How will you measure up? The results of the 2018 UBA Health Plan Survey are out:

Why Should I Benchmark?

It should not come as any surprise that the best companies out there today are actively using their employee benefits and salary ranges to attract talent.

Companies that provide avenues for employees to grow as professionals while contributing to their well-being are typically the companies that top talent gravitates towards. Very often, these companies will offer employee benefits that are far superior to other companies.

While the perks of working for a company can vary, it’s undeniable that the benefits offerings can factor heavily in a candidate’s decision of where they choose to work, this is why benchmarking your benefits annually can be a major factor in your success as a company.

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What Are The Benefits?

Taking the Benchmark Survey will help employers effectively benchmark where they need to be to remain competitive, financially efficient and confident in their plan designs.

Not benchmarking your benefits program annually, could mean you may be paying too much or not offering the right incentives to retain your employees.

  • Compare just about every feature of the benefits, from employee contributions, both as a dollar amount and as a percentage of the overall premium, to total out-of-pocket cost per employee or per family.
  • Get into details of the plan regarding deductibles, co-pays, out-of-pocket maximums and so on.
  • Evaluate how your company stacks up relative to your peer companies.
  • Your company may have a specific strategy around benefit levels and can use the benchmarks to determine if you are meeting this strategy.
  • Can tell you where you are out of line with competitors in terms of costs or benefit coverage, or if you’re not offering a benefit that is now common.
  • Help to guide employers by retracting and retaining top talent, maximizing plan designs for financial gain and helping you stay ahead of the competition.

Benchmarking is comparing the benefits your company offers employees to those of like employers in similar industries, geographic regions and of similar size.

Simply put, benefits benchmarking means finding out how your benefits offerings compare to those of other employers in your industry or in similar industries. In more specific terms, benefits benchmarking takes a look at total costs, cost-sharing measures, plan-designs, voluntary offerings and workers’ compensation as they relate to employee benefits.

What are the benefits of benchmarking?
  • Impact from employers delaying their health plan renewal dates
  • Breakdown of employer health plan metal levels
  • Trends in types of health plans offered
  • FSA increases relative to employer size
  • Multi-tiered health plan choices
  • Costs and renewal rate increases by plan type
  • Prescription drug plans
  • Comparisons by region, employer size and industry
Review the Key Findings