Employee benefits benchmarking
Why should you benchmark your employee benefits?
Our comprehensive employee benefits benchmarking reports provide the information you need to evaluate your employee benefits package. They highlight potential cost-saving opportunities and identify uncompetitive benefits policies that could impact retention. These reports also assist in developing the best employee benefits package to attract and retain talented employees.
At a glance, our employee benefits benchmarking reports help your company:
- Understand current practices
- Anticipate market trends
- Identify the right employee benefits package
- Target potential plan changes and cost-saving opportunities
- Assess the overall attractiveness of benefits
- Stay competitive in attracting and retaining talent
Each report includes information about the employee benefits that are typical for a given market.
Over the past three years, this study observed a 23% decrease in organizations offering active Defined Benefit Retirement Plans.
As a result, more organizations provide funding through fixed or discretionary non-matching contributions to a Defined Contribution Plan, as reported by 49% of organizations in this study.
Organizations are also encouraging participation in
pre-tax savings plans with automatic enrollment features, reported by 60% of organizations. The median automatic enrollment percentage among the peers is 4%.
16% of the participants still provide a grandfathered or frozen Defined Benefit Plan (grandfathered or frozen plans are not reflected in the percentages displayed in the chart).
