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Benchmarking is a key step to helping organizations align their business objectives and establish their competitiveness in the marketplace. Our objective is to provide you with useful information, not just data.
To support this goal in a cost-effective manner, we offer the following services:
Prevalence tables examine individual benefit plan provisions as opposed to the entire benefit package. The purpose of these tables is to provide a cost-effective tool for organizations to gain a general understanding of the key characteristics of benefit plans offered by other employers. For those who need more specific information, the prevalence tables presented in the Statistical Summary report can be obtained for various subsets of the database. The subsets can be based on industry, region, size and/or custom competitor group.
Table of Benefits Plan Provisions
A Summary of Plan Provision (SPP) table provides qualitative plan information through side-by-side presentation of benefit design components. This structured report summarizes key plan provisions of a benefit program for specific employers selected from our database. The report can include all benefits or individual benefits, such as only defined benefit plan provisions.
QuikValue is an easy-to-use customized program that enables you to compare your benefit plans to an average of the plans of all employers in the database or subsets of the database. This provides the opportunity to customize the peer group by choosing among various industry classifications, geographic locations and employer sizes. QuikValue provides at-a-glance comparisons of the individual benefit values and the total benefits package to the database subset(s) selected.
Customized Benchmarking Studies
Custom benchmarking studies measure and compare the relative value of benefit plans against a selected peer group. COMPARISON takes a comprehensive look at the entire benefit package by creating a relative value analysis based on actual workforce demographics and assumptions. Results of the analysis are presented by employer for each benefit, so that direct one-on-one comparisons can be performed. A comprehensive written report is produced, including an executive summary of results, detailed results presented in tables and graphs for each benefit and benefit group, and plan provision summaries for each employer.
Total rewards, the sum total of all guaranteed cash payments, variable cash payments and benefits, is a measurement that companies use to assess how their total compensation and benefit program compares to the programs provided by their competitors. To implement an effective reward strategy, an organization needs a competitive assessment of the market – one that recognizes and provides a basis for evaluation of all elements of the organization’s reward package. Total Reward COMPARISON combines the benefits valuation methodology of Watson Wyatt’s COMPARISON database with compensation data from a cash compensation analysis.
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