Talk to your insurance broker. That first step is a surefire way to verify that the benchmarking targets you have in mind will be addressed properly.
The mid-year review window is coming up. Does that timeframe also line up with contract negotiation season? The workplace is, despite superficial appearances, a two-way street. Employers need employees who are reliable and hardworking. In that same vein, employees deserve workplace environments that facilitate their growth and upward mobility in climbing the corporate ladder. Leaving your younger workers feeling stuck in entry-level positions can frustrate them enough to look for alternative employment. That’s where the benchmarking strategy comes into play. But what is it, and how does it work?
How Should You Perform Benchmarking Tasks?
Talk to your insurance broker. That first step is a surefire way to verify that the benchmarking targets you have in mind will be addressed properly. The broker specializes in creating benefits surveys that align with the current trends within your industry. Demographic breakdowns can also help you tailor the types of benefits you offer – a 401(k) is more likely to interest an employee near retirement. Meanwhile, an HSA with a low deductible will be more attractive to a younger worker who belongs to the so-called “Millennial” generation. Talking to colleagues and competitors alike can also pay dividends.
What is the Right Time to Evaluate a Benchmark?
During the annual review period, companies should feel obligated to evaluate their benchmarks. What benefits have proven to be popular? Which ones need to be reworked? And which ones should be dropped altogether? The healthcare industry is always evolving. That means your organization needs to keep up with the times. When your benchmarking protocols are fully utilized, you’ll be able to predict what new mandates are coming down the pipeline.
Assessing How Competitive Your Compensation Package Is
Although it’s easy to assume that the term “competitiveness” is a one-size-fits-all criterion, that isn’t necessarily true. Full coverage of healthcare costs is seen just as often as only partial (i.e., 50%) coverage; it’s possible that benchmarking could help you determine where to fall within that range without expending too many of your precious resources. Concentrate your efforts on studying the merits of long-term disability, dental insurance, and wellness initiatives.
A Closer Look at the Potential Consequences
So what happens if you don’t engage in benchmarking? Likewise, what could happen if you benchmark but do so poorly? Both outcomes are going to be hazardous to your company’s bottom line. Proper benchmarking of your benefits packages will help you retain valued employees and ensure that their talents don’t end up serving your rivals instead.
A Customer Testimonial
Rebecca Logan from Wise Consulting also needed help with an insurance claim. “I sent an email to see if an ER visit was covered. William Fedo took care of everything for me! Responded immediately with great service! Thank you!” Thanks to your splendid work, Will, we have yet another satisfied customer!
Get Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your one-stop shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! We encourage you to like our Facebook page and follow us on Twitter and LinkedIn for all the latest voluntary benefit news!