Insights and Tools
Benchmarking Benefit Plans
Knowing exactly how your organization’s benefits measure up can give you an edge in the marketplace. The sheer number and complexity of benefit plans makes it more challenging than ever before to draw accurate and meaningful comparisons. Aon consultants can help you compare plans to other organizations using Benefit Index® and Benefit SpecSelect™ benchmarking tools. Learn More>>
Benefit Index is the premier benchmarking tool for assessing both the competitive value of benefit programs and modeling the impact of potential changes. Accessing one of the largest, most up-to-date benefits databases in the U.S., this tool allows you to compare your organization’s benefits to peers you select, from over 1,000 organizations across a variety of industries, geographies, and employment populations.
Benefit Index uses actuarial techniques to compare your benefits to programs in your selected peer group, based on relative values calculated from plan specifications—not cost—eliminating a common source of bias. The resulting analysis details all major benefit areas, including:
- Active Health Care
- Retirement Income
- Retiree Health and Welfare
- Active Welfare (Death and Disability)
- Paid Time Off
- Other Benefits (e.g., education reimbursement)
Expand on your Benefit Index results with optional analysis that contrasts benefits data separately by generation (Baby Boomers, Gen X, Millennials, etc.) or by pay band. Or, combine your compensation benchmarking with Benefit Index to develop a Total Rewards perspective.
Along with Benefit Index, you’ll gain access to our interactive, internet based tool, Benefit SpecSelect, which allows you to create customized peer groups and view the latest summary prevalence data.
For illustrative purposes.