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Need insight, please?

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TL

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Need insight, please?

CFO asked me to benchmark our benefit % to wages against other companies benefits % of their wages. It is believed that our healthcare may be higher while our retirement is lower.

We are a small 50 employee, not-for-profit in Michigan. We pay for the medical, dental and vision (premiums) for our employees (which I was informed is not uncommon for a N-F-P). Currently our benefits percent is 16%, our retirement is 1%. Forecasted through the end of the year, our benefits of wages will be 25% (to include healthcare, retirement, unemployment insurance and FICA).

Is 16% for healthcare and 1% for retirement average for my type of organization?

Can you share what is your benefit % wages are for 2024 (healthcare and retirement)?

Thank you in Advance,

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  1. TL

    Thank you. And yes this helps. We, also, offer similar benefits as your NDP organization. Sounds like in comparison, beside the State difference, we are around the same %. I will check out the link and see if it’s has information I need.

    Thank you responding, this information is very helpful.

  2. Anonymous

    Benefits/fringe is 29% where I work in a large not-for-profit university. Our pension is 6%. I hope this helps.

  3. Anonymous

    Our benefits combined are 34% - fortune 500 company. Not sure of the breakdowns.

  4. Anonymous

    A great way to do this is to "inquire" on Small Businesses that are for sale. (Go to: BizBuySell.com and inquire are though you are interested in purchasing the business.). Once you sign the listing broker's NDA, you will be able to view the current financials of the business for sale.

  5. Anonymous

    retirement sounds VERY low. (are you providing any incentive to save in 403B?)-- You might find this article helpful. It's dated, but the tables and discussion are clear. https://www.bls.gov/opub/mlr/2016/article/nonprofit-pay-and-benefits.htm

  6. Marcia Smith

    the retirement is low - most universities match between 7-10%. Also , you can check with the Michigan Nonprofit Association - the probably have some great information/support that can help you.

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