*SMLR-Net, the source of selected news on labor and employment relations and human resource management.*
* * 2012 Employee Benefits Research Report: The Employee Benefits Landscape in a Recovering Economy from Society for Human Resource Management (SHRM) http://bit.ly/LaJm8g
SHRM’s 2012 Employee Benefits research report, sponsored by Colonial Life, provides comprehensive information about the types of benefits U.S. employers offer to their employees. In 2012, 297 benefits were explored, covering health care and welfare benefits, preventive health and wellness benefits, retirement savings and planning benefits, financial and compensation benefits, leave benefits, family-friendly benefits, flexible working benefits, employee programs and services, professional and career development benefits, housing and relocation benefits and business travel benefits. The report also examines trends in employee benefit offerings over the last five years.
Excerpt from Executive Summary:
The employee benefits landscape has changed profoundly over the last 10 years. It has been transformed primarily by the escalating costs of benefits, coupled with legislative changes and new benefit options. Over the last three years, HR benefits budgets have experienced substantial cuts because of the economy. As a result, employers are shifting employee cost accountability and decision-making to employees. This has forced organizations to be creative in their efforts to remain competitive in the recruitment and retention of employees. It is not surprising that this research confirmed that employers continue to remodel their benefits plans, giving employees greater responsibility to manage their benefits.Noteworthy findings from this research include:
• Health care and welfare: Health savings accounts (HSAs) have continued to gain in prominence in recent years.
• Preventive health and wellness: Over the last five years, there has been an increase in the percentage of organizations providing health and lifestyle coaching, health care premium discount for getting an annual health risk assessment, health care premium discount for not using tobacco products, and rewards or bonuses for completing certain health and wellness programs.
• Retirement savings and planning benefits: Employer-sponsored retirement plans continue to shift toward defined contribution retirement savings plans and Roth 401(k) savings plans. However, there was a decline in the percentage of organizations that offered employer-matching contributions to the defined contribution savings plans.
• Financial and compensation benefits: Financial and compensation benefits have experienced considerable declines in the last five years. The most significant decreases were to automobile allowances for business use of personal vehicles, business cell phone or smart phone for personal use, credit union, employee computer purchase discounts (not a loan), employee discount on company services, employee referral bonus, employee stock purchase plan, life insurance, life insurance for dependents, matching employee charitable contributions, and sign-on bonus (executive and nonexecutive).
• Leave benefits: Paid time off plans, which combine traditional vacation time, sick leave and personal days into one comprehensive plan, continue to gain in popularity.
You can find the Full Report, Executive Summary, Figures, Tables, and Experts Q and A’s on the SMLR website: http://bit.ly/LaJm8g At this point, membership is not required to read or download it.
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