An attractive benefits program is vital for your recruiting and retention efforts, but it is also a significant expense. To ensure you are providing a package that is competitive and economical, you need to know how your offerings compare to others in your industry. Benchmark data can provide valuable insights for evaluating your benefits package. Analyzing how other companies are structuring their plans and strategies they are using to cut costs may help shape your benefit decisions.
To compare your business with your peers, BKS benchmarks your benefit plans based on standards in your industry, market segment and geography. This is a valuable litmus test for attracting and retaining talent. Our tools allow you to compare many of your plan features against employers of your size, industry and geography.
BKS benchmarking experts specialize in benchmarking data including the following:
- Benefits offered
- Medical plans offered
- Cost sharing components including deductibles, coinsurance & out of pocket limits
- Ancillary coverage and plan designs offered
- Voluntary plan participation and most common plan features
- Cost cutting considerations
- Responses to ACA regulations and other federal regulations
- Employee contributions by plan type
- Historical trends