Top 5 Employee Benefits Trends to Watch for in 2017
Organizations have started recognizing employees as one of their major stakeholders. Companies no longer consider investing in employee benefit plans as a duty, but rather an investment that is necessary to enhance productivity. According to a study by the U.S. Chamber of Commerce, employee benefits comprise 42 percent of total payroll costs. Given the important role that human resource plays in shaping organizations, the trend is set to continue over coming years. Whether you manage a staffing agency in Dallas, TX or are a job candidate, it pays to know the employee benefits trends set to dominate 2017. Take a look.
1. Employers Need to Assist Employees in Understanding Health Care Options
Many employees tend to make the wrong choices when it comes to using their healthcare options. To help avoid confusion, many organizations have started helping employees navigate the healthcare system. During the past few years, health care consulting companies have stepped in to help employers in helping their employees understand their health care benefits. Consultants answer employee questions relating to amount and time of payout, as well as doctors in their network. Some go a step further to suggest other employee benefits. These consultants continue to play a significant role in 2017, and you can expect more companies to avail their services.
2. More Employers Will Provide Auxiliary Benefits
In addition to providing healthcare benefits, some companies have also come up with ancillary benefits, such as helping employees get pet insurance, accident coverage, critical illness coverage, and group insurance plans. Companies collaborate with brokers that consider factors such as the cultural and demographic stats of the workforce to suggest appropriate group plans and other coverage options. More employees will recognize the importance of offering these benefits and come up with customized plans to help employees save more.
3. More Companies Investing in Employee Wellness Programs
In 2017, we will see more companies investing in new programs to help employees stay mentally and physically fit. Employers will offer less financial incentives and other benefits, such as low insurance premiums, but instead they will invest in measures to improve employee morale and health. Many companies will conduct Fitbit challenges and other competitions to help employees work on their mental and physical fitness.
4. More Employers to Introduce a Flexible Work Culture
During the past few years, employee demands for flexible work culture have become louder. Companies are responding to the request and have started offering several benefits such as work from home and flex shifts. The Society for Human Resource Management estimates an increase of 11 percentage basis points (45 percent in 2012 to 56 percent in 2016) in the number of companies offering to telecommute. Improvements in technology will see more employers providing these perks in 2017.
5. Some Employers Will Introduce Financial Wellness Programs
Many companies will come up with financial wellness programs such as loan assistance, to help employees manage their finances. Others will provide tools and resources that help employees plan their expenses such as buying a new home and creating budgets. Helping employees manage their finances and go through rough patches ensures that they will suffer from less stress and can be more focused on their job and remain loyal employees.
Introducing employee friendly programs is one of the most effective ways to improve employee productivity and morale. You can follow these and other trends to attain this objective. If you need assistance with designing a customized employee benefits program for your organization, Delta Dallas can help. We are a prominent staffing agency in Dallas and provide top-shelf Dallas Employment Services to companies from diverse backgrounds and industries. To learn more about how we can help, fill out our contact form or call us at (972) 788-2300.