Gallagher Releases 2nd Annual Benefits Strategy & Benchmarking Survey
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The two biggest challenges identified by these participants are the need to control benefit costs while attracting and retaining a competitive workforce. The survey, conducted by Gallagher's
"Although organizations may be aware of the changes that are shaping the future of the employee benefits market, the survey suggests that many are not yet ready to face the challenges these changes will bring," said
Controlling costs
When asked to identify their greatest overall challenge, 67 percent of employers cited controlling benefit costs. Some of the leading strategies identified by the participants for containing benefit costs include:
- increasing employee plan contributions (54 percent)
- increasing deductibles (43 percent)
- increasing out-of-pocket maximums (36 percent)
- increasing copayments (30 percent).
Attracting and retaining a competitive workforce
Given today's dynamic workforce, employers are seeking to balance cost containment with employee engagement. Moreover, the increasingly diverse needs and preferences of the current workforce challenge employers to develop a benefits package that appeals to all employees. Survey results show:
- Retirement plans continue to shift toward a defined contribution model, with 64 percent of respondents offering a 401(k) plan. Of those, 70 percent match employee contributions.
- Employers continued to gravitate toward wellness programs with 44 percent of participants offering a program to their employees. However, even with the increase in the number of employers offering a wellness program, most programs (61 percent) have a budget of less than
$10,000 . - Although employees are often interested in long-term care as a voluntary benefit option, 82 percent of employers do not offer this benefit.
Conclusion
U.S. organizations of all sizes and types are looking to contain healthcare and other benefit costs, while competing successfully for talent. However, in today's uncertain environment and ever-evolving employee regulatory landscape, only 31 percent of employers surveyed have quantified the cost impact of healthcare reform on their organizations. Just 10 percent of participating employers have a written total rewards or strategic benefits plan with measurable objectives.
"There's no doubt that the changing benefits landscape will present organizations with complex challenges for years to come," said
The survey's Executive Summary & Strategic Insights is available at no cost. A comprehensive National Report, as well as custom reports with data specific to industries, regions and/or organizational size, may be purchased from Gallagher. To learn more about the survey, download the Executive Summary or request purchasing information, visit ajg.com/nationalbenefits2014.
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