Employers are increasingly broadening their scope of employee benefits offerings to meet the changing demands of their workforce according to a recent wide-ranging survey of more than 1,000 organizations conducted by WorldatWork with underwriting support from Korn Ferry.
Elder-care resource and referral services, women advancement initiatives and disaster relief funds are among the benefits that had statistically significant increases from 2017 to 2018.
In addition, telemedicine offerings, identity theft insurance, unpaid sabbaticals and paid parental leave also saw increased participation in 2018.
The table shows the programs that had statistically significant use increases in organizations this year compared to 2017.
“The prevalence of many of these non-traditional benefits shows an acknowledgement on the part of employers that employees have concerns and responsibilities outside of their jobs. These benefits help address those issues, which increases employee loyalty and productivity,” said Korn Ferry Senior Principal Malinda Riley. “We are also impressed with the increase in women’s advancement initiatives, which will contribute to stronger, more balanced leadership teams.”
The study also found that some benefits that have increasingly been in the headlines are not being adopted quickly by organizations. Only 9 percent of respondents say they offer an unlimited paid time off (PTO) program, and only 6 percent of the respondents say they offer college debt repayment programs.
Experts recommend that companies closely review which benefits will make the largest impact on their workforce.
“While the possibilities for meeting employee needs through benefits programming are endless, it’s important to note that not all emerging programs will be a good fit for an organization,” said Alison Avalos, director of membership and total rewards strategy at WorldatWork. “Employer brand perception, organizational culture and workforce demographics are just a few of the factors that should be considered when determining whether an emerging program will be a worthwhile addition to an organization’s total rewards package.”
NOTE: Credentialed journalists may request a complimentary copy of the survey report by contacting Melissa Murdock at firstname.lastname@example.org
From Elder-Care Resources to Women Advancement Initiatives, New Survey Shows Rise in Several Emerging Employee Benefits Programs
Source: HR.com Articles