In at this time’s unstable and very aggressive expertise market, it is very important make certain your worker advantages choices are an asset to your group – serving to you appeal to and retain workers. In accordance with Microsoft’s 2021 Work Trend Index, a worldwide survey of over 30,000 folks in 31 nations, greater than 40% of persons are contemplating leaving their employer this yr. The proportion will increase to 54% when taking a look at Gen Z staff alone. Most employers are having to take a extra vital take a look at many cultural elements, together with worker advantages, to make sure their human capital administration technique is prepared for what’s subsequent.
Given this panorama, it’s extra vital than ever for employers to know how their advantages plans evaluate to look organizations. Using benchmarking information, you can also make knowledgeable selections about your employer-sponsored healthcare advantages technique and doubtlessly uncover alternatives for enchancment amidst the chaos.
Every year, Scott Profit Providers, alongside a number one actuarial consulting agency, conducts a Mid-Market Worker Advantages Benchmarking Survey to function a information and useful useful resource for mid-market employers. The 2021 survey outcomes embody information from 23,000 firms, representing 1.6 million workers. Within the Southeast and Virginia areas, information comes from over 380 firms, representing 110,000+ workers with a median worker rely of ~350 workers.
2021 Benchmarking Takeaways
- COVID-19 Influence – Because of the pandemic, the typical nationwide healthcare value for a household of 4 was down 3.3% in 2020, together with a lower in medical plan spending of -5.9% – the primary lower in 10+ years. Nonetheless, organizations ought to anticipate elevated claims in 2021 and alter 2022 renewals to have barely increased claims attributable to lingering results on well being and well being care supply.
- Well being Plans Provided – Nearly all of employers – nationally and regionally – supply two or extra well being plans. Most popular Supplier Organizations (PPOs) and Excessive Deductible Well being Plans (HDHPs) stay the most well-liked plan sorts.
- Rising Consumerism – In an effort to cut back prices, employers are taking a look at many alternative methods to assist improve consumerism/higher utilization of well being plan advantages. From instruments to assist analysis well being care pricing to modern plans like an Particular person Protection Well being Reimbursement Settlement (ICHRA), there are a number of methods employers can higher empower their workers with extra selections and to make use of their advantages extra effectively.
- Different Funding Methods – Many fully-insured teams with 75-200 members are investigating or implementing different financing methods for his or her employer-sponsored healthcare plans. These options embody self-funding and group health captives.
The whole, non-biased information from this survey is compiled to supply actionable benchmarking for employers on native, nationwide and industry-specific ranges.
Contact a Scott Benefits Consultant if you need to match your profit plans – together with worker share of premiums, coinsurance and deductible quantities, copay quantities, and out-of-pocket most ranges – to these of greater than 23,000 mid-market firms nationally.
Concerning the Mid-Market Advantages Benchmarking Survey
This marks the seventeenth yr Scott Profit Providers has supplied its mid-market advantages survey alongside a extremely revered actuarial consulting agency. The survey supplies custom-made benchmarking information for mid-market firms’ profit plans (50 – 1,000 workers) on regional and nationwide ranges. It’s the largest advantages survey of its type within the U.S. with over 400 regional and 23,000 firms nationally. Our annual advantages survey stays one of many largest of its type in Southeast and the US.
