Final answer:
Employee census data, including details from The Current Population Survey, is used in the benefits bid process to evaluate and design employee benefit plans, assess workforce makeup, and ensure competitive and appropriate offerings.
Step-by-step explanation:
The employee census data is an important component in the benefits bid process for a company. This data, which can be sourced from The Current Population Survey published by the United States Census Bureau for the Bureau of Labor Statistics, includes detailed information about labor supply, employment demographics, and earnings.
The employee census data is used to assess the makeup of an organization's workforce and provide insights into various factors such as age, gender, educational attainment, labor force participation rates, and other demographic groups.
These insights are critical when designing or updating employee benefit plans such as health insurance, retirement plans, employer payments to Social Security, unemployment and worker's compensation insurance, Medicare, and total compensation packages.
Companies and insurance providers utilize this data to evaluate the risks and costs associated with providing benefits, ensuring that the benefits offered are competitive and appropriate for the workforce. The comprehensive nature of the census data also allows employers to develop strategies for wellness programs, establish fair compensation, and adhere to compliance with regulations on benefits.