Benefits Consulting Providers Statistics 2024

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Best Benefits Consulting Providers Statistics

Best Benefits Consulting Providers Statistics

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Benefits Consulting Providers Benefits Statistics

In a year, one third of organizations increased their overall benefits, mainly health (22%) and wellness (24%). ^[0]
How Employers Benefit from Wellness Programs For 25% of employers, the top goal of wellness benefits is increased productivity. ^[0]
The truth is that every number & statistic related to employee benefits, health, insurance has an automatic 1,000% distortion factor because of vast variations of uses of basic vocabulary & terms. ^[1]
Another survey of employers that have in house benefits managers reports that 79% of employers use TPAs. ^[1]
A true study would show that probably 80% of the health benefits market uses some form of self funding, and a majority use some form of TPA. ^[1]
More importantly, 91 percent of employees surveyed believed that their employers should care about their emotional health, and 85 percent said that behavioral health benefits were important when evaluating a new job. ^[2]
According to the 2008 Mental Health Parity and Addiction Equity Act, mental health benefits in health plans in the United States should be comparable to physical health benefits. ^[2]
A prepandemic survey of more than 600 firms by benefits consultant Willis Towers Watson reported that the proportion of employers measuring the stress level of their employees was projected to increase from 16 percent to 53 percent by 2021. ^[2]

Benefits Consulting Providers Market Statistics

In 2020, the global consulting market was estimated to be worth approximately 132 billion U.S. dollars. ^[3]
After experiencing continuous growth between 2015 and 2019, due to the impact of the coronavirus pandemic in 2020, the consulting sector is estimated to have suffered a significant revenue loss across all markets and segments. ^[3]
In a 2021 HubSpot Blog poll of 1,000+ global marketing professionals, 79% of marketers report buying paid advertising on social media. ^[4]
According the same poll, 85% of marketers rank shortform videos as the most effective type of social media content in 2021 64% of marketers plan to invest more in short form video in 2024. ^[4]
82% of marketers repurpose content across various social media channels. ^[4]
83% of marketers believe the quality of social media posts is more important than the quantity. ^[4]
In a 2021 HubSpot Blog poll, 79% of marketers report buying paid advertising on Facebook. ^[4]
According to the same poll, more than 50% of marketers plan on increasing their investments in Facebook, YouTube, and TikTok in 2024. ^[4]
Facebook ads are used by 70% of marketers, and there were 10 million active advertisers on the platform in Q3 2021. ^[4]
81% of businesses prefer video marketing on Facebook. ^[4]
In a HubSpot Blog poll of 1,000+ global marketers, 79% of marketers plan to continue investing in Twitter Spaces in 2024. ^[4]
In a 2021 HubSpot Blog poll, 58% of marketers plan to leverage Instagram Reels in 2024. ^[4]
98% of marketers say Instagram is the most influential platform for influencer marketing, which is 44% higher than Facebook. ^[4]
In a 2021 HubSpot Blog poll of 1,000+ global marketers, 73% of marketers prefer Instagram for influencer marketing. ^[4]
In a 2021 HubSpot Blog poll of 1,000+ global marketers, 44% of marketers plan to leverage YouTube for the first time in 2024. ^[4]
54% of all people want marketers to put out more video content, and this is an excellent place to begin. ^[4]
In a 2021 HubSpot Blog poll of 1,000+ global marketers, 61% of marketers plan to increase their investment in TikTok marketing in 2024. ^[4]
73% of marketers believe that their efforts through social media marketing have been “somewhat effective” or “very effective” for their business. ^[4]
A true study would show that probably 80% of the health benefits market uses some form of self funding, and a majority use some form of TPA. ^[1]
Over the next five years the Human Resources Consulting Services market will register a CAGR 4.5% in terms of revenue and the global market size will reach USD in million by 2028. ^[5]

Benefits Consulting Providers Software Statistics

Writing, modifying, testing and supporting software to meet the specific needs of one client Planning, design and integration of computer or network systems Onsite management and operation of IT functions 00.5% increase 0. ^[6]

