Magazine article HRMagazine

Employee Benefits Shift in Era of Cost Pressures

Magazine article HRMagazine

Employee Benefits Shift in Era of Cost Pressures

Article excerpt

Employers are continuing to make grad- ual shifts to their benefits plans as they confront legislative changes, escalat- ing costs, slashed HR budgets and an uneven economy, according to findings in SHRM's 2013 Employee Benefits survey report, released on June 14. The report was sponsored by Colonial Life.

The survey of randomly selected SHRM members was fielded in Febru- ary. Noteworthy benefits trends high- lighted in the survey report include:

Preventive health and wellness» During the last five years, the number of organizations providing wellness- related initiatives that offer incentives to employees has increased.

Retirement savings and planning. Employer-sponsored retirement plans continue to shift toward 401 (k)-type defined contribution plans, with more organizations offering Roth 401 (k) options. There was an increase in the number of organizations offering one- on-one investment advice and specific retirement preparation advice.

Financial benefits and compensation. Employee referral bonuses have gained in popularity over the past year.

Leave. Paid-time-off plans that com- bine traditional vacation time, sick leave and personal days into one comprehen- sive plan continue to gain in popularity. …

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