For small businesses, benefits benchmark analysis is a great way to assess how your offerings compare to your competition. However, effectively presenting these results can mean the difference between implementing meaningful changes to your benefits program and maintaining the status quo.
Because the method of presentation can significantly affect decision-makers’ comprehension and willingness to act on the data, we’ve compiled some advice on creating a compelling narrative that inspires positive action.
Start With the Overall Strategic Context
Before breaking down the data, think about how you can frame the conversation around your organization’s strategic objectives. Are you trying to improve your recruitment efforts in a very competitive market? Is your goal to reduce turnover?
Does your company want to control healthcare costs? Cognizance of these goals can give you direction on contextualizing the benchmark findings and making them more relevant to your audience.
Focus on the Essential Metrics That Matter
There’s no doubt that your benchmark analysis will contain extensive data points. It may be tempting to share all of this information. Still, you should focus your presentation on the metrics that best align with your organization’s priorities.
For example, if employee retention is a significant concern, highlight how your benefits package compares to competitors in areas that increase employee satisfaction, such as health insurance premium cost sharing, retirement plan matching, and paid time off policies.
Tell the Stories Behind the Numbers
Numbers are essential for many reasons, but raw data alone rarely motivates change. That’s why you should seek to work the numbers into a narrative that illustrates their real-world impact.
For example, instead of simply stating that your organization’s health insurance premium cost sharing is 15% above the current industry average, explain how this translates to your employees’ takeaway pay and how it influences potential recruitment challenges.
Consider Segmenting the Analysis
Keep in mind that different partners care about various aspects of your benefits program. For example, HR professionals might be particularly interested in administrative efficiency and employee satisfaction.
At the same time, your financial executives will likely be more focused on cost control and risk management. Be sure to structure your presentation to address these varied concerns.
Present Clear Comparisons
When sharing benchmark data, you should provide a clear context for comparison. This means showing where your organization stands and presenting relevant peer group data. To do this effectively, you must include industry-specific and regional comparisons to paint a complete picture.
For example, suppose you’re a technology company in Fairfax. In that case, you should show how your benefits compare to other tech companies at the national level and other employers in the Fairfax area.
Visualize the Impact of the Data
Complex data can become far more accessible when presented visually. Create clear, simple graphics that illustrate the important points you want to convey. For example, use a horizontal bar chart to show how your organization’s benefits offerings stack up against competitors across essential categories.
Avoid creating slides cluttered with too many data points, as this can overwhelm your audience and cause them to tune out and miss your message.
Address Cost Implications
Management will want a clear idea of the cost of maintaining your current benefits and the financial implications of any proposed changes. Take the time to present this information in terms of the total compensation package value, not just direct costs. When applicable, include an analysis of the potential savings from improved retention and reduced recruitment costs.
Make Actionable Recommendations
Don’t just present your data; provide specific, actionable recommendations based on your analysis. Based on their impact and feasibility, prioritize each recommendation. For each recommendation, include aspects such as:
- The change you are proposing and all relevant details
- What effect you believe it will have on employee satisfaction and retention
- What you need to implement the change, and how long you expect it to take
- The costs or savings that are involved in making your suggested change
- Any potential risks you may encounter and how you can reduce them
Monitor and Measure
Explain how you plan to measure the success of any changes you implement. This includes tracking metrics such as employee satisfaction scores and retention rates.
Consider the Timing of Your Presentation
The timing of your presentation can significantly affect its reception. Benefits benchmark presentations suit annual budget planning cycles, enabling decision-makers to incorporate recommendations into their upcoming fiscal year plans.
Leave Time for Discussions
Leave plenty of time for questions and discussions during your presentation. This gives the partners a chance to fully understand the implications of the benchmark data and your proposed changes.
Reach Out to Business Benefits Group
At Business Benefits Group, our benefits consulting team specializes in helping organizations translate raw benchmark insights into effective action plans. We can help you analyze your current benefits package, identify areas for improvement, and develop implementation strategies that align with your goals and budget.
Are you ready to optimize your benefits program? Contact our experienced consultants today for a thorough benefits benchmark analysis that will help position your business more competitively in the talent market. We’ll work with you to develop a clear strategy for enhancing your benefits offering while managing costs effectively.