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Industry Reports Now Available!

David-P-Lind-Benchmark-2012New and exciting additions to our website continue. With the Lindex scores now published, we also have five new industry reports available for purchase and download!

The 14th annual Iowa Employer Benefits Study© allowed us to generate five industry reports from the following sectors:

  1. Manufacturing
  2. Retail
  3. Finance, Insurance, and Real Estate
  4. Healthcare and Social Services
  5. Government and Education

As you might imagine, each industry sector offers benefits that will differ from one another. For example, 70 percent of Retail employers reported offering health insurance, while a larger percentage of the other four industry sectors offer health coverage: Finance/Insurance – 84 percent; Government /Education – 97 percent; Healthcare/Social Services – 80 percent; and Manufacturing – 80 percent.

So what was the average increase in health insurance premiums reported by each sector? The overall average in Iowa (regardless of employer size and industry) was seven percent. Again, this number varies with each sector:

  • Manufacturing – Up 7.0 percent
  • Retail – Up 8.9 percent
  • Finance, Insurance, and Real Estate – Up 7.9 percent
  • Healthcare and Social Services – Up 7.6 percent
  • Government and Education – Up 5.4 percent

The 2012 Study is the very first time that we’ve developed separate industry reports. With 1,206 survey respondents in 2012, we are able to establish enough data from each sector to provide a good statistical report on the benefits offered within these key Iowa sectors.

The benefits offered by employers will vary due to a number of reasons:

  • Size – Larger employers offer more comprehensive benefits than their smaller counterparts.
  • Location – Rural employers tend to offer fewer benefits than Urban/Metro-based employers.
  • Industry – There are factors inherent in each industry that will affect the type and likelihood of certain benefits being offered to employees. One example: Bargained benefits. Public organizations typically have organized labor who will bargain for specific benefits. To a lesser extent, Manufacturing will also have bargained benefits.
  • Culture – This is the ‘wildcard.’ As you know, each organization is unique due to the culture that has evolved over time. This culture is most often reflected in the benefits offered to employees.

It is for these reasons that each organization must determine how competitive they wish their benefit offerings to be.

We are always happy to assist you with any questions that you may have!

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