One way businesses can gain an advantage over their competitors is by carrying out employee benefits benchmark reporting. Not only does this give employee retention and recruitment a boost, but it also helps organizations support a satisfied and productive workforce that lifts their reputation in the industry.
However, for benchmarking efforts to have the most significant impact, it is essential to present their results to partners effectively so they can drive meaningful action.
Start With a Narrative
Benchmarking is all about statistics, but if you start your presentation by throwing numbers at partners, they will likely tune out quickly. It is far more effective to begin by putting all those numbers into context in a compelling narrative that will capture their attention and make sure they remain interested in what you have to share. Find the story behind the numbers and present it engagingly.
Come up with an opening that addresses the audience’s primary concerns. This opening should be personalized to each audience if you make multiple presentations. It must address its current challenges and strategic objectives.
For example, finance teams and C-Suite executives will require a different approach than employee representatives or HR professionals. Although it may be helpful to create modular content to save time, it needs flexibility to adapt to suit each group you will be addressing.
Make the Right Comparisons
One of the most significant factors determining the success of an employee benefits benchmarking project’s success is the comparison groups used. The most effective and meaningful comparisons typically align with the business’s industry and geographic location. Still, the businesses used for comparisons should also have a similar size and workforce demographics to the target company.
In many cases, it is useful to present several relevant peer groups. However, making only a few comparisons is essential, as too many can confuse or overwhelm your audience.
Include Important Metrics
A good benefits benchmarking project will look at a range of metrics and consider all of these findings together to create an in-depth picture of where a business stands. However, it is not always necessary to share every last detail with partners.
Instead, aim for a focused approach to metrics that looks at the most important one. In many cases, these may be figures about participation rates, employee contribution levels, and cost trends. Choose metrics carefully and aim for a “less is more” approach.
Focus on Data Visualization
Another way to make your presentation more effective is by focusing on data visualization. Ensure your presentation has consistent formatting and a sensible color scheme to make important findings stand out.
Use clear labels and legends so everyone can follow along without getting lost, keeping in mind that more straightforward visualizations are typically more effective than complex ones.
Use a Logical Structure
The amount of data you have to share may be overwhelming, even after you have whittled down your presentation to the most essential facts. Therefore, establish that your presentation is as well-structured as possible so your audience can follow along and take home the most important messages.
An analysis of the current state of your benefits offerings is a good starting point before heading into peer group comparisons and eventually leading into any more detailed benchmarking results you deem important.
Suppose you have analyzed any gaps in your current program. In that case, those results should be followed by strategic recommendations for addressing the gaps and an implementation roadmap to correct them.
Don’t Forget the Future
Benchmarking data pertains to historical and current information about your benefits offerings and those of the competition. Still, it is important to look forward as well. Most partners are interested in the here and now but don’t forget to discuss emerging trends, benefits, and industry innovations that may influence your benefits offerings.
It would help if you also discussed any predicted cost trajectories and regulatory changes in the pipeline that could impact your strategy. All of this can help partners decide about their benefits offering with long-term success in mind.
Reach Out to the Experienced Benefits Benchmarking Consultants
Are you ready to drive your organization to the top of your industry and ensure your team’s long-term satisfaction and success? At Business Benefits Group, we have extensive experience creating customized benefits benchmarking programs that drive improvements.
Schedule a consultation with our benefits consultants to learn how we can help you carry out effective benefits benchmarking and create winning benefits benchmark presentations to deliver better outcomes for your organization.