Identifying Your True Competitors
The most relevant competitive benchmark is not the industry average — it is the specific employers you are competing with for talent. Identify the 5–10 employers you most frequently lose candidates to or lose employees to, and benchmark your benefits against theirs specifically.
Sources of Competitive Intelligence
- Exit interviews: Ask departing employees about the benefits at their new employer
- Candidate feedback: Ask candidates who declined offers about their decision factors
- Glassdoor and LinkedIn: Review competitor benefits information on public platforms
- Industry surveys: Use industry-specific benchmarking surveys
- Broker intelligence: Your broker has visibility into competitor plan designs
Prioritizing Competitive Gaps
IQ Insight
Not all competitive gaps are equally important. A gap in fertility benefits may be critical for a tech company competing for 30-year-old engineers but irrelevant for a manufacturing company with a 50-year-old workforce. Prioritize competitive gaps based on their impact on recruiting and retention for your specific workforce — not based on what is trending in the benefits industry.