Benchmark data can provide valuable insight for evaluating your benefit package and helping you conform to or even set industry standards. Analyzing how other companies are structuring their plans and the strategies they use to cut costs may make your benefit plan decisions easier.

Employers are responsible for implementing new rules and absorbing the costs, which will likely mean cutting or shifting costs elsewhere. By benchmarking data, you have the resources to anticipate the shifting benefits landscape and evolve before your competition has a chance to respond, helping you with recruiting and retention of quality employees.

With low unemployment numbers, businesses must compete to obtain and retain talent like never before and job seekers and employees know it. Offering a comprehensive package may attract new hires or keep employees from looking for work elsewhere.

According to a 2017 Aflac Workforces Report:

58 percent of employees are at least somewhat likely to take a job with lower pay, but with better benefits.
68 percent of employees say improving their benefits package would make them happier employees.
90 percent of employees at least somewhat consider voluntary insurance benefits to be part of a comprehensive benefits package.

Effectively communicating benefits information to employees is a key part of the benefits’ attractiveness and success. Your approach to promoting available benefits will tremendously impact how well the program is understood, utilized, and perceived by employees.

Making the availability of benefits well known to current and prospective employees will help create a culture of appreciation and value.