Employee Benefit Participation - Medical, Life Insurance, Retirement Benefits

Description

Employee Benefit Participation charts display information about the programs for which employees signed up. This metric is usually reported for each individual employee as well as at a department, division and area level.

Business Case

Employee Benefit Participation charts are used by line managers to review employee benefit selections, and potentially recommend or highlight additional programs that might be of benefit to the employee.  HR Professionals can use aggregate benefit participation information to do periodic benefit package reviews and recommend changes to under-subscribed programs.

Required Data

Retirement Plan Participation   Example: 401K, Company Matching – 2%
Medical Plan Participation   Example: Medical Only
ESPP Plan Participation   Yes, 10% gross salary

Samples

Implementation Considerations

There are many considerations that can be taken into account when defining the employee benefit calculation.  In fact, multiple employee benefit metrics may be desirable.  Some metrics are listed below.  Your HumanConcepts Professional Services Consultant can work with you to define calculations that take into account the available data and your business needs.

Medical, Life Insurance, Retirement Benefits

Most organisations report individual and aggregate benefit participation for all common employee benefits, such as medical, dental and vision coverage, optional life insurance coverage and retirement plan participation, such as 401K plans. 

Employee Stock Purchase Plan, Tuition Reimbursement

Example: ESPP – 10% of gross salary, Finance Course – 2 units, Community College
In addition to reporting information on common benefit plans, many organisations also report participation in optional plans, which may only be available to tenured employees, or employees at a certain job grade level.  Common plans include Employee Stock Purchase Plans (ESPP) and Tuition Reimbursement.  Given visibility into the participation data, line managers can encourage employees to participate in plans from which the employee would benefit most.

Department, Division, Area

Example: Finance, Consumer Products Division, California
Reporting benefit participation by department, division or area often provides important insights into the organisation.  Low subscription rates may mean that employees at a given location do not find a benefit valuable, or know little about it.  In ether case, HR Professionals can re-evaluate the program and potentially replace it with one that is less expensive, or more attractive to employees.