What are the best practices for conducting market research on benefits?

The benefit package is very telling about the values or an employer and/or organization. A firm that does not value their workforce is likely to offer low value benefits with significant employee cost shares. Even if a comprehensive medical plan is not important to you, the lack of you may be an indicator of how they treat other employee needs. The truism “the way you do anything is the way you do everything” applies here.

This should always be given as the first priority as in long term, our priorities only matter. Therefore, one must decide based on that only.

Some of the best ways to find out what benefits are a good fit for your company are: 1. Survey your employees to find out how they use the current benefits, what they willing to pay more for or trade off for and if the networks are adequate 2. Check industry trends and decide if you want to exceed them (especially if recruiting) remain within the paradigm or offer less (i.e. you are downsizing) 3. Look at emerging trends such as financial education, mental health, long term care, caregiver support, telemedicine, etc. 4. Work with your broke to put together a meaningful program

Once again it’s necessary that you understand through your network/connections what kind of roles and responsibilities are there in similar role and how is your experience and expertise going to add value.

To gauge the typical benefits for your role, compare your offer with similar positions in your field and region. You can explore a variety of online resources to gather salary and benefits data across different jobs and companies. Additionally, networking with industry peers can provide valuable insights. Approach these conversations with respect and discretion, focusing more on general trends rather than specific numbers. This holistic approach gives you a clearer, more informed picture of where your offer stands in the industry landscape.

In order to be able to have long term association, this is again very important that you check what kind of value addition will you be adding.

Every individual's benefits are unique, just like snowflakes. It is unwise to disregard access to benefits. The responsibilities of a single person differ greatly from those of a married person with two children. I always emphasize the importance of having a plan in place to ensure the well-being of yourself and your loved ones, even in your absence. Relying on chance is a detrimental mindset when it comes to your life and the impact it has on others. The same principle applies to married individuals with children. It is crucial to consider the legacy you leave behind for your children by planning for the worst. Choose the best benefit option that provides you with the most comprehensive coverage.