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.

For more on the survey, see Barnes Dennig’s summary. 9/16/2019