Home » Employee Benefit and Compensation Benchmarking

Employee Benefit and Compensation Benchmarking

Finding top talent is a challenge. But retaining them can take just as much work, if not more. Offering competitive salaries just isn’t enough anymore.

More and more job seekers often choose where they apply based upon the benefits package. Health insurance, employee assistance programs, mental health services, bonuses, work-from-home opportunities, and retirement savings are just a few of the popular benefits programs.

But just knowing the different programs isn’t enough. It’s far more valuable to know how your specific benefits offerings compare to those of your competitors.

Employee benefits benchmarking data can provide insights into your plan performance, employee benefits data and participation, and other key measurements. This data can help you and your HR department determine which plans are the best fit for your business.

What is benefits benchmarking and why use it?

In brief, benefits benchmarking is an analysis of how your employee benefits offerings compare to those of other employers in your industry or in similar industries. It takes several factors into account, including total benefits costs, cost-sharing measures, plan designs, voluntary offerings, and worker’s compensation.

Ask the Laymon Group to show you how your business stacks up to the competition!