11 Apr Taking Your Company to the Next-Level with Benchmark Data
ClearPath Benefit Advisors has the ability to provide exclusive, customized benchmark data analysis reports for employers to compare their data to similar employers nationwide. Why does this matter though? Tailored data allows employers an in-depth look at their current benefit plan and where they stack up alongside competitors. In this month’s CenterStage, Thomas (Tom) Rubino, a ClearPath Partner and Consultant, sheds a light on what makes benchmark data so valuable.
Benchmark (verb) – to evaluate or check (something) by comparison with standard or to show particular results during a benchmark test.
Why Does Benchmarking Matter?
Every business strives to be the best, but how can a business owner expect success if they never measure themselves against the competition? That is when benchmarking comes in. It is a way to take national data – the raw statistics – of your company and its benefits and compare them against similar employers nationally, regionally and by state. Tom notes, “the key takeaway is understanding an employer’s costs.” It provides insights to whether an employer is paying more than they need to, especially when it comes to health plans and benefits.
“Benchmarking data provides an in-depth look at pain points for a business that they wouldn’t uncover otherwise. It allows us to answer the question of ‘what opportunities the employer is missing out on and what could they be doing better?’” -Tom Rubino
Analyzing the Data
When an employer sits down with a consultant, much like Tom, to analyze their data and complete a benchmark evaluation, they can measure themselves in several categories, depending on what their objective is. By dividing their data by industry and customizing it to fit their needs an employer is presented with data they need to remain competitive, financially efficient and confident in their benefit plan design – attracting top-tier talent to their workforce. Here are some things benchmark can do for you:
- Compare – determine if you are meeting or exceeding the goals of your benefits strategy
- Explore – discover benefit offerings your competitors are using and improve your own
- Evaluate – see the granular details of what makes your company great or where it falls short
- Guide – no longer feel lost about what to do next to take your company to the next level; have all the answers you need in a single meeting with a qualified consultant.
A customized benchmark analysis comes at no cost. You are in turn provided with relevant information identifying trends in types of health plans offered, FSA increases relative to employer size, and even multi-tiered health plan choices. If you’re interested in customizing benchmark data to fit your company, contact Tom Rubino by phone at (614)754-1762 or email him at firstname.lastname@example.org.