Fully customized and branded benchmarking reports are part of the resources available through the Benefits Advisor at Golden & Cohen. This resource will enhance your firm’s capabilities, as well as differentiate you during the renewal and acquisition process.
Why are benchmarkting reports valuable?
Keeping your benefits program current and competitive is vital to achieving your business strategies. A nonexistent or flawed benchmarking process may lead to poor decisions and costly results. The NFP Benefits survey-based benchmarking report will help you determine how your benefit plans compare to other companies in your competitive marketplace, while also showing you ways to potentially control costs.
The benchmarking tool uncovers the prevalence of various benefits practices, cost-sharing arrangements, eligibility requirements and plan provisions, while also quantifying the value of those plan provisions. Successful benchmarking enables a company to understand its competitive position compared to standard peer groups and identify the areas where they can make improvements to their benefits package. The benchmarking report includes data from some of the most robust sources available, including:
• Watson Wyatt
• Hay Group
• Kaiser Family Foundation
The dataset includes information on the prevalence, costs and provisions of different benefit types, and can be reported by company size, industry, geographic region, plan design specifications, and contribution levels.
Successful benefits benchmarking will support:
• Increased awareness about plan performance, including relative strengths and weaknesses
• Greater confidence in developing and managing benefit plans
• Greater involvement and motivation of Hr staff in effective cost controls
• Increased willingness to share solutions to common problems and build
• Consensus about what is needed to accommodate changes
• Better understanding of the “big picture” and a broader perspective of the interplay of factors that facilitate the design of a competitive benefits package
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