Employee Benefits: What's Trending?
The Society for Human Resource Management (SHRM) recently released their 2017 Employee Benefit Survey – a survey that gathered information from HR professionals on the employee benefits trends that they both are seeing and have seen in the past five years.
While the survey covers a multitude of areas across the benefits landscape, these four trends stood out to us.
1. One-third of organizations increased their overall benefits.
Employee benefits isn’t an industry that’s going to stop growing any time soon, so if you haven’t yet started to take notice, it’s time to get on the boat. According to SHRM, the top reason organizations say that they are increasing their benefits was to help their hiring remain competitive.
2. Organizations paid special attention to their wellness benefits and what they bring to the table.
While benefits as a whole grew, 24 percent of organizations increased the wellness portion of their benefits plan and of those “more than three-quarters (77 percent) … indicated their wellness program was somewhat or very effective in reducing health care costs, and 88 percent rated their wellness initiatives as somewhat or very effective in improving employees’ health.”
3. Financial advice is trending up.
Financial advice/wellbeing programs are being offered more than ever and the trend continues to move upward (comparing 36 percent of employers offering the benefit in 2016 to 49 percent in 2017).
“Nearly one-half (49 percent) [of employers surveyed] provided some type of financial advice,” SHRM said. “Whether it was online, one on one or in a group or classroom format. This benefit can help employees improve their financial management skills, plan how to manage debt, and hopefully alleviate stress and worry as a result of this type of education.”
4. It’s important to stay innovative.
If SHRM’s survey should teach us anything it’s that the benefits industry continues to changes year over year, and with that, it’s important for employers to stay innovative in what they’re offering and what they need to keep an eye on in the future.
“In today’s competitive talent marketplace,” SHRM said. “It is imperative for organizations to make informed and strategic decisions about what benefits to offer as part of their total rewards strategy… Continually assessing the fit of offerings with your organization’s culture are crucial steps in securing the organization’s current and future talent needs.”
DHS Group’s team is ready to help you make sure your benefits are on-trend, ensuring happier and healthier employees now, and in the future. To get started, contact us here.