NEW YORK--(BUSINESS WIRE)--Sibson Consulting recently released its inaugural College & University Benefits Study (CUBS), which analyzes data from nearly 200 higher education institutions about their benefits programs.
“Wellness is a clear priority for institutions working to reduce benefit costs, as the majority of institutions cited that becoming a healthy campus is an important initiative for 2013. We predict the next big priority to be employing a consumer-directed approach to healthcare.”
Kelly Jones, Senior Vice President and Sibson’s Higher Education Practice Leader, notes that “Higher education institutions are extremely interested in how the benefits they provide compare to those of their peer institutions. We know that the CUBS database is a powerful tool that provides benefits programs with the information they need for fine-tuning or redesigning their institutions’ benefits programs.”
The study highlights institutions’ health plan strategies for 2013 and the changes they are making as a result of the Affordable Care Act.
According to Leonard Spangher, Vice President and one of the study’s authors, “Wellness is a clear priority for institutions working to reduce benefit costs, as the majority of institutions cited that becoming a healthy campus is an important initiative for 2013. We predict the next big priority to be employing a consumer-directed approach to healthcare.”
Other key findings include:
- Nearly 70% of participating institutions indicated that educating faculty and staff about cost-effective use of their health benefits is a major health initiative for 2013.
- Institutions’ median contribution to their DC retiree income plans was 10% of compensation, more than three times greater than the median seen in the corporate sector.
- Tuition benefits are a valuable tool for recruiting and retention, with competitive differences arising from how institutions incorporate limits, such as waiting periods, the number of credits available, where courses can be taken and who is eligible for this benefit.
The full report is available here:
Sibson Consulting (www.sibson.com), a member of The Segal Group, provides strategic human resources solutions to corporate and non-profit employers and professional service firms. Sibson's services include benefits, compensation, talent and performance management, communications, sales force effectiveness and change management.