Benefit design varies across industries and organizations. Knowing where you stand will help you standout.
1. Align your culture with your brand: Benchmarking provides insights into what it takes to be an employer of choice. You’ll determine if your program enhances or detracts from your image in the marketplace.
2. Keeps you competitive: Compare your benefits program against other organizations in your industry or region. By understanding your competitors’ offerings, you can ensure your program is competitive and attractive to top talent.
3. Employee Retention: Offering inspired options is a critical part of employee satisfaction and retention. Benchmarking can help you find the benefits that are most valued by your employees and adjust your program accordingly.
4. Strategic Planning: Benchmarking provides valuable insights into industry developments and best practices. This information can be used to inform strategic planning and decision-making related to your benefits program, helping you stay ahead of the curve.
5. Cost Control: Identify opportunities to control costs while still providing competitive benefits. By comparing your program to others, you can determine where you may be overspending or where you may need to invest more to remain competitive.
6. Compliance: Help ensure your benefits program meets legal and regulatory requirements. Using benchmarking data, it’s possible to identify areas where you’re falling short and take steps to come into compliance.
Is evaluating right for you?
Some might think that benchmarking is only meant for larger companies or certain industries. However,
organizations of any size or industry can reap the rewards of comparing their programs.
For example, I work with many employers in the hospitality space. Due to the fluctuations and structure of the workforce, hospitality employers are faced with balancing the needs of a diverse staff within a tight budget. Comparing against your peers can open possibilities for innovative and flexible plans.
Large national data sets provide information on standard health and welfare offerings and more diverse
benefits such as tuition reimbursement, PTO structures, retirement programs or voluntary plans. Localized or regional tools allow an organization such as a restaurant or independent hotel to compare their program on categories such as employee cost share, contributions, deductibles, and funding structures across their medical, dental, vision, prescription, disability and life insurance plans.
Getting Started
There are numerous reports available for free or at a nominal cost that provide an overview of the benefits landscape. But to have a real impact, particularly for mid-size and smaller entities, a flexible platform offering localized data sets is ideal.
Your benefits broker can be a tremendous resource and should have access to a benchmarking tool to develop a report tailored to your industry, location, size and plan structure. A well-designed report will not only present the data in a tabular format, but it will also offer insights via easy-to-understand charts and graphs.
Business leaders in the know recognize that employee benefits represent a big part of their operational budget. The development of a cost-effective program that attracts and retains a stable workforce rests on a bedrock of information. Quality benchmarking helps take the guesswork out of the process, so you can craft a package that contributes to the overall health of your workforce and organization. With this process, you’ll have a benefit program that’s just right for you.
160 thoughts on “The Benefits ‘Goldilocks Zone’”
You actually make it seem so easy along with your presentation but I in finding this matter to be actually one thing which I believe I might never understand. It seems too complex and extremely broad for me. I am looking forward in your subsequent post, I’ll attempt to get the hold of it!
Hey there! This post couldn’t be written any better! Reading through this post reminds me of my old room mate! He always kept chatting about this. I will forward this write-up to him. Fairly certain he will have a good read. Thank you for sharing!
There is apparently a bunch to identify about this. I assume you made various good points in features also.
Definitely believe that which you stated. Your favorite justification appeared to be on the net the simplest thing to be aware of. I say to you, I certainly get annoyed while people think about worries that they plainly don’t know about. You managed to hit the nail upon the top as well as defined out the whole thing without having side effect , people can take a signal. Will likely be back to get more. Thanks
There is perceptibly a bundle to realize about this. I suppose you made various nice points in features also.
Woh I like your content, bookmarked! .
Very interesting information!Perfect just what I was searching for!
It is actually a great and helpful piece of information. I?¦m happy that you simply shared this useful information with us. Please keep us up to date like this. Thanks for sharing.
You really make it seem so easy with your presentation but I find this topic to be really something that I think I would never understand. It seems too complicated and extremely broad for me. I am looking forward for your next post, I will try to get the hang of it!
We stumbled over here coming from a different page and thought I might as well check things out. I like what I see so now i am following you. Look forward to looking over your web page again.
Some truly superb info , Gladiolus I noticed this.
An attention-grabbing dialogue is value comment. I think that you should write more on this matter, it might not be a taboo topic but generally people are not sufficient to speak on such topics. To the next. Cheers
Fantastic post but I was wondering if you could write a litte more on this topic? I’d be very thankful if you could elaborate a little bit more. Appreciate it!
Together with everything which seems to be building within this particular area, your perspectives are generally rather radical. Having said that, I appologize, but I do not give credence to your entire theory, all be it stimulating none the less. It looks to me that your remarks are not entirely validated and in fact you are yourself not really completely confident of the point. In any event I did appreciate reading through it.
I am continually invstigating online for posts that can help me. Thanks!
