SHRM (Society for Human Resource Management) recently released their 2017 Employee Benefits Survey, a review of the most impactful benefits trends over the past five years. In a world where employees shape the benefits landscape, these insights are key strategies for remaining competitive in a challenging talent marketplace.
Here’s what employers need to pay attention to.
1. One-third of organizations increased their overall benefits offerings in the last 12 months.
Fact – top benefit programs are attracting the top recruits. Prospective employees aren’t just looking for a job, they’re seeking growth opportunities, generous paid-time off, a ridiculous 401k match, and collaborative company culture. Plus, 40% of employees are currently considering the possibility of finding new employment. The impulse for change? Higher compensation and better benefits.
2. Employers lose big bucks when their employees don’t understand their benefits.
Employee benefits account for 30% of total compensation costs, yet half of all employees don’t understand their company’s benefits plan. Given the substantial cost to employers and the importance of benefits to employees, a failure to fully leverage benefits costs lump sums.
3. 40% of organizations cite flexible work arrangements as one of the most effective recruiting strategies.
The top talent demands flexibility in their job, and flexible working benefits are a cost-effective way to help employees balance their work and personal lives. Take a look at what the top companies are now offering their employees.
4. One third of organizations offer coverage for part-time employees.
It’s no secret, successful companies are mindful of their employees’ health and happiness. Providing health care benefits for spouses, domestic partners, and dependents is a sure-fire way to recruit and retain top talent.
5. 60% of organizations now offer a general wellness program.
Of the organizations that do, over 75% rated their initiatives as somewhat or very effective in improving employee health and in reducing the cost of health care for employees. Standing desks are the fastest growing benefit in the workplace, followed by fitness challenges, discounted fitness devices, and the simple urge to take more breaks.