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Several trends in traditional and non-traditional benefits are poised to transform the HR and benefits landscapes. GENERAL TRENDS Rapid technological advancements and shifting employee expectations have added another layer to recruiting and retaining top talent. Let us help you successfully navigate everything 2024 has in store.
Employeebenefits and compensation Managing employeebenefits and compensation involves multiple processes to ensure your organization stays compliant, controls costs effectively, and promotes the health and well-being of your workforce. File FICA/FUTA: If applicable, submit forms by the IRS deadlines.
Work can be more than a job; work can be a life changing experience that gives people tools, resources, and perspectives that they take with them the rest of their lives and that benefit them in every other domain that they walk. So when we design our employeebenefits programs we’re starting with these questions: .
Quick look: SHRM recently released its annual employeebenefitssurvey 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.
Speaker: Matt Bahl –– VP, Market Lead Workplace Financial Health at Financial Health Network
While the economy is improving, many new and seasoned employees are looking for ways to improve their financial security and well-being. According to the 2021 SHRM financial well-being survey, 74% of HR professionals said their company hasn't added new benefits or expanded on existing ones since the pandemic began.
And how as a result, we need to manage employees differently, use newer technologies, etc. But what about employeebenefits? For the past twenty years, the Society for Human Resource Management (SHRM) has been publishing an employeebenefitssurvey. It means adding or enhancing core benefits.
A second HR KPI could be ‘innovative behavior’ measured in the organization’s annual employee engagement survey. Tracking workforce performance: KPIs like employee productivity or goal attainment help ensure that teams are effectively meeting their business targets. Its current score on a 10-point scale is 6.2,
employers are shuffling their employeebenefits priorities for next year, according to a new survey, moving away from new mental health initiatives and instead prioritizing efforts to control rising healthcare costs. 1 focus for new benefits initiatives at organizations with at least 500 employees.
“I don’t really care about my employeebenefits,” said no employee ever. When it comes to employeebenefits, if your business can offer it, employees want it. That’s the case for any employeebenefit, from time off to healthcare to flexible work arrangements to workers’ comp insurance.
Speaker: Gary Robinson, Sr. Vice President of Consultant Relations and Nicky Brown, Vice President of Advocacy and Government Affairs at HealthEquity
According to CNBC's Workforce Survey, nearly 80% of employees say it’s important for them to work for an organization that values and prioritizes diversity, equity, and inclusion (DEI) issues.
Employees are the backbone and driving force of any business, and with EmployeeBenefits Day fast approaching, now is the perfect time to strengthen your workforce for the long haul. EmployeeBenefits Day provides a meaningful opportunity for you to show appreciation and prioritize the needs of your employees.
That doesn’t necessarily mean that employers need to reinvent the wheel regarding employeebenefits. Rather, Gillies says, HR and benefits leaders can help their organization stand out with a “twist” on benefits already available in the market. Benefits have] been a growing priority for employees since the pandemic.
In the year since the PUMP Act took effect, the share of organizations offering an “onsite lactation/mother’s” room has risen to 73% , up 19 percentage points from 2023, according to the Society for Human Resource Management’s (SHRM) 2024 employeebenefitssurvey.
What do you think of when employeebenefits are mentioned? Organizations often fail to go beyond these standard benefits, and if they do, it’s with a few additions that are selected without much thought and seldom improved. Find out what your employees want out of an employeebenefits program.
Revisiting an organization’s employeebenefits package is essential to ensure their offerings remain competitive, sparking the need for deeper, more strategic discussions. Establish the basics Preparing clients for open enrollment involves evaluating how well their current employeebenefits plan works.
Most employees work 35 to 40 hours a week full-time, which sets clear expectations for their professional commitments. With a full-time work schedule, employees enjoy job security and all employeebenefits. These provide the much-needed downtime and rest period for employees to function at their highest capacity.
At most, 15% of employees strongly believed their employer supported any one element. Meanwhile, 41% of employees are dissatisfied with their employers’ well-being initiatives, while another 33% are indifferent, a WTW survey released in September found.
The term “employeebenefits” is used regularly, but often with a limited, traditional definition in mind. The traditional concept refers to legally mandated benefits plus a few voluntarily added by employers. What are employeebenefits? . Employeebenefits are non-salary compensation and perks.
Most students who earned doctor of pharmacy degrees borrowed money to help finance their education, according to a 2023 survey from the American Association of Colleges of Pharmacy, with the average student owing $167,711 after their studies were completed. of their income to retirement over a three-year period, on average, compared with a 5.7%
We’re going to explore some of the most progressive benefits businesses offer today and break down how to build a flexible system that supports an effective recruitment and retention strategy. What progressive employeebenefits are businesses offering? Incorporate benefits feedback into your one-on-ones and regular surveys.
Aflac’s 2023-2024 WorkForces Report found that just 48% of employees understand their health care costs “well,” while nearly 80% of employers think they do. To combat this knowledge gap, employers should hold an informational enrollment meeting to discuss available benefit options.
But our study revealed at least one critical thing both employees and managers are on the same page about: the importance of manager training. Managers want more leadership training, and employees want them to get it. Could investing more in management training programs be the next sought-after employeebenefit?
