NEW YORK, Sept. 16, 2019 /PRNewswire/ -- Namely, the leading HR platform for midsized companies, announced the immediate availability of its new benefits benchmarking report. The product delivers insights on how a company's benefit offerings stack up against comparable companies in the same industry and geography. With data on the competitiveness of cost structures as well as insights on the popularity of benefits with employees, benefits benchmarking delivers a full view of what is typically one of the costliest line items for a business.
"Great employee benefits are essential in today's highly motivated job market," said Nick Christman, SVP of product at Namely. "Understanding exactly how competitive your benefits package is shouldn't mean relying on your gut instinct. We're giving midsized companies the insights they need to make data-driven decisions about how they invest in their most important asset, their people."
Benefits benchmarking is part of Namely's larger HCM benchmarking package, a people analytics product powered by machine learning that helps businesses make strategic, data-driven HR decisions. It uses machine learning to search through millions of real-world scenarios impacting business-critical workforce dynamics, including benefits, attrition, retention, diversity, and more. The innovation indexes big data to extract insights, identify trends, and distill business-specific intelligence for each client. It delivers insights to make small adjustments that can have a big impact on critical business issues.
"Selecting benefits for your company is a strategic decision," said Matt Monahan, VP of employee benefits at Namely. "We help our midsized clients understand what other in-kind employers are covering, what plans are most impactful, and whether employees embrace non-traditional benefit perks. By helping them understand what they're up against, we can help them compete and win the race for talent."
Benefits benchmarking is available for 11 industry segments and another 11 geographies, with 22 options total. The product helps clients understand which benefits are most popular, what the total cost structures are for specific types of coverage, and how businesses across industry and geography offering the benefits split costs with employees. The methodology maps benefits to strategic quadrants that span: essential, niche, differentiated, and underutilized.
Namely is the #1 HR software company that empowers midsized businesses to build better workplaces. Its cloud-based software brings HCM, benefits, insights, payroll, and time into a single-view platform to help modern HR teams make data-driven decisions about their people and understand what's really going on in their workforce. The Namely ecosystem includes powerful integrations with market-leading applicant tracking, identity management, ERP, E-Verify solutions, and more. Serving more than 1,400 clients with 280,000 employees globally, the company is backed by leading investors including Altimeter Capital, GGV Capital, Matrix Partners, Scale Venture Partners, Sequoia Capital, Tenaya Capital, and True Ventures. For more information, visit www.Namely.com.