The Baldwin Group Introduces 2024 Government Contractor Client Benefits Benchmarking Overview

May 22, 2024 at 9:00 AM EDT

TAMPA, Fla.--(BUSINESS WIRE)--May 22, 2024-- The Baldwin Group, the go-to-market brand name for The Baldwin Insurance Group, Inc. (formerly BRP Group, Inc.) (“Baldwin” or the “Company”) (NASDAQ: BWIN), an independent insurance distribution firm delivering tailored insurance solutions to a wide range of personal and commercial clients, has introduced its much-anticipated 2024 Government Contractor (GovCon) Client Benefits Benchmarking Overview by its GovCon Center of Excellence (COE).

This report is designed specifically for companies working in the GovCon space to help them better understand where their employee benefits stand in relation to the marketplace, their workforce, and related compensation and benefits expenditures and how these intersect with one another.

Employee care and well-being have emerged as a critical element of HR strategies. Employers have made significant investments in attracting and retaining talent, including increasing salaries and expanding benefits, showing their commitment to supporting their staff, both at work and outside of work. This is especially important in the world of government contractors due to the fierce competition for top talent and the low unemployment rate.

In collaboration with the Government Technology Insurance Company Risk Retention Group (GovTech), The Baldwin Group’s 2024 GovCon Client Benefits Benchmarking Overview draws from the very best data and analysis from the past few years available in the GovCon marketplace. The report includes not only internal proprietary data covering hundreds of federal contractors, but also data from organizations such as MetLife, Aprio, and others that focus on government contractors.

“Employee benefits, in particular healthcare, is commonly the second largest expense that federal contractors have next to payroll,” said Kevin FitzPatrick, leader of The Baldwin Group’s GovCon COE. “We understand that it is mission critical to keep an organization’s compensation and fringe benefits costs under control, while offering robust and affordable employee benefits. We hope this year’s report remains insightful and informative for GovCon leaders who rely on the actionable data contained within it.”

Highlights from Baldwin’s 2024 GovCon Client Benefits Benchmarking Overview include:

  • Demonstrating care has become the top reason employers invest in benefits, up from the third most important reason in 2022 (after increasing productivity and rewarding employees for COVID-19 efforts).
  • Although employees may say that compensation is the most significant factor to them, it holds equal importance as other elements in terms of driving employee care. Compensation was the only extrinsic driver that ranked among the top 15 derived drivers of care.
  • As economic hardships persist, employees are increasingly focused on the affordability of their benefits. In fact, 72% of employees consider the affordability of employer-provided benefits as a crucial factor in their organization's display of care towards employees.
  • With the implementation of Secure Act 2.0 on January 1st, 2024, which allows employers to provide matching contributions based on their employee’s student loan repayments, the GovCon COE anticipates student loan benefits to grow in popularity. Along those same lines, the number of employers providing student loan assistance has nearly doubled over the last few years, with reported assistance amounts ranging from $1,000 to $12,000 per year.
  • Despite cost-containment efforts, inflation and increasing utilization pushed up renewal rates for health insurance premiums this year. As doctor visits and medical treatments continue to rise from lower pandemic levels, higher rates are expected through the 2026 plan year.
  • 401K - a typical client will at first establish a 401K/retirement plan as a savings vehicle only, then evolve to a Safe Harbor matching style plan. Finally, they will move to a discretionary match and vesting schedule as they grow larger.

To view more trends as well as benefit program and retirement plan benchmarking examples, download our full pdf here.


This communication is for informational purposes only and does not purport to be a complete statement of all material facts related to any company, industry or security mentioned. The information provided while not guaranteed to accuracy or completeness has been obtained from third parties and is believed to be reliable. The opinions expressed reflect our judgment now and are subject to change without notice and may or may not be updated.

Investment advisory and asset management services are offered by investment adviser representatives (IARs) through The Capital Group Investment Advisory Services, LLC (TCGIAS) a registered investment adviser, and indirect subsidiary of The Baldwin Insurance Group Holdings, LLC and The Baldwin Insurance Group, Inc. You may learn more about our services at The Capital Group RIA.


The Baldwin Group, the go-to-market brand name for The Baldwin Insurance Group, Inc. (NASDAQ: BWIN) and its affiliates, is an independent insurance distribution firm providing indispensable expertise and insights that strive to give our Clients the confidence to pursue their purpose, passion and dreams. As a team of dedicated entrepreneurs and insurance professionals, we have come together to help protect the possible for our Clients. We do this by delivering bespoke Client solutions, services, and innovation through our comprehensive and tailored approach to risk management, insurance, and employee benefits. We support our Clients, Colleagues, Insurance Company Partners, and communities through the deployment of vanguard resources and capital to drive our organic and inorganic growth. The Baldwin Group proudly represents more than two million Clients across the United States and internationally. For more information, please visit


This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Baldwin’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address Baldwin’s future operating, financial or business performance or Baldwin’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” “outlook” or “continue,” or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.

Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, those described under the caption “Risk Factors” in Baldwin’s Annual Report on Form 10-K for the year ended December 31, 2023 and in Baldwin’s other filings with the U.S. Securities and Exchange Commission (the “SEC”), which are available free of charge on the SEC's website at:, including those risks and other factors relevant to Baldwin’s business, financial condition and results of operations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Baldwin or to persons acting on Baldwin’s behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Baldwin does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.


Anna Rozenich, Senior Director, Enterprise Communications
The Baldwin Group
(630) 561-5907 |


Bonnie Bishop, Executive Director, Investor Relations
The Baldwin Group
(813) 259-8032 |

Source: The Baldwin Group