Thanks for another great post. Where else could anybody get that type of information in such an ideal means of writing? I have a presentation next week, and I am on the search for such info.
What’s Happening i am new to this, I stumbled upon this I’ve found It absolutely useful and it has helped me out loads. I hope to contribute & assist other users like its aided me. Good job.
There’s noticeably a bundle to find out about this. I assume you made sure nice factors in features also.
Hi my friend! I wish to say that this post is awesome, nice written and include approximately all significant infos. I would like to see more posts like this.
Lovely just what I was looking for.Thanks to the author for taking his time on this one.
Hey, you used to write magnificent, but the last few posts have been kinda boringK I miss your tremendous writings. Past several posts are just a little bit out of track! come on!
I like this post, enjoyed this one appreciate it for putting up. "Abortion is advocated only by persons who have themselves been born." by Ronald Reagan.
Hello.This post was extremely motivating, especially because I was browsing for thoughts on this topic last Monday.
I am not sure where you’re getting your info, but great topic. I needs to spend some time learning much more or understanding more. Thanks for magnificent info I was looking for this info for my mission.
What’s Happening i am new to this, I stumbled upon this I have found It absolutely useful and it has aided me out loads. I hope to contribute & aid different users like its helped me. Good job.
fantastic post.Never knew this, thanks for letting me know.
I will immediately clutch your rss feed as I can not in finding your email subscription hyperlink or e-newsletter service. Do you’ve any? Please permit me recognise in order that I may subscribe. Thanks.
Whats Taking place i’m new to this, I stumbled upon this I have discovered It absolutely useful and it has helped me out loads. I’m hoping to contribute & help different customers like its aided me. Great job.
Absolutely indited subject material, Really enjoyed reading.
Hello, you used to write great, but the last several posts have been kinda boringK I miss your great writings. Past few posts are just a bit out of track! come on!
I appreciate, cause I found just what I was looking for. You’ve ended my 4 day long hunt! God Bless you man. Have a nice day. Bye
Today, I went to the beach with my kids. I found a sea shell and gave it to my 4 year old daughter and said "You can hear the ocean if you put this to your ear." She placed the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is entirely off topic but I had to tell someone!
I will immediately seize your rss as I can’t to find your e-mail subscription hyperlink or newsletter service. Do you have any? Kindly permit me recognise so that I may subscribe. Thanks.
You can certainly see your enthusiasm in the work you write. The world hopes for more passionate writers like you who are not afraid to say how they believe. Always follow your heart.
This really answered my drawback, thanks!
It’s actually a nice and helpful piece of information. I’m glad that you simply shared this helpful information with us. Please stay us up to date like this. Thanks for sharing.
I really appreciate this post. I¦ve been looking everywhere for this! Thank goodness I found it on Bing. You have made my day! Thanks again
F*ckin’ remarkable things here. I’m very glad to see your post. Thanks a lot and i’m looking forward to contact you. Will you please drop me a e-mail?
I do trust all of the concepts you’ve presented on your post. They are very convincing and can definitely work. Still, the posts are too brief for beginners. May just you please lengthen them a bit from subsequent time? Thank you for the post.
What i don’t understood is in reality how you’re now not really much more well-preferred than you might be right now. You are very intelligent. You already know therefore significantly relating to this matter, made me individually consider it from so many various angles. Its like men and women aren’t involved except it¦s one thing to do with Lady gaga! Your own stuffs excellent. Always deal with it up!
It’s exhausting to seek out knowledgeable individuals on this subject, however you sound like you know what you’re speaking about! Thanks
It?s actually a nice and helpful piece of info. I am happy that you just shared this helpful information with us. Please stay us up to date like this. Thank you for sharing.
The crux of your writing whilst sounding agreeable at first, did not work properly with me after some time. Someplace throughout the sentences you managed to make me a believer but just for a short while. I however have a problem with your leaps in assumptions and one would do well to help fill in all those breaks. If you actually can accomplish that, I will definitely be fascinated.
Your style is so unique compared to many other people. Thank you for publishing when you have the opportunity,Guess I will just make this bookmarked.2
Wohh exactly what I was looking for, thanks for putting up.
Whats Going down i’m new to this, I stumbled upon this I have discovered It positively helpful and it has aided me out loads. I hope to give a contribution & help other users like its helped me. Great job.
Would you be focused on exchanging links?
It’s really a cool and helpful piece of info. I’m glad that you shared this useful information with us. Please keep us informed like this. Thanks for sharing.
You actually make it seem really easy with your presentation but I to find this topic to be really something that I think I’d by no means understand. It sort of feels too complicated and extremely large for me. I’m taking a look forward in your subsequent submit, I’ll try to get the hang of it!
It?s actually a nice and useful piece of info. I?m satisfied that you just shared this useful information with us. Please keep us informed like this. Thank you for sharing.