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Our 6th Annual AZ Benefits Benchmarking Results: The Data Employers Need to Stay Competitive | Benefit Commerce Group

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  • Our 6th Annual AZ Benefits Benchmarking Results: The Data Employers Need to Stay Competitive
Knowing how your organization’s employee benefits stack up to other employers has never been more important. In a low unemployment environment, employees find it easier to move from job to job, particularly if they can enhance the benefit package they receive.  That’s why our 6th Annual Employee Benefits Benchmarking Survey has become increasingly valuable to employers across the state. More than 300 Arizona employers have participated so far this year in our employee benefits survey. The results were presented at our seminar on May 30th at the Arizona Biltmore in Phoenix. Your organization can still participate and receive valuable benchmarking information—including an online analysis that shows how your benefits compare to others in Arizona, the nation, your specific industry, city, size and other customizable benchmarks.  See below for a link to the survey. Over 230 registered for our seminar to learn how competing employers are handling employee benefits to help attract and retain employees.  They also heard an inspiring presentation on how to Shift the Work, to help employees become more engaged and productive. Our Benchmarking Survey Participation Continues to Grow In the first six years of this survey, over 900 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
    • $912 million health care dollars spent
  • 350 employers are expected to participate by the close of the survey in late autumn.
In addition to Arizona employers, the survey results include data from thousands of mid-sized employers nationally, representing over $9.4 billion of annual healthcare spend and more than 863,000 employees. Highlights of Survey Results The overall survey results showed that:
  • 49 percent of health insurance plans offered by Arizona employers surveyed were lower-cost high deductible plans; 47 percent were traditional preferred provider organization (PPO) type plans.
  • In Arizona, traditional preferred provider organization (PPO) copay plan deductibles have increased from $1500 to $2500 during the last two years.
  • Median deductibles for high deductible health plans (HDHPs) have remained flat at $3000 for several years.
  • 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.
Joe Mechlinski:  Shift the Work In addition to the employee benefits benchmarking date, the Results Seminar featured Joe Mechlinski, an entrepreneur, New York Times best-selling author and founder of SHIFT, a collective of businesses united by their common mission to revolutionize workforce engagement and transform the world.  Joe’s presentation and his latest book, Shift the Work, focus on these concepts. In his presentation, Joe revealed the fatal flaw in our society’s view of work and how science can set us free from the mentality that has left 70% of the American workforce disengaged. Tapping into the power of the head, heart and gut, Joe shared actionable strategies to unlock workplace engagement and inspire employees to find a new level of passion, purpose, and performance at work. 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 an 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. Read more…