Employee Benefits Supplier Intelligence by key partivipants - Aon Hewitt, Mercer, Fidelity, Met Life Inc.Posted by rahul nikade on April 2nd, 2024 Employee Benefits Procurement Intelligence In this employee benefits procurement intelligence report, we have estimated the pricing of the key cost components. Insurance, legally required benefits, paid leave, supplemental pay, and retirement & saving are the cost components associated with employee benefits category. Together, they account for 29.6% of the total cost. The cost per employee for these activities varied greatly from company to company, with the majority reporting spending between USD 20.01 and USD 250 per employee. Employers most frequently reported spending between USD 100.01 and USD 250 per employee on these initiatives. Most of the allowances are costs to the employers. Only medical insurance and other special allowances are outsourced to third-party companies by the employer. Special allowances include meal coupons, entertainment subscriptions, gym memberships, etc. Order your copy of the Employee Benefits category procurement intelligence report 2023-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis Operational Capabilities - Employee Benefits
Functional Capabilities - Employee Benefits
Rate Benchmarking The cost of Implementing employee benefits is significantly lower in India than in other developed countries like the US. This is due to a number of factors, including the lower cost of healthcare, the lower cost of life insurance, and the lower salaries in India.In the US, the average annual cost of employer-sponsored health insurance premiums per employee was USD 22,463 for family coverage and USD 7,911 for single coverage whereas in India, the average premium for family coverage was USD 334.54, while the average premium for personal coverage was USD 114.44. In general, a higher minimum wage can lead to employers reducing or eliminating non-wage compensation, such as health insurance, paid time off, and retirement savings plans. This is because employers have a limited amount of money to spend on employee compensation, and they may choose to focus on wages if the minimum wage increases. For example, minimum wage in the U.S. is USD 7.25 compared to USD 2.15 in India. However, there are no mandatory paid leaves offered by employees in the US whereas employees in India get about 35 paid leaves in a year. Supplier Newsletter In August 2023, Epassi Group, a provider of employee benefits, has been purchased by TA Associates and Warburg Pincus with the goal of expanding its role as a pan-European leader in digital employee benefits solutions. In June 2023, With the purchase of Benefits, an employee benefits advisory firm, together with the company's brokerage and consulting operations, Aon announced the development of the firm's Health Solutions capabilities in Chile. The acquisition considerably increases Aon's client base and the services already being offered by the company in Chile. In March 2023, Empyrean Benefit Solutions, a U.S.-based subsidiary of Securian Financial, bought Enspire, an employee communication and engagement platform, in order to provide American businesses with employee benefit-related administration tools and sympathetic support services. In July 2022, in order to increase its market share in the United States, Core Benefit Solutions, a provider of employee benefits, compliance, and human resource outsourcing services, was bought by Alera Group, an insurance and wealth management services company. In May 2022, the launch of Engage, an employee engagement platform, was announced by Willis Towers Watson, a global advisory, broking, and solutions company. Engage had intended to assist organizations in understanding variations among various workforce segments, listening to employees and capturing and responding to their needs, as well as making better personnel decisions and creating more effective HR programs and work environments. In August 2021, Up Group purchased Leeto in order to improve its offerings by adding a complementary digital service to its current offerings, including a platform that enables employees to access their benefits. List of Key Suppliers
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Employee Benefits Procurement Intelligence Report Scope
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