Highlights From the Apples & Oranges MEPP Benchmarking Study Revealed (Online Seminar)
- Would you like to know how your pension plan’s benefit and contribution rates compare to other plans?
- Is your plan getting the biggest bang for the buck? Are your plan’s benefits top quartile, bottom quartile, or something in between?
- How efficient your pension plan’s risk profile is relative to others?
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Time to Flip it Around – Wellness Beyond the Corporate World
Canadian organizations generally have no problem investing in new equipment and maintaining technologies. They have maintenance contracts for their most expensive machinery and software. Yet when it comes to their “most valuable resources”, their human resources, they expect Joe Average and Jane Average to fend for themselves.
As Canadians, we have a mixed blessing. We do not see the true cost of ill-health. Our provincial health care system picks up the brunt of the tab, making it invisible to most Canadians. International studies show that our total health care spending is over 11% of GDP, placing us in the top five countries for health care spending (CIHI Spending and Health Workforce, 2014). Doesn’t that just mean we have a good health care system? Maybe, but the Conference Board of Canada’s health report card ranks us only 10th out of 17 peer countries for overall health outcome. There is much room for improvement.
Please click on the following link to download the full article in PDF format:
To learn more about PBI’s benchmarking studies, visit http://pbibenchmarking.ca/
PBI publishes Canadian Member Benefits Benchmark Report
The PBI Canadian Member Benefits Health and Wellness Group Programs – 2013 Benchmark Report has now been published. It was built to provide objective insights to non-corporate managers of benefit plans. Our inaugural report captures information on 80,000 members representing a cross-section by geography and industry.
To learn more about PBI’s benchmarking studies, visit pbibenchmarking.ca
It’s Time for Another Look at Benchmarking
According to Wikipedia, benchmarking is the process of comparing one’s business processes and performance metrics to industry bests or best practices from other industries. In the context of group insurance or health and wellness benefits, benchmarking surveys and relative value indices have traditionally been the domain of corporate HR. Benchmarking reports provide a comparison of one benefit plan against a comparable universe of plans. Some would argue that looking at what everyone else offers is equivalent to driving using only your rear view mirror, which could in turn, encourage mediocrity. However, benchmarking a benefits plan can provide several insights into a plan, engaging key stakeholders and ultimately:
- improving understanding of real priorities and opportunities of each program;
- minimizing disagreement around the true objectives of programs; and
- promoting discussion based on data rather than assumptions.
Regardless of whether comparisons are used to change or to justify a lack of change, benchmarking reports have become the standard tool for benefit plan management.
For the complete article in PDF format: It’s Time for Another Look at Benchmarking.
To learn more about PBI’s benchmarking studies visit http://pbibenchmarking.ca/
PBI Publishes Highlights of the Canadian Member Benefits Database Survey
PBI Actuarial Consultants Ltd. (PBI) has created a member benefits survey to provide plan sponsors in the world of collectively bargained benefits and multi-employer plans with a point of reference for health and welfare benefits. Today, most traditional benefit surveys focus on large corporate-sponsored plans and many specifically exclude data on employees in a collective bargaining agreement. This benefits database was dedicated exclusively to the universe of Canadian multi-employer and jointly-trusteed plans. This is the first of our annual surveys which will eventually allow participating groups to monitor key trends and statistics in the years to come.
View the official press release here: