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7th Annual AZ Benefits Benchmarking Results VIRTUAL EVENT | Benefit Commerce Group

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Our 7th Annual AZ Benefits Benchmarking Results VIRTUAL EVENT:
Data Employers Need to Save Money & Stay Competitive…and How to Build LOYALTY

Knowing how your organization’s employee benefits stack up to other employers has never been more important.

As we all adjust to the COVID-19 pandemic and prepare for post-pandemic times, most employers are looking for ways to control their healthcare costs while still offering competitive benefits. To do that, you need to have a strategy and know how your benefits compare to other employers.

That’s why our 7th Annual Employee Benefits Benchmarking Survey has become increasingly valuable to employers across the state.

More than 330 Arizona employers have participated so far this year in our employee benefits survey. The results were presented at our Virtual Event on June 3rd.

Your organization can still participate and receive valuable benchmarking information—including a detailed online analysis that shows how your benefits compare to others in Arizona, the nation, your specific industry, city, size and other customizable benchmarks. You can go right to the survey HERE.

Over 280 registered for our Results Virtual Event to learn how competing employers are handling employee benefits to save money and attract and retain employees. They also heard an inspiring presentation on how to build loyalty and trust among customer, employees, volunteers and others.

Our Benchmarking Survey Participation Continues to Grow
In the first seven years of this survey, over 1,000 Arizona employers have participated. The survey highlights the continuing concerns of mid-size employers in our state
(50-5,000 employees) about costs and strategies for employee benefit programs. It benchmarks a wide range of employee benefits data against other Arizona employers and employers nationally, with actionable information that employers use to improve their benefit programs.

Participation in the Arizona survey has been strong each year:
  • Current survey participation represents:
    •      90,000+ employees
  •      Nearly $900 million health care dollars spent

In addition to Arizona employers, the survey results include data from thousands of mid-sized employers nationally, representing over $12.1 billion of annual healthcare spend and more than 1,000,000 employees.

Highlights of Survey Results
The overall survey results showed that:
  • 44 percent of health insurance plans offered by Arizona employers surveyed were lower-cost high deductible plans; 50 percent were traditional preferred provider organization (PPO) type plans.
  • In Arizona, median deductibles for traditional preferred provider organization (PPO) copay plans have increased from $2500 to $3000 since last year, which are higher than national averages.
  • Median deductibles for high deductible health plans (HDHPs) have remained flat at $3000 for several years, consistent with national averages.
  • Arizona employers have been more aggressive than the national median in managing costs of their employee health plans  See our news release for more details.

James Kane: The Loyalty Switch
In addition to the employee benefits benchmarking date, the Results Virtual Event featured James Kane, the leading researcher and authority on what makes someone truly loyal—to another person, to an organization or to a cause.

Kane is a behavioral scientist and consultant who has helped some of the largest organizations in the world, including Apple, Amazon, the Mayo Clinic, Marriott International and Major League Baseball build nearly unbreakable relationships with customers, employees, fans, volunteers, vendors and sponsors. His new book is called, The Loyalty Switch. More information is available at: http://www.jameskane.com/.

In his presentation, Kane took attendees on a journey into the human brain and explained the secret to building and maintaining real loyal relationships. Supported by more than 40 years of Harvard University research, Kane made the case that human beings have a fundamental need to be loyal and actively seek out the specific clues from others that tell them when they can and should be loyal. When an organization, as well as an individual, is able to understand and demonstrate those loyalty-building behaviors, they can develop relationships that will last a lifetime and result in unwavering and unlimited support.

Still time to participate!
Employers can continue to participate in the survey through November to receive an Individual Custom Report, benchmarking their employee benefits against hundreds of mid-size Arizona employers and thousands of mid-size employers nationally. By participating in this survey, your organization also will be able to receive a detailed online analysis conducted specifically for your industry and other customizable data points. For more information, go to our Benchmarking Survey website page. Or, go right to the survey HERE.

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