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New Beginnings for Benchmarking Benefits in Iowa

David P. Lind BenchmarkSince 1999, my firm has surveyed Iowa employers to learn about the benefits they offer to their employees. The “Iowa Employer Benefits Study” has revealed many key facts that allow employers, regardless of size and industry, to determine annually how competitive their benefits are when attempting to attract and retain employees. After all, to be successful, employers MUST have the right employees when competing locally, nationally and globally. This is a fact of business life!

Prior to 2012, our surveys have randomly-selected Iowa employers once a year. Annual surveys are really a “snap-shot” in time, allowing us to sample a particular population for that time period and compare the results to previous years’ results.  Doing this has provided a wealth of data on employee benefit trends that provides meaningful information for employers, policy-makers, the media, etc. This work also allows us to compare different industries within Iowa to one another. All industries, by the way, are NOT created equal! There are inherent issues within each industry that impacts the type of benefits offered to employees…and the costs can be considerably different when comparing industries.

Beginning in 2012, we have updated our survey process to make it even more fresh, relevant, local and customized for the Iowa employer. Instead of surveying all industries at the same time each year, we are staggering the survey process to allow a greater likelihood of observing trends sooner, rather than later.

Here’s how it will work:

Every two months, beginning in January and February of 2012, we will survey just one major Iowa industry. For example, we just finished surveying the Manufacturing industry in Jan/Feb, and we are now “interviewing” the Retail sector for March and April. The other survey periods for 2012 include:

  • May/June – Finance and Insurance
  • July/August – Healthcare & Social Services
  • September/October – All Other Sectors not interviewed in the other five periods
  • November/December – All State & Local Governments

In 2013 and beyond, the process will be repeated as mentioned above. During any given survey period, new questions can be added once new trends and developments have been identified, including new questions about health reform issues, wellness initiatives, and employer attitudes on various subject matter, to name a few.

In addition to having on-going “fresh” data, we will seek a higher number of respondents for each industry than we have in the past, making our already credible survey even more robust! Our studies have consistently interviewed over 900 employers in each of the last several years…and we will now add to this number under the new survey process.

If your organization is randomly selected to participate in this new and improved study, I highly encourage you to participate (if you already have, we thank you!). By participating in this important research, you will receive an overall summary of the survey results that will help your organization compare itself to other Iowa employers. If your organization has not been randomly selected to be surveyed, don’t despair, you still have access to this information. Should you wish to have an easily customized benchmark analysis with other Iowa employers both within and outside your industry, you can perform this anytime here. New and improved benchmark programs will also be developed within the near future! Many changes are being made to this landmark study, but its’ integrity remains unchanged. You have my word on that!

Here’s to a new beginning – for all of us!