By gaining a better understanding of employee preferences with Benefitwave, a Midwest-based engineering firm with over 400 employees received valuable insights on where to invest and what changes to implement in their benefits packages for 2025.
What is BenefitWave?
BenefitWave is a survey tool that transforms traditional feedback methods. Leveraging cutting-edge technology and drawing on decades of consulting expertise, we help unravel what truly matters to employees by presenting benefit trade-offs to help employers better understand employees' benefit preferences to maximize their benefits program.
The Situation
The engineering firm sought to gain deeper insights into what their employees valued most as they considered potential changes to their benefits offerings. The company was evaluating several modifications, including:
Slight adjustments to the medical plan
Introducing a Volunteer Time Off Day
Modifying the retirement match
To achieve this, they partnered with C&B to implement an innovative employee survey that also explored mental health resources and the competitiveness of their benefits.
Why They Needed Change
Employee Satisfaction: Understanding employee preferences was crucial for enhancing satisfaction and retention, ensuring that benefits aligned with what employees valued.
Competitive Advantage: In a tight job market, attractive benefits are essential for attracting and retaining top talent, prompting to reassess their offerings.
Financial Considerations: Potential changes to the 401(k) match and medical contributions could significantly impact employee morale, making it vital to gauge sentiment before making decisions.
Mental Health Support: With growing awareness of mental health issues, it was important to evaluate the effectiveness of their resources, particularly for higher-income employees.
Strategic Investment: Gaining insights into employee values would guide in making informed investments in their benefits package for 2025 and beyond.
Key Results
The Cottingham & Butler Approach
Expert Guidance
Our experienced consultants help every step of the process – building, refining, distributing, and analyzing your survey. They possess deep industry knowledge which plays a crucial role in aligning employee needs with cost-effective benefit solutions.
Trade-Off Preferences
Understanding trade-off preferences is key to discovering what employees value most. By presenting various benefit options and their trade-offs, employers can identify priorities and what sacrifices employees are willing to make, leading to more relevant benefits packages.
Data-Driven Design
Data-driven design is essential for creating tailored benefit programs that attract and retain talent. By analyzing employee feedback and utilization rates, organizations can pinpoint key decisions that influence satisfaction, ensuring benefits are competitive and aligned with employee needs.