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We looked at multiple data sources to discover how much companies spend on their employee benefits. The following numbers are the cumulative cost for each benefit, including the monetary and time cost for HR and Benefits Managers.
- Family health insurance: $1,350
- Office space: $900
- FICA: 750
- Individual health insurance: $600
- Snacks and meals: $300
- Commuter benefits: $250
When looking at the data, we were most surprised by the hidden time cost associated with each benefit. Employers spend, on average, 10 hours per week maintaining the different vendors for their benefits programs. This is why when we were conceiving of Climate Benefits, we wanted to build the product to be self-service and easy to use. Less time spent on setting up the software meant more money was put back into the employees pocket.
Climate Benefits costs $5 per employee / month plus the amount of funds you want to allocate to carbon offset projects per month. On average, our customers contribute $50 per employee / month to their climate benefits program.
Another measure we're looking into is "employee value". Meaning, what benefits give the most value, per dollar, to employees. To measure the "employee value", we're spending time looking at factors such as retention, productivity, and job satisfaction. More to come in a future blog post about this!
Sources:
- Kaiser Family Foundation 2019
- Market Watch 2015
- ADP 2019
- CNBC 2017
- Forbes 2018
- BenefitResource.com
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