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Quick look: SHRM recently released its annual employeebenefits survey depicting what benefits remain high-priority and which are trending upward. Though the popularity of some benefits may not come as a surprise, there are a few important changes to note which brokers can help their clients get ready for.
Heightened economic uncertainty combined with increased financial pressures on budgets are transforming how HR and benefits leaders design employeebenefit strategies, according to a recent survey. Rising healthcare costs, however, are an increasing obstacle.
Moreover, employees view their employers as responsible for financial wellness efforts. According to MetLifes EmployeeBenefit Trends Study 2024 , 92% of employees want more consistent care from their employers. Wellness benefits must support both immediate financial challenges and long-term goals.
Health savings accounts (HSAs) are a popular employeebenefit, serving as a core component in an estimated 22% of employeebenefit plans. This unique HSA feature fulfills a growing need for retirement savings. million closed last year, according to a study by Devenir. Not convinced this is your responsibility?
Quick look: With new employees starting their careers and others delaying retirement, the workforce as we know it is changing, and personalized benefits have taken on new significance. Today’s workforce spans five generations, from Baby Boomers to Gen Z, each with unique needs and expectations when it comes to employeebenefits.
The Current Landscape of Compensation Packages Most companies are aware that salaries and benefits play a critical role in employee satisfaction. Larger companies offer a mix of performance-based bonuses, stock options, flexible benefits, and comprehensive retirement plans.
Employees look for solutions to their unique problems from building retirement savings to handling unexpected medical expenses. Compared to years prior, employees are more interested in retirementbenefits and paid leave opportunities. Here are the most important benefits your company needs in 2025.
Yet, despite the rising spotlight on employee wellbeing post-pandemic —with employers increasingly taking a holistic view of wellbeing through comprehensive employeebenefits offerings, experts say—those who could most benefit from such support are the least likely to utilize it.
Employee communications Employee retention Workplace culture MORE FROM EMPLOYEEBENEFIT NEWS Employeebenefits 7 approaches to implement flexible commuting policies Improve productivity with flexible commuting policies. Benefits boost engagement and cut costs. All rights reserved.
Inclusive employeebenefits shape your team members’ engagement and satisfaction. The benefits that you offer affect a team member’s loyalty to the company. An inefficient benefits package could cause hires to seek out more positive and inclusive environments.
Like a car owner’s manual in the glovebox, it’s okay if the majority of healthcare paperwork gets filed away for emergencies. Severe health issues can lead to early retirement and long periods of absence. This also plays a part in mental health, as employees with more on their mind are more distracted and less productive.
Instead, employees are prioritizing well-being, work-life balance, and meaningful perks that enhance their overall quality of life. This shift has prompted companies to rethink their approach to employeebenefits, transforming perks from “nice-to-haves” into critical elements of a robust employee value proposition.
The Supreme Court has barred a retired firefighter from continuing a lawsuit against her former employer under the Americans with Disabilities Act (ADA). In a June 20 ruling, the justices held 8-1 that the retiree, Karyn Stanley, lacked standing to sue over the employer’s decision to discontinue a post-employment healthcarebenefits program.
The types of employeebenefits an organization provides carry weight in today’s employment market. Compensation on its own is not enough to engage employees and attract job seekers who now expect more comprehensive rewards for their work. Contents What are employeebenefits? Why are employeebenefits important?
The Centers for Medicare & Medicaid Services’ website offers a comprehensive glossary of healthcare coverage and medical terms, such as: Deductibles. ERISA protects plan participants and their beneficiaries, but as studies show, the law doesn’t guarantee that employees understand their healthcarebenefits or make the right plan choices.
Employeebenefits success is all about communication. A third of compensation costs go towards employeebenefits and some employees would forgo a raise for better work-life balance or better healthcarebenefits, but almost half of employees don’t even understand the benefits their employer already offers.
What types of employeebenefits are most appreciated among the different generations in the workplace? That’s what we’ll take a look at in this article that’s based on a recently released study on employeebenefits. Contents What are employeebenefits? What are employeebenefits?
In fact, according to Forbes Advisor , 40% of employers believe that workers would leave their current jobs to find employment that offers better benefits. Well-tailored, helpful employeebenefits go a long way toward keeping your existing team members satisfied while also attracting new talent.
government is covering the cost of healthcare for COVID-19-positive patients, emphasis has shifted to having adequate medical coverage — no matter your age or current health status. Employers have many options when considering providing healthcarebenefits to staffers. SMBs can work directly with carriers to negotiate benefits.
employers’ cost to provide employeebenefits, measured as a percentage of pay, increased 24% between 2001 and 2015, fueled largely by a doubling in healthcarebenefit costs, according to a new analysis by Willis Towers Watson, a leading global advisory, broking, and solutions company. of pay in 2001 to 18.3%
But are all the benefits you offer serving the needs of your people? Some benefits might look great on paper, but your people might not need or use them. There are plenty of different examples of employeebenefits, but that doesn’t necessarily mean you need them. For example, parental leave supports new parents.
