Smart Benefits: Are Your Benefits Competitive?

Monday, August 19, 2019

Rob Calise, GoLocalWorcester Business/Health Expert

Rob Calise

According to the 2019 SHRM Employee Benefits Survey, only 3% of employers decreased benefits in the last year. That means employers need to make sure their offerings are robust to attract and keep talent.

So what do employers want this open enrolment season? Finding the right combination is key. According to the survey, these are some of the top trends in benefits.

Healthcare

Seventy-nine percent of employers offer more than two or more types of health plans so flexibility is important to be competitive. Here’s how healthcare options shape up today.

PPOs continue to be the most popular type of plan, with 85% of respondents offering this option
High deductible health plans are increasing, either linked (59%) or unlinked (19%) to a health saving or spending account
More than one-half of employers offer an HSA this year, with more than one-third providing employer contributions
83% of employers share premium costs with employees, especially organizations with more than 100 employees; those with 99 or fewer employees are more likely to cover the cost in full

Flexibility

Offerings geared toward giving workers more flexibility continue to gain traction. These are some of the more common perks among respondents.

Telecommuting has increased among employers, with 69% of companies offering ad hoc telecommuting and more than a quarter offer full-time telecommuting
More than 57% offer flex time
One in five organizations offer paid or unpaid leave in addition to what’s required by FLMA

Financial Support

Employees are increasingly stressed about their financial wellness, and that’s impacting work performance. To address their concerns, respondents cite increasing commitment to financial services and support for workers.

57% offer retirement investment advice and more than a third offer non-retirement investment advice
More than half of employers offer tuition assistance
Company provided student loan repayments rose to 8 percent in 2019

Programs and Services

Fifteen percent of companies reporting increasing employee programs and services, which can be a differentiator. Respondents noted several growing trends.

Auto subsidies for personal vehicles increased 8 percent
Professional development opportunities remained steady
Thirty-one percent of companies provide free snacks
Eleven percent of companies now allow pets at work

Rob Calise is the Managing Director, Employee Benefits of The Hilb Group of New England, where he helps clients control the costs of employee benefits by focusing on consumer-driven strategies and on how to best utilize the tax savings tools the government provides. Rob serves as Chairman of the Board of United Benefit Advisors, and is a board member of the Blue Cross & Blue Shield of RI Broker Advisory Board, United HealthCare of New England Broker Advisory Board and Rhode Island Business Healthcare Advisors Council. He is also a member of the National Association of Health Underwriters (NAHU), American Health Insurance Association (AHIA) and the Employers Council on Flexible Compensation (ECFC), as well as various human resource associations. Rob is a graduate of Bryant University with a BS in Finance