Employee benefits are constantly improving, so it is important for employers to keep abreast of the changes that are occurring in their respective industries. This will ensure that they will continue to attract and retain the top talent. Here is a list of the top benefits for 2017.
Paid Time Off And Customized Benefits
The number of households in the U.S. with a dual income is growing. This has made paid time off more popular than ever before, and while the concept isn’t new, a growing number of companies are adding it to their list of benefits. Benefits customization is also preferred by many employees, especially those who are younger. This gives them more options to choose from, which can be modified to their exact preferences and needs and will increase their satisfaction.
Financial Wellness And Telecommuting
Financial wellness has come into vogue due to the fact that many younger employees are saddled with student loan debt. To reduce the anxiety and financial strain caused by these loans, many employers are providing economic wellness programs as one of their benefits. While telecommuting has been popular before, it has seen a resurgence in 2017, as it gives employees greater freedom in regards to the hours they work.
The Outsourcing of Benefits Administration
It has been six years so far since health care was reformed, and employers now have a better understanding of the legislation. However, the steep reporting requirements has left many employers unprepared, prompting them to seek external help by outsourcing their benefits administration to third parties who specialize in it.
A Greater Demand For Insurance Which Is Voluntary
While voluntary insurance isn’t new, for 2017 it has become more fundamental in the benefits packages which are provided to employees. These policies will often be comprised of hospital, accidental, disability and supplemental life insurance, to name a few. They are designed to pay the policyholders benefits in cash when they become injured or ill and will typically be provided through the workplace.
Benefits Communication All Year Round
Traditionally employee benefits are deducted from payroll, but this method isn’t advantageous for everyone. When employers infrequently communicate benefits to their workers, they will miss out on opportunities to learn about their plans and alter them in a manner that is best suited to their needs. This can also result in lower morale and productivity. Employers are learning to communicate with their employees multiple times throughout the course of the year regarding their benefits and the many options that are available, such as copays and deductibles.
Technologies Reduce Wellness Inefficiency
A number of advances are being made in medical technology for 2017. This means that the wellness programs offered by employers to their employees will be much more efficient. Some of the newest tools which are featured in these programs include telemedicine, medical clinics which are on-site, and health devices which are wearable. Studies have shown that these tools and others have lowered the health costs for employees.