Comparing Employee Benefits Offered by Manufacturers
One way manufacturers are retaining talent is by offering more competitive employee benefits. OMA Connections Partner Barnes Dennig recently published the results of its 2019 Manufacturing Compensation & Benefits Benchmarking Study, which surveyed manufacturers in Ohio, Kentucky, and Indiana. The study found the following:
Only about half of the companies surveyed offer 401(k) plans. Of those that did, employee contributions per month were comparable for small and large companies.
Besides 401(k) plans, the top benefits offered by all companies were: health insurance; group life; vision; dental; and disability.
About 95% of companies said that wellness programs were important in controlling costs.
Only 17% of companies cover an employees’ spouse under their health plans.
Many companies are using alternative plan funding such as self-funded plans to reduce plan costs — taking on additional risk, which reduces the carrier profit.