Benefits Administration Statistics

Benefits Administration Statistics 2023: Facts about Benefits Administration outlines the context of what’s happening in the tech world.

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Top Benefits Administration Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 20 Benefits Administration Statistics on this page 🙂

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Benefits Administration “Latest” Statistics

• According to the Guardian’s Workplace Study, more than half of employers raised their expenditure on benefits-related technology by more than 20% during the previous three years.^[1]
• Today, less than 10% of businesses claim to utilize real-time connections in any capacity for benefits management.^[1]
• According to William Blair, the employee benefits technology industry will expand at a 7% rate until 2027.^[1]
• From 2021 to 2031, employment of compensation and benefits managers is anticipated to increase by 2%, albeit more slowly than the average for all professions.^[2]
• 20% of workers claim they don’t read their summary plan descriptions or attend workplace benefits meetings when it comes to benefit mail.^[3]
• Over the previous 10 years, the majority of companies have increased their expenditure on technology connected to benefits, and more than 50% anticipate additional increases over the next three years.^[3]
• 379706 businesses in the U.S. that manage human resources benefits will increase by 5% by 2022.^[4]
• We analyzed the resumes of 1,514 employee benefits administrators and discovered that, on average, they remain in their positions for 1-2 years or 34% of their careers.^[5]
• It’s interesting to note that employee benefits administrators make up 79% of the population and have an average age of 40.^[5]
• Bachelor’s degrees are most often held by managers of employee benefits which is obtained by 67% of employee benefits managers.^[5]
• White accounts for 70.5% of all employee benefit managers, making it the most prevalent ethnic group.^[5]
• Spanish, at 64.5%, is the most often used foreign language among administrators of employee benefits.^[5]

Benefits Administration “Other” Statistics

• Since 2012, investor growth in HR technology has increased by more than 40% yearly, reaching $5 billion in 2019.^[1]
• Every 12 months of evaluations, VBA’s quality assurance methodology is intended to provide accurate estimates with a 5% margin of error and a 95% confidence level.^[6]
• According to Gartner, employees manage papers or document-based information for 20 to 30% of the workweek.^[3]
• Current technology can automate 56% of the work that human resources departments carry out according to McKinsey Global Institute.^[3]
• 70% of workers believe that the significance of additional perks will increase over time.^[3]
• Through 2022, HR will concentrate on intelligent automation in the amount of 45% and employee experience portal layers in the amount of 48%.^[3]
• The 41% lower productivity in HR managers is attributed to manual procedures, according to McKinsey HR managers who do not completely automate.^[3]
• Today, more than 1in 10 HR managers are already seeing signs of artificial intelligence, and 55% predict it will emerge in the next five years.^[3]

Also Read

How Useful is Benefits Administration

One of the key reasons why benefits administration is so essential is that it helps organizations attract and retain top talent. In today’s competitive job market, employees are looking for more than just a paycheck – they want comprehensive benefits packages that provide them with security and peace of mind. By offering competitive benefits packages and effectively administering them, organizations can set themselves apart from their competitors and become an employer of choice.

Furthermore, benefits administration is essential for ensuring compliance with a myriad of laws and regulations governing employee benefits. From the Affordable Care Act to the Family and Medical Leave Act, there are a host of federal and state laws that organizations must adhere to when it comes to providing benefits to their employees. Failure to do so can result in fines, lawsuits, and damage to a company’s reputation. By having a robust benefits administration system in place, organizations can ensure they remain compliant with all relevant laws and regulations.

Additionally, benefits administration plays a critical role in promoting employee wellness and engagement. Beyond just providing benefits, organizations must also effectively communicate and educate employees about the various programs available to them. A well-executed benefits administration program can help employees make informed decisions about their benefits, leading to better utilization of available resources and increased overall satisfaction with their employer.

Another often overlooked benefit of benefits administration is the cost savings it can bring to an organization. By effectively managing benefits programs and negotiating with vendors, organizations can maximize the value of their benefits packages while keeping costs in check. Additionally, benefits administration can help identify trends in employee usage of benefits, allowing organizations to tailor their offerings to better meet the needs of their workforce.

In conclusion, benefits administration is far more than just a mundane administrative task – it is a critical function that can have a significant impact on the overall success of an organization. From attracting and retaining top talent to ensuring compliance with relevant laws and regulations, benefits administration plays a vital role in supporting the well-being of employees and the overall success of the organization. Organizations that prioritize benefits administration and invest in effective systems and processes stand to gain in terms of employee satisfaction, cost savings, and competitive advantage in the marketplace.

Reference

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1. market-bridge – https://market-bridge.com/2021/09/21/2021-group-benefits-continuing-rise-of-benefits-admin-platforms-as-a-channel/
2. bls – https://www.bls.gov/ooh/management/compensation-and-benefits-managers.htm
3. everythingbenefits – https://www.everythingbenefits.com/blog/your-comprehensive-list-of-hr-benefit-stats
4. ibisworld – https://www.ibisworld.com/industry-statistics/number-of-businesses/human-resources-benefits-administration-united-states/
5. zippia – https://www.zippia.com/employee-benefits-manager-jobs/demographics/
6. va – https://www.benefits.va.gov/reports/detailed_claims_data.asp