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?
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
How USI Can Help
Taking a strategic approach to plan design allows your organization to offer competitive benefits and better manage operating costs. Click here to participate in the 2023 Benefits Benchmarking Study. Contact your local USI benefits consultant or email email@example.com to learn more..
Sources: 1USI will begin the distribution of Plan Performance Assessment reports in May 2023. Contact your USI representative to learn more.