According to the Society for Human Resource Management (SHRM)’s 2012 Employee Benefits research report, the employee benefits landscape has changed profoundly. As such, employers are shifting employee cost accountability and decision-making to employees.
According to SHRM’s report, here are some key findings for employers:
- 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 discounts for getting annual health risk assessments, health-care premium discounts 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: The most significant decreases were to automobile allowances for business use of personal vehicles, business cell phones or smart phones for personal use, credit unions, and employee computer purchase discounts (not a loan).
- 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.
- Family friendly benefits: With the exception of adoption assistance and elder-care referral service, these benefits have remained relatively stable in recent years.
- Flexible working benefits: After slight declines between 2008 and 2010, the percentage of organizations offering some form of telecommuting is once again trending upward.
The Manufacturer & Business Association is compiling a Regional Benefits Survey for northwest Pennsylvania. Look for results on a local scale to come in early 2013 at www.mbausa.org.
