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"What are other employers doing?" We're asked that question all the time, and we're able to provide an accurate assessment of marketplace trends through a variety of benchmark data sources. Did you know that more employers than ever before are relying on benchmarking studies to help them accurately assess their competitive position in the marketplace?
Benchmarking is a time-tested way to gain insight into the competitiveness of your benefit programs. It provides you with the opportunity to accurately compare your benefit programs to the programs offered by your peer group, to better learn about industry trends, and to glimpse the best practices of others.
A good benchmarking study allows you to assess where you are positioned, where you want to be, and how to get there. Armed with such critical information, you can strengthen your benefits program to ensure it remains an integral part of the total rewards package offered to your employees. A complete analysis of your benefit offerings and plan designs can help you answer the following key questions:
- Is our benefits portfolio:
- A positive employee recruitment/retention tool,
- Appropriately positioned in our total compensation strategy, and
- Effective at balancing our desire to control cost with employee needs?
- Are our benefits competitive with other companies:
- Geographically,
- In the same industry, and
- Of the same general size?
- Are the benefits we offer on par in terms of:
- Product mix,
- Benefit levels, and
- Employee contributions?
- Does the benefit package we offer:
- Promote consumerism,
- Provide adequate choice and flexibility, and
- Emphasize quality measures and cost control?
With our vast client base, and our membership in a national coalition of independent employee benefit agencies (BAN), The C.M. Smith Agency is uniquely positioned to assist in your benchmarking efforts. Give the benefit experts at C.M. Smith a call to discuss how we can help you.
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