3 Reasons Every Employer Should Benchmark Their Health Plan
As employers are competing for the race for talent and trying to bend the rising health care cost curve, benchmarking employee benefits is more important than ever. Here are three advantages to benchmarking health benefits:
Employee benefits are a part of the compensation equation that most employees consider before accepting a job or choosing to stay with a company, so it’s important to know how your benefits rank. And once you’ve figured out that your benefits are at par or above everyone else’s, you will have strong talking points when recruiting talent. In addition, current employees will also feel more satisfied with their work if they know that their organization is giving them the best.
Cost Savings: Checking if your costs are in line with everyone else helps you manage your costs better.
Benchmarking is one of the most effective ways to figure out if you’re managing your health spend well. Health insurance is an enormous expense for all businesses, so it’s important to know if your dollars are being spent efficiently by looking at what is average for your company size, region, and industry. When you are benchmarking your health plan, knowing the facts makes it easier to avoid mistakes and adjust your strategy.
Data-Driven Decisions: Speaking of strategy, accurately evaluating your health benefits empowers you to make smarter decisions.
Adjusting your health plan to be more attractive for recruiting and retaining or to lower cost is vital, but you need data in order to accurately evaluate and make strategic decisions. Benchmarking allows you to compare if your above or below the norm, analyze your strengths and weaknesses, and implement strategies for improvement.
Benchmarking data can help you align your strategy with your goals. Making decisions using accurate data can either help you stay in line with your competition or outpace them, but you first need the facts.
How Innovative Benefit Planning Can Help:
Over the years, employers have faced increasing challenges to find accurate, actionable information that can help them evaluate their healthcare design, manage rising costs, and prepare for the future of healthcare.
At Innovative Benefit Planning, we work with United Benefit Advisors to conduct the nation’s largest and most comprehensive benchmarking survey on health plan design and cost. Our findings can give employers a distinct, competitive edge that enables them to recruit and retain a talented workforce while keeping costs down.
Get your benchmark results now. Take our 5-minute survey for instant results and see how you compare to the national average.