How Benefits Benchmarking Can Help Reduce Operating Costs

MARCH 7, 2023

Continued economic uncertainty has many employers tightening their belts. Employee benefits are often the first line item on the chopping block when looking to reduce operating costs. However, eliminating or drastically reducing benefits can seriously undermine employee morale and make it more challenging to attract the workers you need for your organization’s continued success. Before cutting back your benefits, take the time to examine your existing plans to determine:

• If you are offering the right mix of benefits
• You are not over-contributing or spending more than you should on your current offering
• The competitiveness of your benefits versus other employers

How Do Your Benefits Compare?

Understanding where your plans perform well and where you can make adjustments allows you to take a more strategic approach to your benefits offering — better aligning your benefits with your organization’s needs and expectations, and often reducing costs.

USI Insurance Services’ 2023 Benefits Benchmarking Study provides a detailed overview of benefit plan performance and actionable solutions designed to optimize plan design and spending. Thousands of clients and prospects participate in the annual Benefits Benchmarking Study for the latest insights on

• What benefits to offer
• Plan design and contribution options
• What other similar organizations are offering
• Emerging benefits trends

USI’s Benefits Benchmarking Study, the largest survey of its kind, uses current plan year information to evaluate the effectiveness of your offering based on hundreds of data points, including plan design and contributions, employer industry and size, location (local, state, regional and national), employee demographics, and benefits usage. USI uses those data points to generate a custom Plan Performance Assessment and recommended solutions specific to your organization.¹

Interested in participating in USI’s Benchmarking Study and getting a plan assessment?

 Click here to access the survey.

What’s New This Year?

To accurately capture current trends and employer concerns, USI’s underwriting team makes continuous improvements to the Benefits Benchmarking Study. New questions for 2023 will examine:

• The use of non-traditional pharmacy solutions
• What employers are doing to address diversity, equity and inclusion (DEI)
• How employers are incentivizing improvements in population health
• Year-over-year trends in benefit offerings