AZ Benefits Benchmarking Results Announced!

Our 8th Annual AZ Benefits Benchmarking Results virtual event on June 16th was a great opportunity for employers to review the benchmarking data, new trends and strategies.

Knowing how your organization’s employee benefits stack up to other employers has never been more important.

As we all adjust to the COVID-19 pandemic and post-pandemic times, most employers are looking for ways to control their healthcare costs while still offering competitive benefits. In addition, many employers need to offer new benefit choices in order to attract and retain employees in the competitive workplace environment. To do these things, you need to have a strategy and know how your benefits compare to other employers.

That’s why our Arizona Employee Benefits Benchmarking Survey has become increasingly valuable to employers across the state.

More than 330 Arizona employers have participated so far this year in our employee benefits survey. The results were presented at our Virtual Event on June 16th.

SURVEY IS STILL OPEN!

Your organization can still participate and receive valuable benchmarking information—including a detailed online analysis that shows how your benefits compare to others in Arizona, the nation, your specific industry, city, size and other customizable benchmarks.  You can go right to the survey HERE.

Over 220 people registered for our Results Virtual Event to learn how competing employers are handling employee benefits to save money and attract and retain employees.  They also heard an inspiring presentation on how to communicate with and engage employees in multi-generational teams.

Our Benchmarking Survey Participation Continues to Grow

In the first eight years of this survey, over 1,100 Arizona employers have participated. The survey highlights the continuing concerns of mid-size employers in our state (50-5,000 employees) about costs and strategies for employee benefit programs. It benchmarks a wide range of employee benefits data against other Arizona employers and employers nationally, with actionable information that employers use to improve their benefit programs.

Participation in the Arizona survey has been strong each year:

  • Current survey participation represents:
    • 72,000+ employees
    • More than $750 million health care dollars spent

In addition to Arizona employers, the survey results include data from thousands of mid-sized employers nationally, representing over $16.6 billion of annual healthcare spend and more than 1.4 million employees.

Highlights of Survey Results

The overall survey results showed that:

  • 45 percent of health insurance plans offered by Arizona employers surveyed were lower-cost consumer-driven plans; 51 percent were traditional copay type plans.
  • In Arizona, the median deductible for traditional copay plans has doubled in four years, from $1,500 in 2017 to $3,000 today.
  • Median deductible for consumer-driven health plans (CDHPs) in Arizona has remained flat at $3,000 since 2017.
  • Median premiums paid by employers and employees in Arizona are lower than national medians.
  • Healthcare inflation for employee health insurance remained relatively steady in Arizona. After plan design changes, the median cost increase reported by employers for 2021 was 4 percent, compared to 5 percent in 2020.

See our news release for more details, including information on the impact of COVID-19 on healthcare costs.

Meagan Johnson:  Transforming Multi-Generational Workforces

In addition to the employee benefits benchmarking date, the Results Virtual Event featured Meagan Johnson, a nationally recognized multi-generational expert and generational explorer.

She has educated through entertainment since 1998. Her clients include: Harley-Davidson, CISCO, Comcast, Procter & Gamble, Starwood Resorts, Nestle Purina, American Health Care Association, Boeing, THE C.I.A. & Bubba Gump Shrimp Company. She has been quoted in many publications including; The Chicago Tribune, CNNMoney.com, & US News & World Report.

She is co-author of the best-selling book Generations, Inc., Managing the Friction between Generations at Work.

In her presentation, she identified and described differences among generations in our workforce, including signposts for each. These signposts are significant events or environments that shaped each generation.

She discussed each generation and their needs and wants. Baby Boomers want to know how technology will make their jobs or their lives easier. The majority of Millennials want to work for companies that care about the environment. GenZ job seekers look at the social media presence of a company as a reason they accept a job, and they want to personalize their work environment. The discussion also included how to best communicate with each generation in the workforce. For more information: www.meaganjohnson.com

Still time to participate!

Employers can continue to participate in the survey to receive an Individual Custom Report, benchmarking their employee benefits against hundreds of mid-size Arizona employers and thousands of mid-size employers nationally.  By participating in this survey, your organization also will be able to receive a detailed online analysis conducted specifically for your industry and other customizable data points.  For more information, go to our Benchmarking Survey website page. Or, go right to the survey HERE.

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