To help organizations remain knowledgeable about the present state of benefit offerings and to be aware of emerging trends, the Society of Human Resource Management (SHRM) conducts an annual survey on the types of benefits employers offer to their employees. SHRM conducted its initial survey in 1996, making this year its 20th anniversary.
Below are just a few of the important takeaways from the research:
- A strategic compensation and benefits package is key to attracting and retaining talent. The survey found that a variety of monetary bonus benefits have increased over the past five years. These bonuses can give salaries a boost and make the job package more attractive.
- Flexible work arrangements are important when recruiting both Millennials and 55 and older employees. For instance, the percentage of organizations offering telecommuting benefits has increased by 40% since 1996.
- Well-designed wellness programs can help reduce the costs of health care and improve employee health. 77% of organizations reported their wellness program was somewhat or very effective in reducing health care costs.
To see how your organizations’ benefit offerings compare and how you can use benefit offerings to your advantage, click here to read the full report.