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Wednesday, 29 March 2017 08:27

Benchmarking your Benefits

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Evaluating your current benefit plan with the intent to attract and retain top talent is more crucial than ever. Benchmarking gives employers a chance to compare their current plan and contribution strategy to that elusive “standard practice.” Fall River helps its clients understand how they stack up, and we will soon be sharing a new benchmarking document with all our clients. 
 
When was the last time you measured your benefits package against other employers?
 
The challenges facing employers who offer benefits today, are very complex and ever-changing.  Employers are continually making difficult decisions as they address the implications of health care reform and rising costs. Additionally, the workforce is becoming progressively diverse.  Employers must address multiple needs of their employees from millennials to baby boomers, as well as employees with cultural, physical, or language barriers.
 
As you compete for top talent, being aware of what is going on in the marketplace is more vital than ever.  A few questions you should always be asking yourself:
  • What % of premium cost are other employers contributing? 
  • Are employers passing on increasing cost to their employees, or absorbing it?
  • What types of plans are other employers offering? 
  • How does the renewal increase I received compared to other employers?
If your broker is not talking about how your benefits stack up, now is the time to take a second look.  We are happy to provide a second set of eyes on your benefits so you know where you stand. More importantly with the increasing demand for great employees, being aware of what your competition is offering will help you retain and attract top tier talent. 
 
Contact us today for a second look at your benefits plan.
 
Read 478 times Last modified on Thursday, 30 March 2017 08:42