KPI Benchmarks : Benefits Staffing Ratio
- Benchmark Range 580-2,037
- Benchmark Average 1086
- Benchmark Sample Size (n) 22
* Is High or Low Best: Higher is Better
Download a Sample Benefits Staffing Ratio
KPI Details : Benefits Staffing Ratio
Benefits Staffing Ratio measures the number of company-wide employees supported by each individual benefits function employee. This metric speaks to the overall staffing level of the benefits function relative to the total number of employees working for the company. A lower than average value may be related to process inefficiencies, lack of automation and/or simple overstaffing within the benefits function. While a high value for this metric is preferred, this should also be balanced with the level of service being provided to the employees of the company, as the quality of company benefits may impact employee satisfaction and turnover rates. In some cases, many aspects of benefits administration may be outsources to a third party vendor.
KPI Best Practices : Benefits Staffing Ratio
- Standardize routine procedures to minimize re-work
- Utilize employee benefits portals where employees can edit their own personal information
- Cross-train employees to handle most/all tasks across Benefits function
- Up-to-date work volume forecasting to optimize staffing levels
KPI Calculation Instructions Benefits Staffing Ratio?
Two values are used to calculate this KPI: (1) the total number of employees working for the company, across all functions within the supported regions, and (2) the number of employees working in the benefits function at the same point in time. Benefits employees should be counted as any employee whose core job function is related to developing, managing and administering the company’s benefits programs (health insurance, retirement plans, etc.). Benefits employees typically work with health insurance providers and wealth management firms to develop and enroll employees in benefits programs, then provide information and respond to inquiries from the company’s employees on an ongoing basis.
KPI Formula :
Total Number of Employees / Number of Benefits Employees
Benefits Administration Expense per Employee
The total amount of employee benefits administration-related expense incurred by the company over a certain period of time, divided by the total number of company-wide employees. Benefits ad...
KPI Type : Cost
Formula : Total Benefits Administration Expense / Total Number of Employees
KPI Benchmark Range : $44 - $354