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Common benefits myths belie the value of a human-centric strategy

Benchmarks are fine for developing an employee benefits strategy. But they shouldn’t be the ultimate arbiter. It’s the human-centric approach that makes them effective.

By Jessaca Latteier | October 20, 2023 at 09:21 AM

A recent (and admittedly unscientific) spot survey of a group of our clients found that half of them depended on competitive benchmarks most or all of the time to shape their employee benefits program.

Logic tells you that benchmarking would be a pretty systematic approach to an always complicated matter. But that doesn’t necessarily make it the right one – as traditionally structured. That’s especially so given today’s employment environment and employee populations.

Benchmarks are fine. But a better approach to crafting an effective benefits policy is to gather and assess data about your own workers and workplace to find out what really matters to them. That’s a sure path to leveraging employee benefits to create a quality employee experience that boosts recruitment and retention.

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