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Friday, 08 May 2020 14:49

Are Your Benefits Competitive?

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At Fall River we understand that during the past few months, everyone has been focused on the Coronavirus. As employers start to come up for air and tally up the financial hits from the pandemic, it’s more crucial than ever to find ways to save money and still be able to offer a competitive benefits package to employees. When was the last time you measured your benefits package against other employers?

Employers are continually making difficult decisions as they address the implications of health care reform and rising costs, and now, the COVID-19 pandemic. The workforce continues to become more and more diverse and employers must address the needs of their employees from Generation Z all the way through Baby Boomers, as well as employees with cultural, physical, or language barriers.

Evaluating the current benefit plan with the intent to attract and retain top talent is always important, and benchmarking gives employers a chance to compare their current plan and contribution strategy to that of other companies of their size, location, and type of industry. Fall River helps its clients understand how they stack up by sharing our annual benchmarking study with them.

As you compete for top talent, being aware of what is going on in the marketplace is more vital than ever. Here are a few questions you should continually be asking yourself:

  • What % of premium cost are other employers contributing?

  • How does the renewal increase you received compared to other employers?

  • Are employers passing on cost increases to their employees, or absorbing it?

  • What types of plans are other employers offering, and are yours competitive?

If your broker is not talking about how your benefits stack up, now is the time to take a second look. If you learn that your benefits are not as competitive as you like, we have a proven track record of helping employers save money while keeping benefits the same or even improving them.

Fall River is happy to help you get another set of eyes on your plans so you know where you stand. Contact us today for a second look at your benefits plan!

Read 1420 times Last modified on Friday, 11 September 2020 10:09
Tonya Young

Tonya is our Senior Account Manager and brings eleven years of prior insurance company expertise to Fall River, having worked at Anthem Blue Cross and Great-West Healthcare (now part of CIGNA). Tonya holds a Bachelor of Science in Psychology from Texas A&M University. Originally from Minnesota, she loves the Colorado outdoors and enjoys family time with her young daughter.