If you can’t answer questions like these, you don’t approach benefits management strategically.
You need to take control of your data and put analytical insight to work for you.
Static vendor reports provide a high-level view of how each program is performing. But relative to what? It’s not just your own programs you should be interested in. You need to understand how your human capital programs are performing within your region and industry.
If your benefits programs are not as good as others in your region or industry, you could be losing out on the best talent or face a higher turnover rate. This is especially true in the current tight labor market. Conversely, if your package is more far robust than others, you may have identified a way to reduce costs.
If you don’t know how your programs stack up to the competition, you could be impacting recruitment and retention efforts.
Benchmarking human capital program performance can give you a competitive advantage.
When you become more strategic, you can use the insight gleaned to do more than contain healthcare costs. You can improve health, keep safety programs on track, improve recruitment and retention efforts, etc. And you become a more valuable asset to your executive team.