Top 5 Employee Benefits for 2020
Do you LOVE statistics and facts? This blog is for YOU!
In April of 2019, the Society for Human Resource Management conducted an Employee Benefits Survey to assess the popularity of more than 250 benefits! Human resource professionals were asked whether their organizations formally offered each benefit. The percentages listed in the report are the percentages of employers offering that particular benefit.
With the cost of healthcare rising, health-related benefits will keep increasing the overall percentage of benefits spent by employers. So what are the preferred health services plans? 85% said Preferred Provider Organization (example: Aetna or Blue Cross Blue Shield) and 59% said High-deductible Health Plans that are linked with a savings/spending account. However, the most popular is flexible spending accounts which is offered by 68% of employers. Employees also love to see standing desks, on-site quiet rooms, etc. to promote workplace wellness!
#2 INVESTMENT & RETIREMENT
Student loan repayment is on the minds of employees! And currently only 8% of employers offer this as a benefit while 56% of employers give some tuition assistance for employees currently pursuing degrees.
#3 LEAVE & FLEXIBLE WORK SCHEDULES
Only 1/5 organizations offer any leave, either paid or unpaid, in addition to the time required by federal and state FMLA. Flexible work benefits like telecommuting for part-time and full-time positions are trending up from 5% of employers in 2019 to 40% in 2019! That’s a huge increase!
#4 FAMILY FIRST
Childcare and elder care benefits are being valued by employees more and more. In addition, there has been a rise in employees seeking stress management programs and coaching. Wellness class are well-attended and workers value their employers contributing to their mental wellness.
#5 PROGRAMS & SERVICES
Pets are family too! Or, at least, that’s what the survey says! Pet-related benefits like insurance and daycare have become trendy and a focal point for the future. Having snacks and drinks available also shown to be of importance to employees as it increases attendance at voluntary meetings and encourages employees to socialize. Workers also value professional development such as training, education, and travel.
Need help structuring benefits for your business?
Call Brooke Winter at (530) 238-5642 OR