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» Employee Benefits Benchmarking

Employee Benefits Benchmarking

group meeting discussing BenchmarkingThere are two main types of benchmarking to best analyze the quality and performance of your employee benefits: external and internal. Each benchmarking solution provides a unique set of insights. Using both benchmarking types together provides your business with a comprehensive analysis of the status of your current benefits package and how it can be improved. Read below to learn more about each strategy.

External Benchmarking

External benchmarking is what most businesses think of when they think of benchmarking. This is an analysis of how the business’ benefits compare to other businesses. Oftentimes the analysis compares other businesses that are of a similar size, location, and industry.

The analysis provides a reference point for businesses to determine the quality of their benefits compared to other businesses.

It can answer questions like:

  • Is my business paying too much for health insurance?
  • Are we contributing enough to employees and their dependents?
  • Are there additional benefits we should be offering to our employees?
  • How can our employee benefits package be best designed to attract and retain high quality talent?

This can be very useful, even if the benchmark provides just a few variables for the business to target, like Per Employee Per Year (PEPY) costs.

Request A Free Benchmarking Report

With a few basic data points from you, New City is happy to provide you with a high-level external benchmark of your company’s benefits. Click below and follow the steps to determine how your benefits compare with other companies.

Get Your Benefits Benchmark Now

Internal Benchmarking

 professional women learning about benchmarkingInternal benchmarking is arguably the most important for your organization. This analysis will determine the satisfaction your employees have with your benefits offering.

The best indicator of the quality of your benefits package is your employees’ perceived value of it. Your employee population has unique needs and goals when it comes to their benefits. So while it’s valuable to understand how your benefits stack up against other businesses, it’s highly informative to hear directly from your employee population how satisfied they are with their benefits.

This type of benchmarking is done by surveying your employees with some simple yet insightful questions regarding their benefits.

The survey questions should answer the following:

  • Is the value our employees see in our benefits proportional to our investment in the offering?
  • What do our employees desire in a health plan (e.g. greater plan selection, more voluntary benefits, access to specific facilities, etc.)?
  • Have we been successfully improving the value of our benefits over time? (This is occurs when comparing internal benchmarks year over year)

New City has a proven internal benchmarking system that drives high employee engagement and results in data-driven, high impact solutions for your organization. Contact us today to see how internal benchmarking can help your employee benefits generate the greatest value for your business and your employees.

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Benefits

  • 401k & Retirement
  • Employee Benefits Benchmarking
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Business Benefits Benchmarking Data from 2020: Trends Revealed

Each year, new trends emerge that give businesses insights into benefits and trends. See 2020 trends using benchmarking analysis:
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What Are The Four Types Of Benchmarking?

