Let’s start with a reality check. Those young, talented, hardworking employees you’ve worked so hard to attract and hope to retain? Your organization probably is not the last stop on their career journeys.
This was true before the COVID-19 pandemic, and it’s truer still amid the ongoing Great Resignation, which in 2021 saw an average of nearly 4 million people per month quit their jobs, according to Bureau of Labor Statistics data cited by the Society for Human Resource Management (SHRM).
But that doesn’t necessarily mean your efforts are in vain. And benchmarking can enhance your business’ status as an employer of choice.
The transient nature of today’s workforce notwithstanding, employers who address the wants and needs of current and prospective employees by offering a well-designed Total Rewards program are likely to enjoy greater staff engagement, satisfaction, productivity and, consequently, retention.
As Computerworld recently reported, “Employers should not expect younger workers to remain with them for their entire careers. But good practices can retain employees for many more years than companies that ignore key metrics for employee retention.”
This is where benchmarking comes into play. Benchmarking, as defined by SHRM, “is the systematic process of comparing an organization’s processes, practices and results against those of a competitor organization or other industry leader to improve performance.”
At Alera Group, we regularly poll employers in multiple industries around the country about the benefits they offer and about how their employees use those benefits. We then compile and analyze the data and issue a report that enables an employer to see how it stacks up against the competition.
See What We’ve Learned for 2022
On Thursday, July 21, we’ll share the results of our most recent national survey in a one-hour webinar, “Grow Through Benchmarking: 2022 Survey Results Reveal.” Participants will learn about trends in benefit offerings, top challenges employers are facing and strategies organizations are using to overcome those challenges.
During the month of April, more than 2,500 employers around the country replied to questions divided into more than a dozen categories, addressing topics including:
- Company details (such as number of employees, industry and benefits eligibility)
- Medical plans
- Dental and Vision benefits
- Life and Disability Insurance benefits
- Benefit innovations and strategies
- Wellbeing and wellness
- Specialty benefits
- Paid time off
- Disability insurance
- Life insurance
- Medical plan details
- HSAs and HRAs
- Pharmacy/prescription plan details
- Human capital management
- Total Rewards strategy
- Firmographics (number of locations, organization legal structure, average age of employees, average annual salary, etc.).
During the webinar, leaders of Alera Group’s Employee Benefits team will reveal the results of that survey and explain what they mean to businesses of different sizes and in different industries and regions. You’ll come away with insights that will help you adapt your Total Rewards strategy to one that improves your ability to attract and retain talented employees – even those who may someday move on to explore other opportunities.
To register, click on the link below.
About the Author
Vice President of Compliance, Employee Benefits
Danielle Capilla is focused on enhancing Alera Group’s existing compliance capabilities and building new, world-class compliance solutions for our employee benefits clients. Her areas of expertise include healthcare and employee benefit compliance, with an emphasis on the Patient Protection and Affordable Care Act. Additionally, she regularly works with issues regarding Section 125 plans, COBRA, ERISA, Medicare, HIPAA and consumer-driven healthcare plans. Danielle earned her J.D. in Health Law from DePaul University College of Law. Her background in law enables her to simplify complex topics, helping Alera Group clients navigate the intertwined landscape of healthcare regulation and their benefit plans.