HCW Benefits Blog

Contributor:
Chris Tutino, Communications Specialist
Hill, Chesson & Woody

One of the cool things about starting a new job is learning about the unique value propositions your new organization provides to its customers and prospects. I had some experience in the financial industry prior to starting my work at Hill Chesson & Woody Employee Benefit Services, but didn’t really know a ton about benefits or health insurance plans.

Early this year, we worked with our partner, Capital Associated Industries (CAI), on the 6th Annual N.C. Healthcare Benefits and Cost Survey. This benchmarking report is the only one of its kind in North Carolina and one of only a handful in the country. Typically, when a benefits plan is benchmarked, it is done against nationwide data. While this is better than not benchmarking at all, a statewide comparison provides a better data set and a more relevant look at who your organization is competing against.

There are a number of ways benchmarking benefits your company, one of which is the invaluable information gained by human resources managers and CFOs. And, in the wake of healthcare reform, experts agree that benchmarking has received a higher level of interest, albeit for different reasons.

Another reason to benchmark is because what used to be a way to look over the shoulder of your competition has turned into a means to determine whether to offer health benefits at all. And, if your organization does decide to offer benefits or is forced to do so because of healthcare reform, benchmarking allows you to see how your costs fall in alignment with like-sized companies in similar industries.

Lastly, employers who navigate healthcare reform effectively will emerge with plans that benchmark where they need to be in order to remain competitive, manage expenses in innovative ways, and do so with the confidence that options do exist should the plan ever become cost-prohibitive.

Hill, Chesson & Woody offers free benchmarking analyses for any North Carolina-based business. Get yours today by contacting an HCW consultant and let’s see how your benefits stack up!