Mirror, Mirror on the Wall: How Benchmarking Helps Determine the Fairest of Them All
By Karen English, Senior Vice President, Spring Consulting Group, an Alera Group Company
As employers continue to vie for talent, many acknowledge a need to provide best-in-class, competitive benefits packages. But how do you identify best in class or compare what you’re offering to similar companies? You need a keen understanding of what peer groups offer, the ability to make a persuasive case for change, and — ideally — access to data that supports a need for change instead of relying on gut instinct, which is what half of Americans have done.1
To take this type of data-driven approach, employers need a benchmarking strategy to obtain data, which can be used to create actionable plans for improvement and measure success over time. Experience shows us that benchmarking can provide employers with an edge when it comes to recruitment, and it can save them money to the tune of a two-to-one or seven-to-one return on investment, as outlined in the case study below.
And the good news is that more employers are taking a strategic look at leave management, according to the 2021 DMEC Employer Leave Management Survey, which has been conducted for the last 11 years.2
Findings illustrate industry progress and employers’ willingness to embrace their responsibility for tracking and adhering to increasingly complex leave laws across the country, as noted during the “Trends in Employer Leave Management: 11 Years of Perspectives” podcast.3
The Importance of Benchmarking
Using benchmarking to measure or compare organizational performance using specific indicators, industry standards, and best practices sets the stage for strategic management to evaluate various aspects of programs, develop plans, and identify ways to improve them. And using data to support decision-making and to guide efforts results in more successful endeavors.4
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