trends in employee benefits 2020
Free Resource: Download our free Workplace Wellness Guide for more benefits inspiration! One-fifth of organizations report that they offer family leave (paid or unpaid) beyond the time required by federal and state FMLA. However, utilization rates have historically been on the lower end, with reports stating engagement rates as low as 5% (SHRM). 77% of employees say that the amount of paid leave influences their employer choice. If you are pro-pet, consider offering pet-friendly perks like paw-ternity leave, pet insurance or even a pet-friendly workplace.
Changes in Legislation: The Employer Participation in Repayment Act would allow employers to voluntarily give tax-free student loan assistance up to $5,250 annually per employee. Consider a few of these other, In fact, consumers spent $144 Billion online during Cyber Weekend in 2019. So, if your company employs people within that age group, you may want to look into this benefit. 2.
FMLA currently applies to less than 60% female workers, and many female employees who do qualify simply can’t afford to take time off without pay. There’s been a lot of buzz surrounding unlimited vacation or PTO, but in reality, employers have been slow to adopt this benefit.
Family-friendly benefits, personalization, well-being, flexibility, leaves of absence, and the employee experience are top trends in employee benefits.
More employers are expected to start helping employees with their student loan debt. Currently, only seven states—California, Oregon, Washington, Massussachuets, New Jersey. © 2020 Atrium Staffing. Your email address will not be published. The best part? What if your employee benefits mimicked this easy, convenient and personalized experience that we’ve all come to know and love?
Check for carrier-provided solutions or third-party options like Talk Space. From an employer perspective, being able to effectively manage and administer paid leave will be an important investment to ensure compliance. Providing child or elder care benefits can be a big differentiator for companies.
Learn more about, student loan repayment as an employee benefit. Still, we find it beneficial for leaders and HR professionals to analyze these results yearly in an attempt to get a pulse on what trends are forthcoming and the factors influencing these changes. About the SHRM 2019 Benefits Survey: Many organizations already have EAPs—which is great! The proportion of companies offering part-time telecommuting (42%) as well as standing desks (60%) and on-site quiet rooms (21%), also expanded. Benefits Administration Payroll Services Netflix, which in 2015 set a precedent by providing 52 weeks of paid parental leave to employees, says family benefits will become more accessible to varying types of households in 2020. Required fields are marked *, © 2020 PlanSource | HR and Broker Support 877-549-8549 | Sales 877-735-0468. , your health care plan must support equal coverage for mental health conditions.
Global Employee Benefits Trends Report 2020 . Please join us for our live Hot Topics and Trends in Employee Benefits for 2021 webinar on Thursday, December 3, 2020. Several states issued new laws that expanded regulation on everything from parental leave to classifying contracted employees. Benefits Administration, Blog, HR Technology - Feb 6, 2020
Dice Insights reports that instead of giving unlimited PTO, employers are offering increased time off for specific reasons such as illness, maternity and paternity leave, or bereavement.
For example, a flexible ‘wellness’ stipend could apply to anything wellness-related, like a gym membership, yoga classes, a new bike, workout gear, etc.
Your email address will not be published. Popular services include Happify, Calm and Headspace. Bringing the latest news in compliance, staffing, hiring trends and recruitment technologies right to your inbox. The cost of group health insurance continues to rise. As healthcare providers begin to take on more of the traditional wellness benefits, employers are able to offer more niche and creative options directly to their workforce. Smart companies are always taking a fresh look at the benefits they’re offering. Many organizations already have EAPs—which is great! According to the World Health Organization, an estimated 264 million people suffer from depression, with many of these people also suffering from symptoms of anxiety.
Student loan assistance. In fact, consumers spent $144 Billion online during Cyber Weekend in 2019.
A sample of HR professionals were randomly selected from SHRM’s membership database, which included approximately 300,000 individual members at the time the survey was conducted.
Flexible benefit plans allow employees to choose the benefits they want or need based on their personal situation.
Because the benefits landscape evolves over time, overall, the report showed minor shifts in coverage when comparing stats year-over-year. All Rights Reserved. Note that 65 percent of the current national student loan debt belongs to people under the age of 40. New York and Rhode Island—have passed state-level legislation mandating paid parental leave. However, programs and services benefits are also among those most impacted as a result of the Tax Cuts and Jobs Act. Currently, there is no federal mandate for any time off for fathers—paid or unpaid. 3. Have you ever unexpectedly seen and purchased something on Amazon because it was just so timely and easy? Learn more about student loan repayment as an employee benefit and whether or not it could be a good fit for your organization.
For instance, employees can select the health insurance plan, retirement options, and flexible spending account that best suit their individual needs. What do these changes mean for the future of HR in 2020 and beyond? – 13% of employers offer fully or partially subsidized onsite cafeterias 1. According to the Federal Reserve, Americans currently owe $1.5 trillion in student loans — the largest amount of nonhousing consumer debt, surpassing both auto loans and credit card debt. Legal assistance as an employee benefit provides peace of mind when it matters most. Community volunteer programs (51%), organization-sponsored sports teams (20%), and pets at work (11%) are all on the rise. 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. The estimated cost of employer-sponsored health care benefits is approaching $15k per employee in 2020. © 2020 THE AHOLA CORPORATION. Paperless Onboarding. Curious about benefits you can offer that provide a more personalized experience?
Flexible working benefits have shown somewhat of an upward trend, with part-time and full-time telecommuting on the rise (up 5% from 2018 to over 40%).
In addition, the survey aims to uncover perks that are most sought after by employees and have the highest impact on long-term job satisfaction. Though it can still be a little uncomfortable, mental health has progressed leaps and bounds to become a common topic of conversation, which has helped countless people feel more comfortable addressing common issues faced on a daily basis.
33% of U.S. adults have experienced identity theft in some form or fashion. Health-related benefits saw the greatest increase with 20% of employers indicating they increased offerings.
Learn more about pet-friendly employee benefits. This blog is for informational and educational purposes only.
And we’re not talking about the short- and long-term disability or life insurance, which are almost considered “standard”, A particularly popular perk to recruit and retain millennials, student loan repayment assistance helps employees chip away at their student debt. Employees without paid sick leave are “three times more likely to delay seeking medical care” or three times more likely to not obtain any treatment at all, according to the Society for Human Resource Management. Student Loan Repayment doubled (to 8%) since 2018, while 56% of employers offer tuition assistance for employees currently pursuing degrees. Many organizations are beginning to embrace this flexible, personalized approach to employee benefits and now offer a myriad of voluntary perks and products for employees to design their own benefits package. ALL RIGHTS RESERVED. It’s time to start building your organization’s employee benefits for 2020. .
Please consult an attorney to obtain advice with respect to any particular question or issue. Benefits that used to be commonplace like housing and relocation are now offered by a minority of organizations.
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