Benefits Consulting Providers Latest Statistics

In the United States the consulting revenue decreased by approximately 12.5 percent. ^[3]
According to consultants themselves, the most prestigious consulting firm in the United States in 2020 was McKinsey & Company. ^[3]
66% of employers desire a mobile first app for their employees. ^[0]
Half of the employers (49%). ^[0]
Companies are less interested in implementing outcome based wellness programs, from 72% in 2017 to 39% in 2019. ^[0]
Currently, 60% of organizations provide wellness initiatives. ^[0]
Over the last five years, the number of employees using standing desks has become more than three times larger, rising from 13% in 2013 to 44% in 2017. ^[0]
Wellness trends that encourage employees to get up from their desks and move more throughout the day include providing fitness tracking bands (8%) and arranging fitness competitions/challenges (28%). ^[0]
48% of employees believe that investing in professional development is one of the most effective stress reduction methods that their organization can do. ^[0]
80% of employees at pet friendly businesses report that having pets close while working makes them feel “happy, calm, and social.”. ^[0]
Financial security services, such as access to budgeting resources, debt management tools, or student loan counseling, are now included in 84% of companies’ wellbeing plans. ^[0]
The most popular wellness programs are smoking cessation (91%), physical activities (86%), and weight management (79%). ^[0]
About 87% of employees said they consider health and wellness offerings when choosing an employer. ^[0]
More than 68% of employers prioritize well being as a business objective. ^[0]
70% of employees enrolled inwellnessprograms have reported higher job satisfaction than those not enrolled in the companies’ program. ^[0]
Employee well being is a vital part of business plans for 78% of employers. ^[0]
56% of employees had fewer sick days because of wellness programs. ^[0]
Employee morale is cited as the most improved (54%). ^[0]
62% of participants in a wellness plan said that it helped them lower healthcare costs. ^[0]
77% of workers would exercise more if their workplace had a gym that they could use during work hours. ^[0]
61% of employees would join a workplace fitness program to help reduce their health insurance costs. ^[0]
38% of participants in a wellness program said that it helps them take fewer sick days. ^[0]
63% of employers offering wellness programs reported increased financial sustainability and growth. ^[0]
Companies with highly effective health and wellness plans are 40% more likely to report better financial performance than low. ^[0]
About 77% of employees think that workplace wellness programs positively impact the company culture. ^[0]
59% of companies agree that workplace wellness programs can help reduce costs. ^[0]
Companies with an employee engagement program enjoy 233% higher customer loyalty. ^[0]
91% of employees in organizations run by executives who support wellbeing initiatives believe they are motivated to achieve their best at work. ^[0]
Companies with highly successful health and productivity initiatives generate 11% more revenue per employee, 1.8 fewer days absent per employee per year, and 28% higher shareholder returns. ^[0]
74% of businesses consider employee wellbeing vital and beneficial for recruiting and maintaining employees. ^[0]
89% of employees who work in companies promoting well being activities are more likely to recommend their company as an excellent workplace. ^[0]
48% of employees are reporting that company sponsored training has helped them the most to manage stress. ^[0]
3 in 5 workers say they are burned out in their current job, and 31% of respondents report extremely elevated levels of stress at work. ^[0]
61% of employees feel stressed and burned out on the job. ^[0]
insomnia (26%), aches and pains (24%), excessive anxiety (23%), and weight gain (18%). ^[0]
Women of all ages participate in wellness programs 38% more than men. ^[0]
Millennials participated in social challenges 48% more on average than age groups 40. ^[0]
Baby boomers are 66% less likely to participate in challenges that require a fundamental change to their routine. ^[0]
Campus bike sharing programs, walking paths and adding healthy cafeteria menus are just some of the ways that 70% of employers have started to implement to encourage healthier behaviors. ^[0]
61% of employees enrolled in their company’s wellness program have reported a healthier lifestyle change. ^[0]
87% of employees are expecting supportive employers for achieving work. ^[0]
63% of employees in pet friendly workplaces have reported greater satisfaction with their work environment. ^[0]
