The competition for talent in the business world today is tough, and many businesses are turning to employee benefits benchmark data to make better decisions about their benefits packages and establish that they appeal to the best candidates. However, even the most thorough benchmark data will be valuable only if presented effectively to all partners involved.
Whether you present this information to HR leaders, managers, or C-Suite executives, you want to communicate your results clearly and persuasively to position yourself as a top employer.
Here are some tips for making a compelling case for partners.
Understand the Audience
Data presentation should not be approached from a one-size-fits-all viewpoint. Instead, you need to understand who you are presenting to and which components matter the most to them.
For example, HR professionals will likely be interested in seeing detailed comparisons across particular categories of benefits. At the same time, C-Suite executives may be more concerned with the bottom-line impact of benefits revisions and how it will make them more competitive.
Always personalize your presentation to appeal to those listening, highlighting the comparisons and metrics that will significantly impact them.
Don’t Just Focus On Numbers
Benefits benchmarking is about obtaining valuable statistics. Still, it is always best to begin your presentation with a narrative that draws your audience in and places the results in a broader context. For example, you might incorporate the business challenges your company hoped to address with benchmarking.
If you aim to increase employee retention, focus your presentation on how your current offerings compare to your competitors in the areas that matter most for employee loyalty and satisfaction. This way, your audience will understand what the data is showing and why it is essential.
Focus on the Metrics That Drive Decisions
Benefits benchmarking yields a significant number of data points. It is unnecessary to convey all of these to partners. Instead, it would help if you focused on the ones driving your company’s decision-making. For example, if you are comparing health care plans, it isn’t enough to state that your deductibles are higher than the benchmark.
Instead, it would be best to take the time to calculate the true cost impact on employees and show partners how various adjustments would affect the cost to the employer and its effect on employee satisfaction. Actionable intelligence is always more useful than raw data.
Use Clever Visualizations
Benefits data can be complicated, even for human resources professionals and business executives. Visual presentation can significantly affect how partners understand and process it.
For example, charts are a great way to show cost comparisons, scatter plots are helpful for indicating correlations between your investments in benefits and your employees’ satisfaction, and heat maps are a great way to show at a glance how your business compares across different dimensions. Clear labels and legends should also be used to make sure everyone understands what they see.
Put the Data in Context
Give your audience context about different factors that could affect the benchmarking data. For example, company size, geographic location, workforce demographics, and the industry are all relevant.
If your business has any exclusive characteristics that would influence benefit decisions, acknowledge them when you present your comparisons. That way, your partners can make better decisions about the benchmarks that matter most to the organization.
Identify Trends
Most comparisons are only useful for showing what is happening at a specific point in time. Demonstrate how benefits offerings and your business’s related costs evolve over time. This is useful for showing whether gaps are getting bigger or smaller and can point to any emerging trends that could influence your business’s future benefits strategies.
Address the Limitations of Your Data
Always be upfront about any limitations in your benchmarking data or any assumptions you had to make for your analysis, such as the timing of your data collection or considerations related to the sample size. Transparency can build credibility and show partners how reliable your comparisons are.
Use a Multidimensional Approach
Industry averages may draw the bulk of the focus in benchmarking efforts. However, be sure to present data from different comparison groups, such as your direct competitors, as well as businesses that have a similar size to yours but may be in other industries, organizations operating in your same geographic area, and companies that you aspire to emulate.
This can provide a better comprehension of your current position and point to areas where improvements can be made.
Reach Out to the Benefits Consultants At Business Benefits Group
From presenting data in a compelling way to turning it into strategic insights that drive positive actions, the benefits consultants at Business Benefits Group can help your organization make more informed decisions about its benefits program and improve employee retention and recruitment. Contact us today to get started!