Why Should I Benchmark?

How will you measure up? The Results of the 2018 UBA Health Plan Survey Are Out:

The Results - At A Glance How Legitimate is the data?

Why Should I Benchmark?

It should come as no 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.

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.

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, benchmarking benefits looks at total costs, cost-sharing measures, plan-designs, voluntary offerings, and workers’ compensation to provide valuable insights to effectively map out your benefit strategy.
  • Compare features of your plan’s benefits, from employee contributions to total out-of-pocket cost per employee or per family.
  • Explore details of the plan regarding deductibles, co-pays, out-of-pocket maximums and more.
  • Evaluate how your company’s offerings stack up relative to your peer companies.
  • Help determine if you are meeting or exceeding the goals of your benefits strategy.
  • See how you compare to competitors in terms of costs or benefit coverage, or benefit offering.
  • Help to guide employers by indicating the areas where improvement could help to better attract and retain top talent, maximize plan designs for financial gain, and stay ahead of the competition.
  • lmpact 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

Want to Participate in the 2019 UBA Health Plan Survey?