78% of employees said that they would use their company gym if their employer had one. ^[0]
53% of companies desire to foster a culture of health and wellbeing. ^[0]
The most common ethnicity among Benefits Consultants is White, which makes up 70.2% of all Benefits Consultants. ^[7]
Comparatively, there are 13.5% of the Black or African American ethnicity and 7.3% of the Hispanic or Latino ethnicity. ^[7]
White, 70.2% Black or African American, 13.5% Hispanic or Latino, 7.3% Asian, 6.1%. ^[7]
Unknown, 2.1% American Indian and Alaska Native, 0.8%. ^[7]
Using the Census Bureau data, we found out how the percentage of each ethnic category trended between 2010 2019 among Benefits Consultants. ^[7]
Interestingly enough, the average age of Benefits Consultants is 40+ years old, which represents 79% of the population. ^[7]
The most common degree for Benefits Consultants is Bachelor’s Degree 71% of Benefits Consultants earn that degree. ^[7]
A close second is Associate Degree with 11% and rounding it off is Master’s Degree with 10%. ^[7]
Bachelors, 71% Associate, 11% Masters, 10% High School Diploma, 3% Other Degrees, 5% Benefits Consultant Wage Gap By Education Benefits Consultant Employment Statistics Company Size. ^[7]
By looking over 3,890 Benefits Consultants resumes, we figured out that the average Benefits Consultant enjoys staying at their job for 1 2 years for a percentage of 31%. ^[7]
Benefits Consultant 22.99% Corporate Recruiting Manager 13.02% Head Of Information Systems. ^[7]
12.30% Material Project Manager 11.62% Assistant Branch Manager 9.88% Business Office Director 7.93% Supervisor, Quality Control Laboratory 4.38% Profession. ^[7]
The most common foreign language among Benefits Consultants is Spanish at 54.5%. ^[7]
The secondmost popular foreign language spoken is French at 8.3% and Carrier is the third most popular at 7.6%. ^[7]
Spanish, 54.5% French, 8.3% Carrier, 7.6% German, 5.3% Chinese, 3.8%. ^[7]
The payoffs for valued, great experiences are tangible up to a 16% price premium on products and services, plus increased loyalty. ^[8]
In the U.S., even when people love a company or product, 59% will walk away after several bad experiences, 17% after just one bad experience. ^[8]
32% of all customers would stop doing business with a brand they loved after one bad experience. ^[8]
In Latin America, 49% say they’d walk away from a brand after one bad experience. ^[8]
Nearly 80% of American consumers say that speed, convenience, knowledgeable help and friendly service are the most important elements of a positive customer experience. ^[8]
82% of U.S. and 74% of non U.S. consumers want more of it in the future. ^[8]
Today, 59% of all consumers feel companies have lost touch with the human element of customer experience. ^[8]
And there’s a mismatch between customer expectations and how employees deliver only 38% of U.S. consumers say the employees they interact with understand their needs; 46% of consumers outside the U.S. say the same. ^[8]
40% of Gen Zers (vs. 24% for everyone surveyed). ^[8]
Among all customers, 73% point to experience as an important factor in their purchasing decisions, behind price and product quality. ^[8]
Yet the number of companies that say creating better customer experiences is a digital priority has dropped to just 10% in 2017 , down from 25% in 2016, according to PwC’s Digital IQ survey. ^[8]
That’s a problem, especially since 54% of U.S. consumers say customer experience at most companies needs improvement. ^[8]
63% of employees say that their financial stress has increased since the start of the pandemic Majority of younger employees are experiencing increased financial stress due to the pandemic Source. ^[9]
Less than half (47%). ^[9]
Nearly half (49%). ^[9]
Almost half (42%). ^[9]
Meanwhile, the weight of caregiving responsibilities during the workday affects the vast majority of those with dependent children 83% reporting having at least one child at home during the workday. ^[9]
There’s some indication that employees are saving more 58% of employees are saving more than 10% of their income (vs. 50% last year). ^[9]
Seventy two percent have saved more than $1,000 to deal with unexpected expenses (up from 62% last year). ^[9]
Consistent with recessionera behaviors, among the two thirds of employees who say they’ve changed their spending behavior in the last 12 months, 43% have saved more money and many have reduced their spending on essential items. ^[9]
With more than 50% of financially stressed employees embarrassed to ask for help with their finances, employers need to ask about financial health in ways that preserve employee dignity and privacy. ^[9]
Employees are changing their spending habits 65% of employees have changed their spending behavior in the past 12 months* 4. ^[9]
