Having just conducted our biennial Manufacturing Compensation & Benefits Benchmarking Study, we can shed some light on how healthcare costs are impacting local manufacturers.
There were 70 participating companies with a near even spilt among the “Over 100 Employees” and “Under 100 Employees” categories with 38 and 32 companies of each category participating, respectively.
Overall, the PPO remains the most common plan type offered and as expected with just about all plans, manufacturers have seen year-over-year increases to the tune of 8-11%. Not surprisingly then, companies are looking for cost controlling measures with the key strategy of implementing a wellness plan. In fact, 68% of participants noted the importance of a wellness program in controlling healthcare costs as important or very important.
While a wellness plan was one of the key observations uncovered from the benchmarking study, there is a significant amount of data to be analyzed. For more insights into how manufacturers are dealing with healthcare costs, you can request a copy of the 2015 Manufacturing Compensation & Benefits Benchmarking Study by clicking here.