Here are the four types of benchmarking that a company can use benchmarking to gain more information and acquire another perspective.
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Google Rating
5.0
New City Insurance
New City Insurance
5.0
Carol Zhang
Carol Zhang
04:29 06 Mar 22
As a rapidly expanding national media organization, the employee benefits strategy and administration that New City has provided us during our growth has been invaluable. They have been proactive about informing us of the different benefit strategies available to us as we grow as well as managing the additional compliance laws and reporting requirements at each stage of our growth.
Claudia Villalobos
Claudia Villalobos
20:14 03 Mar 22
New City Insurance made navigating through all the health insurances super EASY. Their documents are highly informative, professional, and easy to work with. Thank you for making the process of choosing a health plan so simple. You guys are THE BEST!
Philippe Salas
Philippe Salas
17:02 22 Feb 22
I never expected to have a good time talking to an insurance salesman, but let me tell you Brendan was quite the treat. He was very helpful explaining the options and has a wonderful sense of humor. I hope to speak with him every time I call.
Jennifer Polito
Jennifer Polito
17:15 09 Feb 22
Super easy enrollment process. Fast and friendly customer service. If you are looking for an insurance company that is there for you every step of the way I highly recommend New City Insurance.
Rocky Salas
Rocky Salas
23:46 07 Jan 22
So friendly, I hope to speak to him again in all my future insurance needs.
Rocky Salas
Rocky Salas
23:38 07 Jan 22
So friendly and soft spoken. I hope to speak to him again in all my future insurance needs.
Jose Brena
Jose Brena
13:20 06 Jan 22
Eric Calciano has been extremely helpful in finding and selecting the right insurance coverage for our company. With many options out there Eric assisted us on getting a low cost provider saving more than 20% than from our competitors and providing excellent coverage for our employees.
Anastasia Beaverhousen
Anastasia Beaverhousen
17:05 28 Dec 21
Signing up for insurance was quick and easy. Felicity Sundsboe
SFCC
SFCC
22:08 29 Nov 21
Jeff Stoltey and his team provide excellent customer service. Jeff has always provided my company SFCC with straightforward options. I went to a larger insurance company only to RUN BACK to Jeff at New City Insurance. I recommend them to anyone needing insurance without hesitation.
Kevin Luby
Kevin Luby
19:13 22 Oct 21
Quick, easy & informative. We were able to secure quality insurance for our small business on a tight deadline. Thanks for the help New City.
Theresa Ruybol
Theresa Ruybol
19:30 01 Jul 21
Eric was so great with us. He was very patient and kind as we are a newer smaller organization who is growing rapidly. With that said, we had made our inquiry, he had great rapid response and mostly had to wait on me. Any request that we made and/or questions we had, he was great answering and helping us understand. Then when we were ready for all documents and to move forward, Brendan helped with getting that together and the two of them worked their magic on New City's end to notify me of what was needed, assist me in that process and confirming that all was complete and approved for the coverage. I just want to say thank you all again so much, as insurance has always been confusing to me, and you all made that process go a lot smoother.Thank you
Andrea Ordendorff
Andrea Ordendorff
21:06 07 May 21
I've been working with both Clayton and Brendan for well over a year. As the purchase of our dental practice was delayed well over 14 months they both patiently supported me and continued to make themselves available. When we were officially ready to sign up they made the whole process seamless and super easy. This team is highly knowledgeable, professional, supportive, and efficient! I can't thank them enough for everything they've done.
T W
T W
22:32 30 Aug 20
I love New City Insurance. I never had a good experience dealing with insurance brokers until I started working with Brendan. He’s awesome! He is patient with me and takes the time to answer all my questions. I’m very grateful for all his help and hard work!
Mary Jane Deyette
Mary Jane Deyette
00:57 11 May 20
Jeff Stoltey is so awesome...even thru my company had only two employees, he took the time each year to research and find the best plan for us. The only reason I am leaving New City Insurance is because we no longer have any employees. Thank you Jeff
Alma Ortiz
Alma Ortiz
22:25 23 Feb 20
Brendan was awesome! I couldn't figure out how to pick my plan and he returned my call on a weekend to help me. Outstansing service!
jessica kavanagh
jessica kavanagh
19:53 13 Feb 20
Brendan was so helpful I definitely recommend him if you’re in need of good help and getting it done promptly. Thankyou so much again.
Tricia DeYoung
Tricia DeYoung
19:49 13 Feb 20
I was very thankful I inquired about this info. with Brendan. He was very helpful so I understand the benefits available much better now. Thank you Brendan.
B Bayer
B Bayer
17:43 24 Sep 19
NCI handled almost everything from start to finish. Clayton and Brendan made the plans easy to understand and walked me through the application process. They got me my ID numbers before my cards arrived so that I could keep an appointment I had already scheduled. My last broker wouldn't have done that. 5 stars!
Jessica Lehr
Jessica Lehr
03:36 07 Jun 19
Our staff was interested in a health plan, but we didn't know how beneficial a solid employee benefits package would be for our business to expand. We'd lose prospective employees because they had more options for their medical insurance which was sometimes more valuable than more pay. The New City team was amazing and gave us as many affordable options as possible so that everyone had their needs met.
Mike McClay
Mike McClay
19:36 03 May 19
My employer uses New City as their insurance broker, and I'm always amazed when I call in for assistance by how knowledgeable and attentive their staff is with my requests. Their online benefits platform makes selecting insurance plans pretty darn easy. I would highly recommend their services.
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