2019 Employee Benefits Review
The 2019 Employee Benefits Survey, administered by the Society for Human Resource Management (SHRM), reveled which offerings were increased the most this past year. Findings show that both healthcare and wellness related benefits were increased by 20%, closely followed by leave (15%), employee programs and services (15%), career development (14%), and flexible working conditions (14%). SHRM explains that the increases from 2018 have only been slight compared to the years before because offerings tend to evolve over time. Abrupt changes are rarely seen, but overall, employer’s expect an increase in all benefits offerings by 3% over the next 12 months. In this survey, SHRM also explains the main drivers of benefits offering increases, which include:
- Health insurances costs
- Competition for top talent
- The multigenerational workforce
Employee Benefits Trends for 2020
According the Benefits Guide, 2020 will not be without its challenges for employers. The workforce is continuing to evolve and this coming year, millennials will make up more than half of all U.S. employees. In addition, baby boomers are exiting the workforce just as quickly as Gen Zers are entering, and regardless of the generation it is estimated that 4/10 employees will be freelancers. This means employers are facing the challenge of appealing to the younger generations, while also staying mindful of expenses.
Millennials and younger generations list flexibility and holistic health as top priorities. So, as outlined by the Benefits Guide, the following trends for 2020 reflect those main priorities:
- Onsite Wellness Clinics: When employers offer a complete health care setting right at work, employees have more convenient and accessible care. It gives them more flexibility and allows them to take better control of their health. Many companies have already seen a return on their investment through increased attendance at work!
- Diverse Mental Health Services: Simply covering therapy sessions may not be enough to fight mental health sigma in your workplace. So, diverse mental health services has been a growing trend. Offering mental health services onsite or through Telehealth portals are both great options.
- Empowered Financial Wellness: Financial stress not only effects employees’ over health, but it also reduces productivity, effectiveness and creativity. As student loans and overall debt continues to increase, offering customized financial wellness services is becoming an increasingly important benefit.
For more information, visit the Benefits Guide!