What is an employee benefits market review?
Nowadays, it’s not just a salary that keeps your employees loyal and happy. Other employee benefits such as company medical plans, flexible working hours, and paid time off are now as important, if not more so than pay. HR teams are thus facing a number of new challenges, chief among them being identifying the right employee benefits programs, and knowing whether their company is getting a good deal for what they’re paying. Here’s where Pacific Prime’s employee benefits market review comes in handy.
What’s an employee benefits market review?
An employee benefits market review is an analysis document prepared by Pacific Prime’s team to help our prospecting clients identify their current employee benefits plan’s strengths and weaknesses, and benchmark it with the current market trends. In a nutshell, our employee benefits market review is an opportunity for your company to find out whether what you’re offering is both cost-effective and competitive.
The benchmarking process will take into consideration a number of aspects of your current plan to match it against what’s currently being offered in the market. The analysis will include:
- Benchmarking your current employee benefits package with what similar organizations on the market are offering
- Current plan premiums vs. benefits – what are you getting for the money you pay, and is it in line with what other companies are paying?
- Benchmark of medical benefits by employee groups – top management, management, and regular staff
- Network provider facilities analysis – are you and your employees getting access to the best clinics and hospitals for the price you pay?
- Analysis of claims data to identify your plan’s usability and cost
- Pacific Prime’s recommendations
Upon completing the employee benefits market review, we would then present it to the HR teams, together with our recommendations based on our analysis, and proposed next steps.
Why is the employee benefits market review performed?
The primary goal of the comprehensive employee benefits market review is to see whether your current benefits plan is both competitive from the employees’ perspective, as well as in terms of the benefits you receive for the premiums you pay.
The report is created to help you make sound recommendations on benefits provisions to management, and at first, it will help you answer questions you might have been already asking yourself on several occasions:
- Are you and your employees pleased with the current benefits platform?
- Is the premium fair and competitive compared to market and claims data?
- Are you and your employees satisfied with the level of service you receive?
Once you find out whether your plan is competitive or not, and compare the data with answers to the above questions, you can use our employee benefits market review to dig deeper into the subject. Utilize our expertise to develop further recommendations for your company’s benefits plan, and make sure that it is both sufficient and adequately designed, and most importantly in line with your company budget.
The data that helps you make business decisions
So what exactly can our analysis tell you and your management team about your company’s current employee benefits package? The findings generated from Pacific Prime’s market review will help you determine:
- Whether you’ve been paying too much, and for how long
- Is your company’s employee benefits out-performing or underperforming based on the industry standard?
- Does your company offer the right benefits to attract different employee groups?
- If there is a room for negotiation with your current medical insurance provider?
- Is there a need to look for a new insurance provider?
Being able to present the management team with reliable data and recommendations towards improvements that can be made to the existing employee benefits plan can speed up the whole process a lot. It can also save you and your supervisors from making decisions that are based only on somebody’s opinion, not hard data.
While we know that staying competitive while fighting for the best employees on the market can be challenging, you don’t need to be paying more than you already have to ensure that your employee benefits package is attractive.
Designing employee benefits package with Pacific Prime
Pacific Prime’s “Broker Framework” approach was developed with our clients in mind. Our insurance advice goes beyond merely policy broking, as we provide a broad spectrum of additional services to our clients. Preparing an employee benefits market review, and identifying clients’ needs is just the first step in our approach to employee benefits design.
It’s worth noting here that many of our competitors charge hefty fees for an employee benefits market review, while Pacific Prime will prepare this free of charge, and free from obligation. We believe that by seeing our professional approach and expertise in the matter, you will decide on hiring us as your employee benefits broker of choice.
Based on our findings and hearing out the needs of the client, we will then propose employee benefits plans for the HR teams to consider, and when the choice is confirmed, we will negotiate terms and benefits with the insurer and assist with the plan implementation process. At that stage, a designated account manager will be assigned to each of our clients to guide them throughout the duration of the plan.
Account management will also include training your staff on our dedicated employee benefits portal, where employees can submit their medical claims, view plan benefits, read multiple guides and resources, and even use our health concierge service.
Contact us for your employee benefits market review and plan design
If you’d like to find out how your company’s employee benefits package compares to market standards, and your competitors, contact our corporate team today for your complimentary employee benefits market review. We can usually prepare it within 5-7 business days, and present it to you together with our expert recommendations.
When she isn’t writing, you are most likely to find Elwira in search of the perfect plant-based burger or enjoying Hong Kong’s great outdoors either at the beach or from the boat - the closer to the sea, the better!
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