10 Benefits Management Stats

Benefits management is a key aspect of running a successful Organisation. Providing a decent benefits package to your workforce directly contributes to employee engagement. Here are 10 benefits management statistics, from different recent
studies.

Benefits management stats you should know

• Employers believe the most challenging issues in the year ahead are:
  • Attracting strong, competent management and dedicated, capable staff (33%);
  • Offering competitive compensation and benefits (31%)
  • High employee turnover (26%)
  • Developing employees and future leaders for succession (23%)
  • Building a positive brand and culture (20%)
  • Maintaining ongoing regulatory compliance (19%)
  • Measuring and managing employee performance (18%)
  • Managing the hiring process and tracking applicants (16%)
  • Creating operational efficiencies with overall HR administration (16%) (Oasis)

• 47% of employers noted that controlling employee benefit costs was a top human resource priority (Gallagher)

• 34% of Organisations increased their benefits offerings in the past year (SHRM)

• 51% of employers plan to increase their investments in on-site benefits (Randstad)

• 90% of employers said the move to a benefits marketplace helped simplify their benefits administration process (WTW)

• 20% of small businesses lack confidence in their Organisation’s ability to keep up with HR compliance (Paychex)

• Roughly 30% of small business owners have increased their level of administration outsourcing in the last three
  years, and 24% believe outsourcing will be a top benefits strategy in the next five years (Guardian)

• 77% of employers want a technology system that can manage all of their benefits on the same platform (LIMRA)

• 82.37% of employees say their employer provides an employee self-service portal where they can access pay and
  benefits information online (APA)

• 97% of employees preferred choosing their own benefits, rather than have their employer choose for them (WTW)