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6 Common Benchmarking Myths

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It’s that time of year again – the 2018 Mid Atlantic Benefits Benchmarking Survey is open! Every year, thousands of organizations across the US move towards becoming an employer of choice and improving their benefit offerings by taking our survey. However, there are still so many more employers we want to help – so today, we’re debunking the 6 most common benchmarking myths! Read on to find out the most common myths, as well as the truth about the survey…

  1. MYTH: It takes too much time
    This is the top myth we hear about the benchmarking survey! Every year, busy HR professionals and CFOs are concerned they don’t have time to complete the benchmarking survey, and so they miss out on the chance to reap the benefits of the comparative data they would receive as a result.
    TRUTH: It only takes 30-45 minutes to complete our benchmarking survey! It’s a small amount of time for major rewards, which you’ll find out about under myth #4 and #5. Additionally, our completely electronic survey can be saved in segments, so you don’t have to fill it all out at one time. Instead, you can take a few 10 minute chunks out of your week and complete it by Friday. Your survey data will also be saved from year to year, so updating your data in future years will be very easy,

  2. MYTH: It doesn’t cover my industry
    Some industries are so niche, so specialized, that the HR professionals and CFOs may be convinced that there’s no way there is survey data to serve them specifically.
    TRUTH: Our survey data covers more than 25 industries, including education, manufacturing, religious institutions, government organizations, financial institutions and everything in between! We have data that can help you, no matter how specific your niche may be.

  3. MYTH: There’s nothing in it for me personally
    Think the survey is just a bunch of questions with nothing in it for you? Even if it’s helpful for your organization, it can be hard to find a compelling reason to stare at your screen more than you already do…
    TRUTH:We so appreciate the people who take our survey and help us provide valuable benchmarking data to employers of all sizes across all industries! In recognition of the investment of time it takes to fill out our survey, we give everyone who completes our survey a customized benchmarking report that compares your benefits to other local organizations, access to online tools to drill down on specific data points, a $10 Amazon gift card (for full completion), as well as an invitation to our results seminar on June 13.

  4. MYTH: Our benefits are already good enough
    Many employers think that because employees aren’t complaining, they don’t need to improve or change their benefits offerings. As long as things seem relativelyokay, there’s no need to invest the time in a survey…right?
    TRUTH: The benchmarking survey results offer valuable insights to employers every single year. Even if you are currently an employer of choice, that status could be threatened by upcoming benefit trends and rising costs. The data from our benchmarking survey is a valuable resource for employers who want to stay (or become!) an employer of choice, making benefits a powerful offering to attract and retain your winning team.

  5. MYTH: I did it last year, so I don’t need to/can’t do it again
    Every year, we have participants who don’t return to the survey because they think they’ve already done it once—so why do it again?
    TRUTH:Yearly benchmarking is a key way to help your organization grow! We’ve made the process extra-easy for our returning participants by uploading their previous data, so all you’ll have to do is go in and update the pieces that might have changed over the last year. Our goal is to make the survey as easy as possible for you while providing you with excellent data to help your company thrive.

  6. MYTH: I’m not a client, so I can’t participate
    The data we offer through our benchmarking survey is powerful and growth-oriented. It’s shocking that we offer this data for free…but we do!
    TRUTH: Our yearly survey is open to any organization, whether or not they are our client! We firmly believe in the importance of improving healthcare options and benefits offerings for employees while helping organizations to minimize their benefits costs. Benchmarking is a sure way to see how your organization measures up against similar organizations in your industry and area, and it can help you develop a strategic plan for your benefits.

Are your myths debunked? Then take the 2018 benefits benchmarking survey and get access to the data that can help your organization thrive: silbs.com/benchmarking

Still have myths or questions you’d like answered? Contact us today by emailing Dulaney Farkas at dulaney@silbs.com