Employers Maintain Balance in Benefits, SHRM Survey Shows |
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Written by U. S. Insurance News
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Monday, 30 June 2008 |
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Here’s a silver lining for U.S. workers in an otherwise stormy economy:
employers are maintaining a balance in employee benefits, according to
the 2008 Employee Benefits Survey recently issued by the Society for
Human Resource Management (SHRM) and sponsored by Colonial Life.
Susan R. Meisinger, president and CEO of SHRM, explained that increased health care costs and the weak economy are causing employers to make changes to health care and financial benefits that aren’t always in the favor of employees. But there’s a trade-off.
“In return, employers are offering other valuable but less costly benefits, such as telecommuting, cross-training for non-job-related skills development, and allowing employees to bring their children to the office in emergencies,” Meisinger said.
The Employee Benefits Survey, published annually since 1996, collects data on the types of benefits that employers are offering in 10 benefits categories. This year’s survey reflects responses by 996 randomly selected members of SHRM.
Health screening programs, stock options, paid family leave, and legal assistance are some of the benefits that declined in 2008. However, others have increased in popularity, such as the use of company-provided cell phones and communication devices; on-site vaccinations; fitness center membership reimbursement or subsidy; and Roth 401(k) savings plans.
Other findings in this year’s survey include:
- Benefits costs to employers average 39 percent of payroll. Of those costs, 21 percent are attributed to mandatory benefits and 18 percent to employee-selected benefits.
- Organizations are helping employees improve their health: 72 percent offer wellness resources and information; 40 percent offer smoking cessation programs; 31 percent offer weight-loss programs; and 21 percent offer bariatric procedure coverage.
- Companies recognize the importance of balancing work and life: 62 percent pay for long-distance calls home during business travel; 37 percent offer a compressed work week; 24 percent offer such benefits as postal services, legal assistance, and food services or a subsidized cafeteria; and 5 percent offer concierge service.
- As the modern definition of family changes, employers are adjusting their benefits accordingly: 36 percent offer health care coverage for both same-sex partners and for dependent grandchildren; 30 percent offer health care benefits for foster children, and 15 percent give paid adoption leave.
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