With over 53% of the world’s population on social media, it’s critical that your business has an effective social media strategy that helps you reach your intended audience. ^[4]
54% of social browsers use social media to research products. ^[4]
While 71% of teens claimed to use the platform in 2015, the number has now dropped to 67%. ^[4]
69% of U.S. adults use Facebook and 76% have visited the platform in the last month. ^[4]
98.3% of Facebook users access the platform on mobile devices. ^[4]
16% of all Facebook profiles are fake or duplicates. ^[4]
In 2019, 22% of U.S. adults used Twitter, down from 24% in 2018. ^[4]
Link clicks account for 92% of all user interaction with tweets. ^[4]
Tweets with hashtags get 100% more engagement. ^[4]
Socially responsible ads on twitter perform 12% better than standard ads. ^[4]
93% of Twitter community members are open to brands getting involved in conversation, such as providing help and support. ^[4]
67% of Gen Z and 57% of Millennials use the platform,. ^[4]
in comparison to only 38% of Gen X. 64% of Instagram users are under the age of 34. ^[4]
Videos get 21.2% more interactions compared to images and 18.6% more interactions compared to carousels. ^[4]
90% of people on Instagram follow a business. ^[4]
83% of people use Instagram to discover new products and services and 87% said they took specific action, like making a purchase, after seeing product information. ^[4]
eMarketer estimated that Instagram added 26.9 million users between 2016 and 2020 — almost double the incremental users expected for Twitter, and far more than any other social platform tracked. ^[4]
As of July 2021, 51% of Instagram users were female and 48% were male. ^[4]
As of Q2 2021, 60% of LinkedIn users were between 25 and 34 years old. ^[4]
In Q1 of 2021, LinkedIn revenue is up 16% in YoY growth. ^[4]
LinkedIn made more than 8.1 billion in revenue in 2020, a 20% increase from 2019. ^[4]
It grew 44 percent yearover year in Q1 of 2019. ^[4]
82% of B2B markers report finding the greatest success on LinkedIn. ^[4]
Over 46% of all social media traffic to company websites comes from LinkedIn. ^[4]
18to34year olds use YouTube to view video content on TV, 7.9% more often than basic cable, and 14.5% more often than premium cable. ^[4]
YouTube accounts for more than 25% of total worldwide mobile traffic. ^[4]
85% of U.S. teens were active on YouTube in 2019. ^[4]
41% of global TikTok users are between the ages of 16 and 24. ^[4]
58.8% of U.S. TikTok users are female. ^[4]
In 2020, Reddit had 52 million daily active users, up 44%. ^[4]
Most Reddit users in the U.S. are male, but 15% of U.S. adults say they use the platform. ^[4]
Only 8% of female U.S. adults say they used Reddit in 2019. ^[4]
Answering a complaint on social media can increase customer advocacy by 25%. ^[4]
79% of consumers expect brands to respond within a day of reaching out over social media, but average brand response rates across all industries is lower than 25%. ^[4]
54% of social browsers use social media to research products. ^[4]
54% of Gen Z and 49% of Millenials say social media is their preferred channel for ad influence. ^[4]
79% of people say that user generated content on social media significantly impacts their purchasing decisions. ^[4]
Revenue growth will likely coincide with broader economic recovery in the wake of the COVID. ^[10]
attach_money Market Size $24bn business Number of Businesses 53,060 poll Average Industry Profit Margin x.x% Purchase this report or a membership to unlock the average company profit margin for this industry. ^[10]
212,436 Biggest companies in the HR Consulting industry in the US Deloitte Touche Tohmatsu Limited Market Share x.x% Purchase this report or a membership to unlock our full summary for this industry. ^[10]
Providing employee assessments Providing advice for recruitment and retention 00.5% increase 0. ^[10]
A survey several years ago found that 91% of employers outsource their health & insurance to a third party. ^[1]
30% do so “completely” and 61% partially. ^[1]
As different as those statistics seem, when distilled down to bare facts, they support a similar picture that TPAs handle over 60% of workers in non federal health benefit progams. ^[1]
At SPBA’s founding in late 1975, the original members optimistically estimated that 60 firms might ever be eligible TPAs. ^[1]
For example a trade press survey of nonTPA employers & insurers on two major laws found 91% of the non TPA plans were unaware or unprepared for the requirements of one law and 81% unaware or unprepared for the other law on the day the laws took effect. ^[1]
Studies show that the corporate overhead of TPA firms is as much as 40% less than that of insurance companies. ^[1]
