Employee Benefits Services Peoria AZ
Pre-Paid Legal Services
12474 N. 83rd Dr.
915 W Union Hills Dr
10534 W La Jolla Drive
Sun City, AZ
8550 N 91st Ave
17235 N 75th Ave Bldg C, Ste 180
Logo Ad SpecialTEES, LLC
7100 W. Grandview
AttaBoy! Solutions, LLC
8050 W. Sands Dr
5930 W Greenway Rd, Ste 10
The Argus Group
20325 N. 51st Avenue, Suite#174
5115 W. Bell Road, Suite D
Trends in Employee Benefits
Not surprisingly, the insecurity about the future of the global economy is affecting employers’ benefits offerings.
By Joyce Gioia-Herman
According to a recent study by the Society for Human Resource Management (SHRM), uneven economic growth and related uncertainties about the nation’s fiscal health are having an impact on benefits offerings.
As fewer employers offer defined-benefit pension plans and more are using other savings plans, they continue to shift more of the cost burden to their employees. Other benefits offerings that have taken a hit include employee services, like mentoring programs and professional development opportunities, and housing and relocation benefits.
Employers are watching their bottom lines more attentively, and the variety of benefits offerings has changed with slow-growth. In 2011, 77 percent of HR professionals said their employee benefits offerings were negatively affected by the economy, according to the SHRM 2011 Employee Benefits Research Report. That is a 5 percent increase from 72 percent in 2010. Employers have kept the foundational benefits of paid holidays, life insurance, prescription drug program coverage and dental insurance, while reducing other health-care-related offerings such as long-term care insurance, health maintenance organization plans and retiree health coverage.
The most interesting aspect of these results is the effect on job satisfaction. In both 2009 and 2010, 60 percent of respondents cited benefits as a “very important” factor when ranking elements that contribute to their job satisfaction. That trend changed in 2011, only 53 percent of respondents cited benefits as very important for job satisfaction. Other factors deemed more significant were job security (62 percent), opportunities to use skills/abilities (60 percent), compensation/pay (59 percent) and relationship with immediate supervisor (55 percent).
Because employees are receiving fewer offerings or pa...
Click here to read more from Engine Builder