Benchmarking is the process of studying industry or competitive practices, functions and products and finding ways to meet them or improve upon them. Companies from all different industries and provinces use benchmarking to gauge their successes, pinpoint their shortcomings and identify new trends. The general process of benchmarking involves identifying problem areas and product prevalence, selecting top competitors who excel where a company falls short and making the necessary adjustments.

This strategic tool can be used on a national, provincial or industry basis to compare the performance of your group benefits plan with the group benefits plan of other companies inside and outside of your industry.

BFL CANADA’s strategic benchmarking report will help you compare your benefits plan against those of other companies and provide you with expert advice that is both cost effective and of high value to your employees. This will enable you to identify if your current benefits plan meets the needs of your business goals or if certain aspects need to be revisited and updated in regards to your employees’ coverage.

With our experienced benefits consultants and in-house actuarial services team, we can evaluate your organization’s group benefits plan design versus the competition and ensure you attract and retain the best talent and gain a competitive edge, while managing your benefits costs.