Utilizing Benchmark Data Effectively to Control Costs
What a company spends on benefits typically represents one of the top bottom-line costs and how you manage those dollars and what you spend those dollars on is increasingly important with today’s diverse workforce and increasing benefit costs.
Alera Group leverages the best data in the market to help in our evaluation process to give large employers more power when it comes to their renewals. Here are a few valuable reasons to include benchmark data as part of your evaluation tools in 2023.
- Multi-generational workforce. Baby boomers are on their way out and Millennials make up the greatest portion of our workforce at more than 58 million. Knowing your workforce demographics can help you identify the right benefits to offer since the needs and values vary greatly between generations.
- Level the Playing Field. For large employers, we leverage Milliman’s BenefitsCFO platform and the Milliman claim database to access the same rate/cost data the carriers use.
- Avoid wasting benefit dollars. Do you have benefits your employees don’t value or perhaps you’re considering an H.S.A. health plan option if you have a young workforce. Retained savings can be reinvested into other benefits that may be a better fit for your employees and lead to better overall benefit satisfaction.
- Perhaps you’ve shied away from a decision or recommendation not willing to risk being wrong – nothing any of us enjoy. By having the right data at hand, it allows you to better validate your decisions, and so you can get a good night’s sleep.
If you haven’t considered integrating Benefit Benchmark data into your annual evaluation, we hope we’ve given you some food for thought. Available Benchmark Reports to Download
- United Ag 2021 Health Benefits Benchmark Report: Ag-Related Industries
- Alera Group 2022 Healthcare & Employee Benefits Benchmark Report
- 2022 Kaiser Employer Health Benefits Survey
Alera Group and Milliman Partnership
Together, Milliman and Alera Group partner to offer powerful benchmarking tools that enhance the client experience. Milliman’s tools and resources include Online CAHP and Online BPS (Benefit Positioning System) to help employers compare benefits. Click here for more information on Alera Group’s partnership with Milliman.
Milliman Benchmark Survey
Our survey is completely electronic and can be completed in 30-45 minutes. Your time invested yields a FREE comprehensive benchmarking report. Survey information is confidential and will not be shared with outside parties.
A selection of the data elements covered include:
- Benefits plan designs and premiums
- Strategies in response to Healthcare Reform
- Employee contribution strategies
- Cost control initiatives and future trends
- Wellness and disease management
The Milliman Survey is only available to clients and companies who are seeking an evaluation of their benefits program. For more information, please send an email to firstname.lastname@example.org
NOW UNTIL APRIL 17TH, ALERA GROUP’S EMPLOYEE BENEFITS BENCHMARK SURVEY IS OPEN!
Take advantage now and participate in Alera Group’s 2022 Employee Benefits Benchmark Survey and receive a FREE copy of the report!
Remember to refer to PWA as your Alera Group firm when completing the information. You can click to take the survey HERE.