2014 workforce benefits  takeaway
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2014 workforce benefits takeaway

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2014 workforce benefits  takeaway 2014 workforce benefits takeaway Presentation Transcript

  • 2014 Benefits Survey
  • 184 Respondents
  • What benefits are offered at your organization? 90% 80% 70% 82.8% 77.6% 74.1% 67.2% 66.7% 60% 50.6% 50% 40% 30% 20% 10% 0% 29.9% 29.9% 25.9% 19.0% 12.1% 9.2%
  • Are the benefits you offer to employees enterprise-wide? 5.9% 21.2% 72.9% No To some extent Yes
  • Do you segment your employee population to offer targeted benefits to particular groups? 18.9% 57.4% 23.7% No To some extent Yes
  • By which variables do you segment your employee population to offer targeted benefits programs? Length of time with the organization 30.1% Geography / Country 29.1% Business Unit 20.4% Gender 2.9% Age 2.9% 0% 5% 10% 15% 20% 25% 30% 35%
  • To whom does your organization offer benefits? 120% 100% 98.8% 81.7% 80% 77.5% 62.7% 60% 41.4% 40% 20% 0% Employees Spouses of employees Dependent children Dependent children Domestic partners of of employees (under of employees (over employees 18) 18)
  • How satisfied are you with the measurement of business impact for your employee benefits plans? 26.4% 34.5% 39.0% Dissatisfied Neutral Satisfied
  • Which of the following steps is part of the selection process for benefits providers at your organization? 80.5% Analyze our requirements 75.3% Negotiate contract with vendor 73.4% Request proposal/quotation from short list of vendors 70.1% Research potential solutions 68.2% Match our requirements to vendor proposals Identify vendor of choice 66.2% Compile a list of possible vendors 65.6% 55.2% Create a short list of vendors 45.5% Write a request for more information from select vendors 11.7% Run a pilot program with several different products 0% 20% 40% 60% 80% 100%
  • What sources do you use for recommendations/information on benefits providers? 70% 64.7% 60% 53.3% 50% 40% 34.0% 34.0% 32.0% 30% 19.3% 20% 12.7% 11.3% 10% 0% Colleagues in My Network Industry Publications Industry Product Websites Analysts/Pundits Industry Conferences Buyer's Guides Social Media Advertising
  • What are the three most critical qualities when choosing a benefits provider for your organization? 86.0% Pricing 64.3% Product/Service Quality 52.2% Customer Service 33.1% Flexibility 29.3% Ease of Use 14.6% Relationship with vendor 12.7% Brand recognition/reputation 10.8% Integration 9.6% Innovation 7.0% Scalability 0% 20% 40% 60% 80% 100%
  • Does your organization use a broker to find benefits providers? 25.6% 53.2% 21.2% No Sometimes Yes
  • Likely to use a broker: 100% 91.4% 90% 80% 71.0% 70% 60% 50% 40% 30% 20% 10% 0% For enterprise-wide benefits offerings For piecemeal coverage
  • My organization has a good understanding of how the Affordable Care Act will impact our benefits offerings. 14.0% 21.7% 64.3% Disagree Neutral Agree
  • What impact do you expect the approaching regulatory changes to have on the benefits your organization offers to employees? 60% 52.6% 50% 40% 30% 28.2% 19.2% 20% 10% 0% Reduce No change Increase
  • Do you anticipate a change in the number of employees eligible for benefits coverage as a result of the ACA? Increase 21.0% No change 65.0% Reduce 14.0% 0% 10% 20% 30% 40% 50% 60% 70%
  • Are you making changes to your benefits coverage as a result of the ACA? 22.7% 47.4% 29.9% No Maybe Yes
  • Respondents report an increase in these benefits compared to last year. 30% 25% 20% 24.1% 16.8% 15% 11.6% 10% 5% 0% 9.3% 7.2% 7.1% 6.9% 6.0% 5.5% 4.3% 4.7% 2.8%
  • In the next two years respondents anticipate an increase in the following benefits. 45.8% Wellness Programs 29.7% 24.5% 23.6% 21.1% 17.8% 17.8% 17.2% 15.1% 14.9% 14.6% 12.5% 10.9% 10.4% Health Insurance Retirement ( IRA, 401k, etc.) Financial Planning Dental Insurance Vision plan Employee Assistance Programs Domestic Partner Childcare assistance Eldercare Assistance Retirement (employer-sponsored) Life Insurance Disability Insurance Legal plan 0% 10% 20% 30% 40% 50%
  • We have made the business case for benefits programs with this outcome. Reducing health care costs 18.3% Enhancing employee recruitment 16.9% Employee engagement 16.0% Employee satisfaction 15.9% Becoming an employer of choice 15.8% Enhancing employee retention 15.0% Reducing absenteeism/presenteeism 7.2% Improving workforce productivity 7.0% 0% 5% 10% 15% 20%
  • What is your highest level of purchase authority for choosing benefits providers? Recommend 56.7% Approve 24.7% Purchase 18.7% 0% 10% 20% 30% 40% 50% 60%
  • In what part of the year is your organization most likely to be looking for new benefits providers? 25% 20.8% 19.5% 20% 18.9% 14.5% 15% 10% 5% 0% Q4 (October-December) Q3 (July-September) Q2 (April-June) Q1 (January-March)