Once a year the Society of Human Resources Management (SHRM) meets at its annual conference. Every year this conference delivers insights into the latest HR trends. One of the methods SHRM uses to explore these trends is through the SHRM Employee Benefits Survey.
The 2018 Employee Benefits Survey brought a handful of key insights to this year’s conference. Here are 5 simple numbers that explain the 2018 Employee Benefits Survey:
Thirty-four percent of organizations surveyed increased their benefits offerings in the past year. But if costs of benefits are increasing, how are benefits offerings increasing?
The answer is voluntary or enhanced, benefits. These benefits help attract job seekers without raising your benefits’ fixed costs. Through enhanced benefits, your company can support employees in multiple facets of their lives, without breaking the bank.
Read more about the positive impact of voluntary benefits.
Sixty-two percent of employees offer, “health care services such as diagnosis, treatment, or prescriptions provided by phone or video.” This is an increase of 28 percent over last year’s survey. The continued rise of mobile technology has coincided with the rise of telemedicine.
And telemedicine can have a multitude of practical benefits for your business. For example, most employers are able to offer a virtual physician and a 90-day generic prescription, for the same price as one in-person doctor’s visit.
Learn how telehealth can support your employees.
Seventy percent of employers offer some form of telecommuting option to their employees. The work environment is a critical component of any organization. And telecommuting can help improve your company’s work environment.
In addition to your culture, telecommuting options can improve both your employee retention and productivity. A previous study from SHRM found 89 percent of HR professionals reported an increase in employee retention by implementing flexible work arrangements.
A 2015 Collaborative Worker Survey, found similar results for employee productivity. Out of employees who worked remotely, at least a few times per month, 77 percent reported greater productivity while working offsite.
Read more about the advantages of flexible work.
Six different parental leave benefit categories saw increases in organizational offerings, compared to last year. Maternity, paternity, adoption, parental, foster child, and surrogacy leave all grew in use, last year.
Parental leave, of any sort, is an extremely important employee benefit. According to the Harvard Business Review, 42 percent of job candidates say paid maternity/paternity leave is an important factor when choosing a job opportunity.
Only 4 percent of respondents said they’re offering a company-provided student loan repayment benefit. Student loan repayment, while potentially costly, is invaluable to many employees and candidates. Especially for younger professionals or those who have recently graduated.
Students in the U.S. have now taken out a collective $1.3 trillion in student loans. It will take the average student over 21 years to pay off their student loan debt. In fact, several of your employees are likely struggling with this type of debt, right now. Consequently, student debt loan repayment will only grow in importance.
Read how student loan repayment can benefit your business.
These five statistics show us the state of employee benefits currently, and where the industry will go in the future. Employee benefits are as vital to your business success as they are ever-changing. Come back to The Olson Group to keep up with all the latest employee benefits news.