But, acting in his position of great responsibility, in the middle of the COVID 19 crisis, Mendonca had “told myself and my team that we all have to operate at 120 percent. . .. ^[2]
The National Center for Health Statistics noted a suicide rate increase of some 35 percent between 1999 and 2018, with the rate growing approximately 2 percent a year since 2006. ^[2]
Depression increases suicide risk about 60 percent of people who die by suicide have had a mood disorder. ^[2]
The Health Care Cost Institute’s 2018 report disclosed that per person spending on mental health admissions increased 33 percent between 2014 and 2018, while outpatient spending on psychiatry grew 43 percent. ^[2]
Between 2007 and 2017, the percentage of medical claims associated with behavioral health more than doubled. ^[2]
Based on analysis by McKinsey , COVID 19 could result in a potential 50 percent increase in the prevalence of behavioral health conditions. ^[2]
A new survey by the Kaiser Family Foundation reported that 45 percent of Americans felt that the COVID 19 crisis is harming their mental health; while 19 percent felt that it is having a “major impact.”. ^[2]
In a recent poll from the Pew Research Center , 73 percent of Americans reported feeling anxious at least a few days per week since the onset of the pandemic. ^[2]
Between midFebruary and mid March 2020, prescriptions for antianxiety medications increased 34 percent. ^[2]
During the week of March 15, when stayathome orders became pervasive, 78 percent of all antidepressant, antianxiety, and anti insomnia prescriptions filled were new. ^[2]
A study of more than 36,000 people found that this was true of 62 percent of people with mood disorders, 76 percent of people with anxiety disorders, and 81 percent of people with substance use disorders. ^[2]
First, young people are both more likely to have behavioral health issues young adults between the ages of 18 and 25 had the highest prevalence of any mental illness and more willing to talk openly about psychological well being and to seek assistance. ^[2]
A 2015 peer reviewed study estimated the total cost of major depressive disorder in the United States to be $210 billion, a figure that had increased 153 percent since 2000. ^[2]
More than a third of the group 50 percent of millennials and 75 percent of Gen Z respondents reported that they had actually left jobs at least partly because of mental health. ^[2]
A McKinsey survey of approximately 1,000 employers found that 90 percent reported that the COVID 19 crisis was affecting the behavioral health and often the productivity of their workforce. ^[2]
We found that obtaining an antidepressant increased the odds of subsequently receiving a drug for diabetes by 30 percent, cancer by 50 percent, and heart disease by almost 60 percent. ^[2]
People who received antidepressants were more than 300 percent more likely to later use sedatives and 400 percent more likely to obtain an amphetamine prescription. ^[2]
if their employers found out, 20 percent worry that they don’t have time to get help, and 15 percent find that the providers listed in their company’s plan were too limited, not available, or didn’t actually provide services under the plan. ^[2]
A Deloitte study conducted in the United Kingdom reported, among other things, that just 22 percent of line managers had received some form of training on mental health at work, even though 49 percent said that even basic training would be useful. ^[2]
A 2017 report by Milliman noted that an office visit with a therapist was about five times as likely to be out of network and therefore more expensive than an office visit with a primary. ^[2]
One study showed that 60 percent of US counties did not have one psychiatrist. ^[2]
One SAMHSA report noted that 55.2 percent of adults with mental illness received no treatment in the previous year. ^[2]
An April 2018 article in the peer reviewed Journal of Occupational and Environmental Medicine found that about 86 percent of employees reported improved work performance and lower rates of absenteeism after receiving treatment for depression. ^[2]
A McKinsey study of about 1,000 employers noted that about 60 percent said they were starting, continuing, or expanding their behavioral health services. ^[2]
According to the Business Group on Health, onethird of employers with more than 5,000 employees said they would offer behavioral health counseling onsite in 2020, a big increase from the one fifth that did so in 2018. ^[2]
483,247 poll Average Industry Profit Margin x.x% Purchase this report or a membership to unlock the average company profit margin for this industry. ^[6]
2,332,943 Biggest companies in the IT Consulting industry in the US pie_chart Accenture PLC Market Share x.x% Purchase this report or a membership to unlock our full summary for this industry. ^[6]

