Magazine article HRMagazine

HR Spends More Time Educating about Benefits

Magazine article HRMagazine

HR Spends More Time Educating about Benefits

Article excerpt

Despite competing priorities, one-third of HR professionals in the U.S. (32 percent) have increased the time they spend educating employees about workplace benefits over the past two years, according to Bank of America Merrill Lynch's latest Workplace Benefits Report, based on an August 2013 nationwide survey of more than 1,000 companies of all sizes.

Over the past two years, HR practitioners have spent significantly more time on activities related to their organization's health care plans (61 percent of respondents), 401(k) plan (38 percent), and recruitment and layoffs (32 percent).

To help improve the financial well-being and peace of mind of their employees, many companies now offer various forms of education on saving for retirement (70 percent) and, to a lesser extent, planning for health care costs (38 percent), as well as debt management and budgeting (15 percent).

Additional findings from the report:

* 73 percent of HR professionals need to develop greater expertise on retirement and health care-related topics in order to do their job effectively. …

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