trends in employee benefits

Now we will begin to see more mid-market companies follow suit. Companies can reduce turnover by nearly 140 percent with the right mix of benefits, according to research from Paycor. Given the scale and far-reaching impact of mental ill-health on productivity, absenteeism, presenteeism and turnover, this should come as no surprise. Stay up to date with industry news & events. Learn More: The Hidden Benefits of Cultivating a Strong Culture Through Team Building. Once you've accepted, then you will be able to choose which emails to receive from each site. Please choose which emails to receive from each site. Whether the stress originates at work or at home, employers still bear the cost of distracted, anxious or depressed employees. The last few years have brought about some big changes in the world of employee benefits. Teach communication skills because poor communication is the number one source of employee workplace stress. Elder-care benefits go mainstream. Just reach out to your local benefits administrator and tell them you’d like to offer employees the ability to customize their benefits. The report gathered information on the types of benefits companies currently offer their employees or those they plan to offer in the next 12 months. Benefits are an increasingly important factor in attracting and retaining top talent, and can play an important role in setting your company apart from competitors. While companies like Facebook and Apple ® are offering to freeze its female employees’ eggs as a way to recruit more diverse talent, other companies are jumping on the crazy train and offering even weirder workplace perks. Why financial wellness is a must-have employee benefit. The emergence of telemedicine services is enabling employees to receive swift diagnosis and treatment plans at a time and place that suits their home and work demands. In 2019, many employers will seek to educate employees about the value of the HSA as an investment vehicle, and some may increase employer contributions into HSA instead of 401(k). Amid the increasingly fierce talent war, shifting demographics and lifestyles prompted employers to offer a richer new menu of benefits types, from pet insurance and identity protection to telemedicine. For these reasons, employers are rapidly adopting financial wellness benefits, including financial counseling services and student loan repayment programs. But how much are our benefits really worth? The Affordable Care Act now compels employers with as few as 50 staff to provide minimum coverage and to report to the IRS, whilst COBRA requires those with as few as 20 provide coverage to transitional workers. As such, businesses are left with no choice but to allow their employees to work from home. Financial wellness programs have emerged as a key employee benefit in the last few years and COVID-19 has only strengthened demand for resources that can help employees deal with their finances. A third of compensation costs go towards employee benefits and some employees would forgo a raise for better work-life balance or better healthcare benefits, but almost half of employees don’t even understand the benefits their employer already offers. Smart organizations are turning to technology to reduce costs and deliver better benefits that lead to happier and more productive employees. How businesses choose to respond to this will vary, but you can expect to see some organizations adding better benefits. Employers are having to adapt and respond, or they risk failing to attract and retain top talent – all the while ensuring new benefits initiatives align with demanding corporate objectives and budgets. Aging parents present a new level of anxiety for millennials who have often left their hometowns to make it in the big city. Among large companies (40,000+ employees), 15% offered tuition repayment, up nearly 90% in one year. In the US, employers and benefits advisors will take a closer look at the benefits of Health Savings Accounts (HSAs) for employees. A more flexible approach to work-life balance will also top the agenda for companies employing older workers along with the needs of  the ‘squeezed middle’ that is facing burgeoning child and elder care responsibilities. We are starting to see a clear trend towards a consumer-style tech experience in the delivery of employee benefits. Efforts to raise awareness of workplace mental health have catapulted this issue up the corporate agenda in recent times. Emotional health, family-friendly perks, and employee-benefit tech trends lead the way in new ways employers are broadening their benefits efforts to meet the changing demands of their workforce. The demand for employee benefit customization will grow. Open enrollment may have just ended , but it’s never too early to start thinking about emerging benefit trends. Targeting the four key aspects of employee wellness to build a better employee benefits package. MORE, Earlier this year, SHRM released its 2017 Employee Benefits Report , and the results are clear: Employee benefits are hot, and employers are using them to get the people with skills they need.

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