Arthur J. Gallagher & Co. recently released its Best-in-Class Benchmarking Analysis, a study of high-performing organizations’ approaches to benefits and compensation intended to guide other businesses in areas of improvement.
"Employers need to focus on the best practices that offer the greatest potential to define them as destination employers," said Gallagher President of Benefits and Human Resources Consulting William Ziebell. "Ways to effectively contain healthcare costs and drive employee engagement change over time.”
According to Gallagher’s analysis, exemplary midsize and large employers, defined as having 100 to 999 and more than 1,000 employees, respectively, have an active approach to managing health care costs leading to a majority in each category, avoiding increased employee contributions to premiums in 2016. Another common thread in both midsize and large best-in-class employers was a strategic approach to human resources management, with an emphasis on business and employee performance and strong promotion of employee success through measures such as timely feedback and performance goals.
“It's important to keep current on the characteristics that distinguish the best in class within a peer group,” Ziebell said. “This analysis provides strategic insights that can help employers optimize their benefits and compensation approaches to gain a competitive advantage."