I know you want to use Benefits Consulting Providers, thus we made this list of best Benefits Consulting Providers. We also wrote about how to learn Benefits Consulting Providers and how to install Benefits Consulting Providers. Recently we wrote how to uninstall Benefits Consulting Providers for newbie users. Don’t forgot to check latest Benefits Consulting Providersstatistics of 2024.

Reference

myshortlister – https://www.myshortlister.com/insights/employee-wellness-statistics.
spbatpa – https://spbatpa.org/article/everything-you-wanted-know-about-tpas-were-afraid-ask.
mckinsey – https://www.mckinsey.com/industries/healthcare-systems-and-services/our-insights/mental-health-in-the-workplace-the-coming-revolution.
statista – https://www.statista.com/topics/2247/consulting-services-industry-in-the-us/.
hubspot – https://blog.hubspot.com/blog/tabid/6307/bid/23865/13-mind-bending-social-media-marketing-statistics.aspx.
marketwatch – https://www.marketwatch.com/press-release/human-resources-consulting-services-market-growth-statistics-2024-global-trend-industry-size-share-business-strategies-emerging-technology-product-portfolio-countries-data-demand-status-and-forecast-2028-2024-04-06.
ibisworld – https://www.ibisworld.com/united-states/market-research-reports/it-consulting-industry/.
zippia – https://www.zippia.com/benefits-consultant-jobs/demographics/.
pwc – https://www.pwc.com/us/en/services/consulting/library/consumer-intelligence-series/future-of-customer-experience.html.
pwc – https://www.pwc.com/us/en/services/consulting/workforce-of-the-future/library/employee-financial-wellness-survey.html.
ibisworld – https://www.ibisworld.com/united-states/market-research-reports/hr-consulting-industry/.

How Useful is Benefits Consulting Providers

One of the key advantages of working with benefits consulting providers is their ability to offer personalized solutions tailored to the specific needs and goals of each organization. By taking the time to understand the unique dynamics of a company, these providers can recommend benefits packages that not only meet legal requirements but also align with the organization’s values and objectives. This level of customization can result in increased employee engagement and retention, as employees feel valued and supported by their employer.

In addition to customizing benefit packages, benefits consulting providers can also help organizations stay compliant with a myriad of regulations and requirements. As laws and regulations governing employee benefits continue to evolve, it can be challenging for companies to keep up to date and ensure they are meeting all legal obligations. Benefits consultants have the expertise and experience to navigate these complexities, ensuring that organizations remain in compliance and avoid potential penalties or legal issues.

Another significant benefit of working with benefits consulting providers is their ability to negotiate cost-effective benefit solutions on behalf of their clients. With their in-depth knowledge of the benefits market and access to a wide network of providers, consultants can leverage their relationships to secure competitive rates and favorable terms for their clients. This can result in cost savings for organizations while still providing employees with valuable and comprehensive benefits.

Beyond cost savings, benefits consulting providers can also help organizations streamline their benefits administration processes, saving time and resources. By implementing efficient technology solutions and automating manual tasks, consultants can help companies simplify their benefits programs and reduce the administrative burden on HR teams. This allows HR professionals to focus on more strategic initiatives and ultimately drive greater value for the organization.

Overall, benefits consulting providers play a crucial role in helping organizations navigate the complex world of employee benefits. Their expertise, personalized approach, and ability to deliver cost-effective solutions can make a significant impact on employee satisfaction, retention, and overall organizational success. By partnering with benefits consultants, companies can better meet the needs of their employees, stay compliant with regulations, and drive positive business outcomes.

In Conclusion

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Benefits Consulting Providers Statistics 2024 – Everything You Need to Know