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Iowa Employer Benefits Study© on ‘Hold’
Plus: The Great Resignation

Iowa Employer Benefits Study©

I have decided to put a ‘hold’ on the Iowa Employer Benefits Study for 2022 and into the indefinite future. Although the COVID-19 pandemic was not helpful to this annual survey, changes in the background research resources that I had relied on for the past two decades have also impacted the long-term viability of pursuing this important survey.

Data Point Research, Inc. (DPR), my trusted research partner for twenty years, no longer offers its excellent survey services. Our history of joint collaboration was immensely important to having both accurate and consistent data when trending benefits and costs in Iowa. I will miss my long-term relationship with Andrew Williams, founder of Data Point Research, but just as importantly, I have been very fortunate to call him a great friend and professional colleague. My best to Andrew!

I also owe a great deal of gratitude to those organizations, consultants and brokers who purchased blocks of the Lindex® benchmarks and studies over the years. Without their support and loyalty, the Iowa Employer Benefits Study would not have been as relevant and successful.

Finally, since 1999, the first year this annual study was performed, over 15,000 Iowa organizations have participated in this random survey process. I am proud that our survey results have provided Iowa employers with reliable, relevant, and customized information that cannot be found anywhere else in Iowa. This comprehensive statistical review of Iowa employee benefits has been a key resource for Iowa employers and policy makers. I am very thankful to the Iowa organizations that have taken the time to dutifully respond to this survey. Without their annual assistance, this study would not have been possible.

Although this study has been put on hold, future assessments are certainly possible.

The Great Resignation

According to the U.S. Department of Labor, a record 4.4 million Americans quit their jobs in September alone (4.3 million in August). In fact, according to data from the people analytics firm Visier, at least one in four people quit their jobs in 2021. A PwC survey indicates that 65 percent of people were looking for a new job as of August.

Since experiencing work place changes due to the COVID-19 pandemic, employees are now expressing their work culture and location preferences and finding opportunities elsewhere. This has become a big wake-up call to organizations in Iowa and around the country – its a phenomenon known as the GREAT RESIGNATION of 2021.

Without question, employee benefits are extremely important when attracting qualified employees. But employee retention requires adhesive steps that will serve as ‘glue’ to keep employees both happy and on the payroll. What is this special glue? It begins by having a culture that permeates throughout the organization that promotes work-life balance and invites a sense of trust and belonging.

Employees are quitting their jobs in food, retail, hospitality AND in higher-paying jobs in many other industries. These employees no longer wish to commute to work and want to learn new skills to grow beyond their current job opportunities. Job dissatisfaction varies across demographics and occupations, according to a recent article in the Wall Street Journal. Work-life balance and flexibility was important to employees prior to COVID-19, but it has become more pronounced during the pandemic and its importance is here to stay. Pay equity and child care are critical issues for many who are dissatisfied with their current employment arrangement.

We certainly found this in our 2007 Iowa Employment Values Study. In the workplace environment, employees value respect, achievement and having the opportunity to balance work time with family needs as most important. To attract and retain employees, employers will need to create a culture that is more responsive to employee needs and values. In an uncertain labor market where job openings outnumber applicants, assessing the local market of employee desires and sources of discontent will be crucial for any employer to stand out.

It is time for employers to evaluate existing employment practices and look for new opportunities to meet the expectations of their employees. Employers want their employees to be committed to their jobs, but employees want employers to show commitment to them. It is a two-way street.

If the COVID-19 pandemic has taught us anything, it is to be honest with ourselves and others – and then act accordingly!

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The Iowa Employer Benefit Study© – An Iowa ‘Natural Resource’?

This week, Data Point Research (DPR), the research organization that I have partnered with for over 20 years, will send out the first invitations to Iowa employers to participate in this years’ Iowa Employer Benefits Study©. I’m looking forward to learning what this year’s findings will reveal to us – especially after taking a one-year sabbatical in 2017.

This study has become a two-decade ‘project’ for DPR and myself. In 1999, the first year of this study, I contacted Andrew Williams, president of DPR, to learn how we could conduct a randomized survey that would provide the necessary methodologies to reflect results of the entire employer community in Iowa. Taking this approach, we felt, was the safest and most efficient method to survey enough Iowa employers WITHOUT having to survey them all. DPR has proven to be a trusted partner to extract the benefits information. And, from this work, Iowa employers have come to depend on our annual results to benchmark their benefits with other similar employers.

Benchmarking our survey results continues to serve as a top tool used by leadership in Iowa organizations. It supports informed decision-making when identifying cost-effective employee benefits. Benchmarking helps:

  • Human Resource and finance leaders make benefit choices with confidence, and track progress over time based on using empirical evidence, rather than ‘gut feel’ or opinion.
  • Provide clear evidence of opportunities for employers to improve on cost-effective employee benefits, given the size and industry in which employers operate.
  • Place employers ahead of the pack on trends that develop in the Iowa marketplace.

