Benefits Trends You Need to Know
Unemployment is at record low levels creating a highly competitive employment market. Employers are searching for options to attract and retain top talent like raising pay to introducing new benefits. From changes in healthcare options to student loan assistance, these are the most influential trends in employee benefits this year.
More than 70% of organizations increased their benefits offerings to retain employees in the last 12 months, according to the Society for Human Resource Management(SHRM). This can be attributed to the fact the unemployment rateis at its lowest in 18 years. With such a tight labor pool, employers have gotten creative, leveraging new and improved benefits packages to keep employees on board.
Healthcare costs have been rising substantially since 2014, leaving employers with the arduous task of balancing costs and employee satisfaction. Health reimbursement programs have grown in popularity as a method of creating more attractive health benefits while balancing the growing cost of healthcare. Another growing trend in the healthcare realm is the prevalence of health savings accounts (HSA). Over half of employers offer this benefit currently, according to SHRM.
Wellness incentives and wellness programs have gained significant traction this year with a 44% increase in this benefits area. Over three-fourths of employers offer some form of wellness resources currently. Wellness benefits can include incentives for activities such as company-organized fitness competitions, receiving a flu shot, or quitting a smoking habit. The goal is to promote healthy lifestyles which will lead to happier, more productive employees. Wellness benefits also include standing desks, CPR/first aid training, financial advice, and other physical and emotional well-being activities.
Paid Leave Benefits
The most notable increase in paid leave benefits includes time off for maternity and paternity leave. Organizations offering paid maternity leave has risen by 35% in two years, and 29% for paid paternity leave. Paid leave has increased in other areas as well, including adoption, foster child, and surrogacy leave. Employers have caught on to the fact that providing adequate paid leave is an effective way to increase employee satisfaction.
Other Trending Benefits
Other new and creative benefits introduced recently include student loan assistance and identity theft coverage. As more millennials make their way into the ranks of businesses everywhere, employers have developed student loan assistance benefits to help. This benefit comes either in the form of actual money or access to secondary lenders who can offer lower interest rates.
The risk of identity theft is very real as the number of data breaches continue to rise. To safeguard their organizations and to provide a benefit to employees, more employers are offering identity theft coverage. Basically, this benefit provides insurance to reimburse costs associated with clearing up identity theft issues, according to U.S. News & World Report.
As you work to improve your organization and attract and retain top talent, let Charles Foster help you! As experts in the industry and an established staffing firm in the Charleston area, we have the network and resources to find the right one for you. We stay ahead of the trends and can help you navigate the changing face of employment.