The Society for Human Resource Management (SHRM), the world’s largest HR professional society, just released its annual employee benefits report. The 2017 Employee Benefits report highlights some interesting shifts in employer benefits offerings, including an increase in wellness and health-related programs. Almost one-third of organizations surveyed increased their employee benefits offerings in the last 12 months.
Source: SHRM 2017 Employee Benefits Report
Only 6% of organizations decreased benefits, and the main reason cited was a need to remain financially stable.
Attracting & Retaining Top Talent Fuels Benefits Decisions
Remaining competitive in the talent marketplace was the top reason cited for increasing benefits. The report explains, “Given that two-thirds of organizations (68%) were experiencing recruiting difficulty and skills shortages for certain types of jobs in 2016, organizations need to focus on providing a competitive benefits package to retain and attract top talent.”
Simply put, employee benefits are crucial to attracting and retaining top talent. As competition for hiring increases, so too does the importance of highlighting the non-salary perks of signing on to a company.
|Looking to reduce healthcare costs? 77% of organizations reported that their wellness programs were somewhat to very effective in reducing costs associated with offering health insurance. Also, 88% of those surveyed reported that their wellness programs were somewhat to very effective at improving employees’ health.|
Common recruitment and retention efforts include employee referral programs, signing bonuses, expanded training programs, and job perks – but offering flexible work schedules is the most effective tactic, according to the report’s HR professionals. Among respondents, 15% reported increasing or introducing flexible work benefits.
Employees are looking for more than just a healthy work-life balance. A reputation for paying well may help with gaining a potential employee’s attention, but it will be the collaborative culture, engaging office environment, and investment in employee benefits that will keep that person’s interest.
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