In today’s era of talent shortfalls, businesses must do what they can to retain their current workforce. When it comes to employee benefit offerings, these were some of the biggest changes from 2017 to 2018, according to a WorldatWork survey.
|Employee discount program||75%||69%|
|Elder-care resource and referral services||67%||62%|
|Paid parental leave||52%||47%|
|Women’s advancement initiatives||36%||29%|
|Identity theft insurance||34%||28%|
|Disaster relief fund||31%||26%|
Experts recommend that companies closely review which benefits will make the largest impact on their workforce.The study also found that some benefits that have increasingly been in the headlines are not being adopted quickly by organizations. Only 9% of respondents say they offer an unlimited paid time off (PTO) program, and only 6% of the respondents provide college debt repayment programs.
“While the possibilities for meeting employee needs through benefits programming are endless, it’s important to note that not all emerging programs will be a good fit for an organization,” said Alison Avalos, director of membership and total rewards strategy at WorldatWork. “Employer brand perception, organizational culture and workforce demographics are just a few of the factors that should be considered when determining whether an emerging program will be a worthwhile addition to an organization’s total rewards package.”