a: something that can be used to compare the quality, cost or performance of other, similar things or serves as a standard by which others are measured or judged
b: to study (as a competitor's product or business practices) in order to improve the performance of one's own company
Are your benefit costs in line with others? Are they too high or are you doing well controlling cost? Is there more you can do? Do you know? Just as the dashboard of your car gives you a snapshot of your speed, gas level and temperature, Strategic Benchmarking gives you a snapshot of eight critical comparisons about your benefit plan. Quick, easy and focused for today’s busy managers and executives.
How can I make decisions easier and with more confidence?
One way or another, benefit decisions get made. Sometimes the process is slow and agonizing. You don’t know what is reasonable and you don’t know if your decision will have negative consequences. As the old saying goes, “Knowledge is power”. Having knowledge gives you the power to make good decisions more quickly. BPA’s Strategic Benchmarking Module gives any manager important knowledge about why cost may be increasing, as well as identifying where you are doing well or what needs to be tweaked to improve your position. With the advantage of knowledge gained from BPA’s Strategic Benchmarking, any business leader can make more effective decisions.
Do my competitors have an advantage over me?
Are your competitors only those companies that sell a similar product or service…or are they any company trying to hire your employees at a higher wage or lower cost benefit plan? Business people want to know how they compare to competitors, so they can be more effective attracting and retaining employees. A business must also manage their costs to help acquire profitable new customers and enhance their bottom line. The eight-point comparison of Strategic Benchmarking makes it easy to identify some of the major cost drivers of your benefit plan. This enables you to compete for new customers and employees more effectively when expenses are in line.
Am I paying too much?
Companies use benchmarking as a path toward better profitability. By looking at how other companies are doing, you can identify areas of underperformance and take corrective action. BPA's Strategic Benchmarking helps companies improve their operations without recreating the wheel. The process and speed of change can be accelerated because you can compare and contrast with other employers and follow through with good decisions.
How do your plans compare to these cost drivers and risk components?
- Family content
- Cost compared by geography
- Cost compared by company size
- Cost compared to similar industry
- Other Competitive comparisons
- Historical Comparisons
- Growth/retraction Comparisons
Clear, concise and effective data to help any business person become a more effective leader