Doing so will make employees and candidates feel like your company is noting these negligible rewards because it lacks substantive incentives. it also includes healthcarebenefits, time off, recognition programs, and more. Employeebenefits and incentives. What do total rewards encompass?
employers’ cost to provide employeebenefits, measured as a percentage of pay, increased 24% between 2001 and 2015, fueled largely by a doubling in healthcarebenefit costs, according to a new analysis by Willis Towers Watson (WTW). This reallocation has major implications for employers and employees alike.”.
Previously, employeebenefits were referred to as “fringe benefits” or “perks.” ” These are non-financial services given to employees in addition to their salaries. These work benefits can include paid leave, medical care, life insurance, and retirementbenefits.
4 top benefits trends for 2022. The pandemic has brought big changes to what employees need from their benefits programs. The employeebenefits needs of the post-pandemic workforce look very different than they have in the past. Here are 4 of the top employeebenefits trends to keep in mind for 2022.
Instead, there is a growing need for HR professionals to develop a deep understanding of diverse employee needs, particularly regarding healthcare and retirement planning. Medicare expertise within HR departments can bridge the gap between traditional employeebenefits and the need for comprehensive retirement planning advice.
The adjustments for 2024 for individual and family contribution limits mark its most significant increase by both percentage and amount—ever,” emphasizes Jason Bornhorst, co-founder and CEO of First Dollar, a healthcarebenefits technology company. The HSA adjustments for individuals jumped 7.8%
Expand healthcarebenefits. Employee Wellness Area #4: Community Wellness. Employees want to engage with the communities they live in. They want to pay off debts, manage their monthly expenses and save for retirement. . Enroll employees in a 401(k) or a comparable retirement savings program.
With unemployment at a 50-year low, health and welfare benefits have become a big differentiator for employers, which means they need to be competitive to attract and retain employees. 1 What are competitive employeebenefits? It’s no longer affordable to offer “Cadillac” plans with low employee contributions.
According to SHRM, 95 percent of employers surveyed chose healthcarebenefits as the most important to the majority of their employees. A strong healthcare, dental and vision package can be used by employers to attain and retain talent for them. Retirement. Those include: Benefit Pension Plan. 401(k) Plan.
When people are looking for their next move, they’re considering many factors, including compensation, location, and various benefits (vacation, leave, healthcare, flexible working arrangements, etc). Employeebenefits are more important now than ever, with COVID-19 making people reconsider what it means to be part of the labor force.
Managing employeebenefits and compensation is an essential function for any organization that wants to attract, retain, and motivate top talent. Employee compensation and benefits are critical components of an organization’s total rewards package, which is a key factor in employee satisfaction and engagement.
In fact, 75% of patients are wanting deeper personalization in healthcare from providers. Top talent employees want similar personalization options from their employers’ provided healthcarebenefits. PEO Premier® helps our customers make that expectation a reality.
It highlights key areas business leaders should focus on to create solutions which better fit employee needs in order to drive retention and secure a successful future. Additionally, SMB employees were the only surveyed segment which didnt report saving for retirement as their top financial priority.
of employees rank compensation as the top factor in job satisfaction. With nearly 40% of mid-career professionals prioritizing mandatory paid leave and over 80% seeking comprehensive healthcarebenefits, it’s clear that designing a thoughtful compensation package is key to talent attraction and retention. In fact, 83.4%
developing an employee handbook or healthcarebenefits administration). Employees leaving because their company enters a PEO relationship is virtually unheard of. Earlier we compared PEOs to HR directors, but that doesn’t mean that joining a PEO will make letting go of your internal human resources staff inevitable.
As an HR professional, perhaps you understand that the beacon isn’t as bright as many believe it to be; in truth, retirement may be only the beginning of the troubles. Recent findings from Voya Financial align with Lane’s perspective, finding that the real cost of health care in retirement isn’t on the radar screens of most Americans.
From well-being to flexibility, continuous learning to personalized perks, let's understand the game-changing employeebenefits trends that will take lead in the near future. Costco, for instance, is known for offering high-quality healthcarebenefits to its employees at a reasonable cost.
Things such as paid time off (63 percent said it was very important), flexibility (53 percent), and family-friendly benefits (35 percent) strongly influenced employee satisfaction with their jobs. The traditional money-based programs, such as retirementbenefits, were also important. This consists of: Salary. Recognition.
This enables eligible businesses to take advantage of an affordable way to offer healthcarebenefits to their workers. This also allows more flexibility in how employers can design their plan and the amount of money they can contribute towards an employees’ healthcare. How does it work for my employees?
Despite a variety of personalized benefits being desired by employees today, quality health insurance still remains the most important benefit to staff. However, the cost of healthcarebenefits continues to outpace even inflation.
Gallagher is a leading insurance brokerage and risk management company that provides comprehensive employeebenefits and wellbeing solutions to organizations. With a commitment to delivering high-quality and personalized services, Gallagher helps organizations create healthy and productive work environments for their employees.
Offer retirement plans and other incentives All compelling job offers highlight additional employeebenefits. Does your organisation encourage participation in healthy pursuits, including leave days to support sports or hobbies?
Human Resource professionals wear many hats and manage a variety of responsibilities – from recruitment to retirement. Managing EmployeeBenefits. Since years, Paid Vacation Time, Affordable Care Act, 401k plans, Health Insurance and other benefits have been a pain point for HR. Employee Retention.
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