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 purposes of benefits administration is to ensure that employees are well taken care of and have access to valuable resources that can enhance their overall well-being. By providing comprehensive benefits packages, employers can demonstrate their commitment to the health and financial security of their employees. This, in turn, can boost morale, productivity, and loyalty among employees who feel valued and supported by their employer.

Furthermore, benefits administration plays a critical role in helping employers stay competitive in the ever-evolving job market. In today’s competitive labor market, job seekers are increasingly looking beyond just salary when evaluating potential employers. Comprehensive benefits packages that include health insurance, retirement plans, and other valuable perks can give employers a competitive edge in attracting and retaining top talent.

In addition to attracting and retaining top talent, effective benefits administration can also have a positive impact on employee engagement and satisfaction. Employees who feel supported by their employer and have access to valuable benefits are more likely to be engaged in their work and committed to the success of the organization. This can result in increased productivity, improved job performance, and a more positive work culture overall.

Moreover, benefits administration can also help businesses save money in the long run. By offering competitive benefits packages, employers can reduce turnover rates and avoid the costs associated with recruiting, onboarding, and training new employees. Additionally, providing benefits such as wellness programs can help employees stay healthy and reduce healthcare costs for both employees and employers.

Overall, benefits administration is a valuable tool that can help employers create a positive work environment, attract and retain top talent, and ultimately drive organizational success. Employers who invest in comprehensive benefits packages and effective benefits administration can not only enhance the well-being and satisfaction of their employees but also improve their bottom line. It is essential for employers to recognize the importance of benefits administration and prioritize it as a crucial aspect of their overall business strategy.

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