It was a time of uncertainty and back-and-forth changes, but what evolved was an insightful perspective of what employeesbenefited from most which ultimately set the tone for expectations today. Want to learn the benefits of partnering with a broker-friendly PEO like ExtensisHR? For some, five years have gone by in a flash.
Employeebenefits Your clients rely on you to present cost-effective benefits packages that cater to their increasingly diverse workforces —and that need will remain steadfast. Additionally, HR Dive’s latest Identity of HR report discovered over half (57%) of surveyed businesses utilize benefits outsourcing/consultants.
Dayforces employee engagement surveys and attendance tracking help healthcare employers understand workforce dynamics and optimize scheduling, reducing burnout among staff. It automates payroll processing, streamlines employeebenefits administration, and provides compliance assistance to ensure adherence to labor laws.
The Hidden Cost of Data Silos Fragmented Workforce Analytics Data silos occur when HR data is trapped in disparate systems: such as one platform for applicant tracking, another for performance reviews, and yet another for engagement surveys. Enhanced Employee Experience Employeesbenefit when HR data is centralized and accessible.
Employers have long utilized catastrophe insurancewhich typically covers impacts related to major disasters like floods, hurricanes and earthquakesto protect their businesses but increasingly are considering adding such coverage into their employeebenefits packages. appeared first on HR Executive.
Employeebenefits play a crucial role in attracting, retaining, and motivating top talent in any organization. However, the effectiveness of these benefits heavily depends on how much they address the needs of your workforce and how well they are communicated to your employees.
The percentage of employers with 25 to 99 workers offering healthcare fell to 77% in 2023 from 81% in 1996, according to the EmployeeBenefit Research Institute (EBRI). It decreased to 52% from 65% among employers with 10 to 24 employees, and to 23% from 34% among employers with fewer than 10 employees.
To meet employees’ growing demands and help employers maximize their investment, brokers play a key role in designing benefit packages and find partnering with a PEO delivers the ideal support. According to the survey, employees rank their financial well-being as the lowest, and 92% want more resources.
Some 54% of employeessurveyed by Betterment in October 2022 said financial anxiety has impacted their ability to focus at work. And yet, just 2% of employers offer emergency savings accounts (ESAs), according to the Society for Human Resource Management’s 2023 EmployeeBenefitSurvey.
Apple Pay or GooglePay) More recently, fintech has entered the landscape of employeebenefits and compensation. Financial wellness is top of mind for employees and employers. Investing in fintech solution can help simplify benefits and support employee well-being.
employers look to bring in talent with inclusive workplaces that center employee needs, more are expanding their benefits portfolios to include fertility-related coverage. Advertisement - According to a recent survey by the International Foundation of EmployeeBenefit Plans, 42% of U.S.
Deel can support full-time employees and contractors. This platform can be used by enterprises expanding their global footprint, providing tools to manage payroll, contracts, and compliance across multiple countries.
It’s hard to surveyemployees. Organizations could be apprehensive to ask a direct question for fear of what employees might say. So, sometimes we look to surveys as a starting point. Surveys and reports can get conversations started. Surveys and reports can get conversations started. And that’s okay.
But there’s one area where you can make a huge impact—your employeebenefits package. Additionally, they assist with childcare costs when employees return to work, demonstrating a strong commitment to fostering a family-friendly environment. A survey by Frac.tl Take Mustard Made , for example.
employees eligible for workplace benefits through their employer say they regret the choices they made during open enrollment last year, according to a survey of more than 1,000 people by financial services company Equitable. . - Advertisement - In fact, 53% of U.S. What’s to blame for these regrets?
All of these factors make it so that employees are much more likely to stick with your company. However, it’s important to keep in mind that employees value some benefits more than others. When asked about in surveys, employees often rank health benefits and extra vacation days as the two benefits they prefer the most.
Additionally, ExtensisHR offers affordable access to 15Five , a leading performance management platform that includes engagement surveys, feedback gathering, weekly employee check-ins, one-on-one meetings, performance trend tracking, and more. This is where a professional employer organization (PEO) can provide valuable assistance.
A total rewards program for employees includes four major components: compensation, employeebenefits, well-being, recognition, and development. Compensation Compensation is the total amount paid to an employee by their employer. That’s when a professional employer organization (PEO) can help.
For example, if data shows that employees in a particular department tend to leave after two years, HR can implement retention strategies like additional training, salary adjustments, or career development opportunities to improve job satisfaction.
Employee engagement is often reduced to a corporate buzzwordmeasured through annual surveys and generic HR initiatives. Too often, it becomes a numbers game, detached from the deeper relationship between employer and employee. Our latest HR Trends report revealed that disengagement costs businesses $8.8
Most employers now offer separate rooms for nursing employees to pump milk, a survey of members of the Society for Human Resource Management (SHRM) found. FSAs remain the most popular benefit in this category, with 58% of employers offering them, while just 3% offer a subsidized child care center or program, the survey found.
The percentage of employers offering healthcare benefits to employees’ dependent grandchildren is on a steep rise, doubling in the past two years, according to a recent report by the International Foundation of EmployeeBenefit Plans. Advertisement - This trend comes as 3.3% grandparents, or 6.7
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