The industries we track for employers are varied. Depending on the number of survey responses, the industries may include:

  • Overall – All industries combined
  • Finance, Insurance and Real Estate
  • Government and Public Education
  • Healthcare and Social Services
  • Manufacturing
  • Retail
  • Other Services
  • For-Profit only
  • Not-For-Profit
  • Government Only – Bargained
  • Non-Public – Bargained
  • Public Schools – Bargained
  • Trucking

We also distinguish results by employer-size (based on number of employees), because, after all, size does matter a great deal when it comes to breadth and scope of employee benefits.

The Iowa Study has been particularly relevant to Sue Bennett, compensation and benefits manager at Kirkwood Community College. Sue recently commented:

The Iowa Employer Benefits Study© has been extremely valuable over the years in reviewing the competitiveness of our employee benefits package. Other benefits studies provide data on a nationwide basis, but having data specific to Iowa is more useful. The most beneficial aspect of the survey is the ability to extract data based on industry type and size.

I have always believed in the importance of having empirical evidence to share with benefits consultants and their employer clients. Most recently, I received another ‘testimonial’ from John Monaghan, partner at PDCM Insurance, a Waterloo benefits consulting organization. Over the past decade, John has loyally applied our study results with his clients by using our benchmarking data to successfully guide them through the benefits decision-making strategies he employs.

If you are a benefits consultant or Human Resource professional, the Iowa Employer Benefits Study© should be considered one of Iowa’s best natural resources. For over 10 years, my clients have used the data in the study to develop benefit programs without guesswork. So often, benefit decisions that cost millions of dollars are made with a gut feel. This study provides the data to take the guesswork out and make sure every invested dollar counts. It provides the information to build a True benefits strategy.

John finished his comments with this:

My clients have made the adjustments to better attract and retain employees through the data provided by this study.

I am truly humbled by Sue and John’s comments. To me, ‘natural resources’ are items that people can use which come from the natural environment, such as oil, natural gas, other minerals, soil, forests and timber, etc.

When people, who are unfamiliar with my work, ask what I “do for a living,” I will sometimes jokingly tell them that I am both an “archaeologist and inventor.” They will then quizzically look at me and ask, “How so?” My response is simply, “I’m similar to an archaeologist because I dig for items that are not readily available for the public to find, and I’m like an inventor, because once this treasure has been found and exposed, I convert it into something usable for others.”

A natural resource for Iowa? I’m unsure about that, but my gloves are now back on my hands and I have begun the digging process to unearth the next treasures buried below the surface. Stay tuned as to what we may find!

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2015 Iowa Employer Benefits Study© Has Begun!

17 Year Anniversary - Iowa Employer Benefits Study1999 – quite a year!

What were you doing 16 years ago? Were you working at the same organization, perhaps with a different job description and title? Possibly still in high school or college? Maybe beginning a new family, or about to become an empty-nester?

To give you a nudge about events during that particular year, here are a few top highlights:

  • The world’s population exceeded six billion. (In July 2015, it is projected to reach 7.325 billion.)
  • People worried about Y2K and the millennium bug (remember all of that?)
  • Columbine High School Shootings (Colorado)
  • Dr. Jack Kevorkian was found guilty of second-degree murder for giving a lethal injection in a case of voluntary euthanasia
  • Internet and mobile phones around the world opened up new opportunities for successful entrepreneurs
  • Dow Jones Average – 11,497
  • Interest rates at year-end (Federal Reserve) – 8.50%
  • Cost of a gallon of gas – $1.22
  • Cost of U.S. postage stamp – 33 cents

Without question, much has happened since that final year of the 20th century!

Now, in 2015, our organization begins its 17th year of the Iowa Employer Benefits Study© – a feat that I never imagined possible when we first began the Study in 1999. Just last week on April 30, Data Point Research, the firm we use to perform this research, began the process of contacting randomly-selected Iowa employers to become survey participants. Our desired goal this year is to survey 1,000 employers, which means that we will have surveyed over 12,000 Iowa organizations since 1999!

If your organization has been invited to participate in this year’s survey, I highly encourage your involvement. By doing so, this September you will receive a unique link via email to download a complementary electronic summary of the survey results – a $300 value!

During this time of year, Iowa employers have an on-going anticipation – an opportunity to participate in this trustworthy and credible resource on employee benefits offered within this state! Many thanks in advance to those organizations who participate in our annual survey. Without having this assistance, our survey would not be possible.

Please know that our firm is Rated A+ by the Better Business Bureau. Should you have any questions about the 2015 survey, please contact me directly.

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