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According to the Society for Human Resource Management’s (SHRM) 2012 Employee Benefits Survey, while most employee benefits stabilized this year, 73% of HR professionals reported that the economic downtown negatively impacted employee benefit offerings (11% to a large extent and 62% to some extent). This is more or less the same as in 2011, when 77% said the economy negatively affected benefits to some or a large extent. More employers offer defined contribution (DC) retirement-savings plans (92%) than defined benefit (DB) pension plans (21%) this year, putting the impetus on employees to manage their own retirement savings instead of relying on employer-provided pensions. In addition, over the last five years, benefits that reward employees for improving their health have jumped. For example, the percentage of employers offering health and lifestyle coaching jumped from 33% in 2008 to 45% this year, and rewards or bonuses for completing a health and wellness program increased from 23% in 2008 to 35% this year . "By shifting primary responsibility in controlling certain healthcare and financial benefits, employers are recognizing a shift in workplace culture," said Mark J. Schmit, vice president of research at SHRM. "The new plans allow employees have more control over how they save for retirement and manage their health, while reducing costs for employers. These plans are also more flexible, and thus more attractive, to employees who will likely not spend an entire career with one organization."
According to the Society for Human Resource Management’s (SHRM) 2012 Employee Benefits Survey, while most employee benefits stabilized this year, 73% of HR professionals reported that the economic downtown negatively impacted employee benefit offerings (11% to a large extent and 62% to some extent). This is more or less the same as in 2011, when 77% said the economy negatively affected benefits to some or a large extent.
More employers offer defined contribution (DC) retirement-savings plans (92%) than defined benefit (DB) pension plans (21%) this year, putting the impetus on employees to manage their own retirement savings instead of relying on employer-provided pensions.
In addition, over the last five years, benefits that reward employees for improving their health have jumped. For example, the percentage of employers offering health and lifestyle coaching jumped from 33% in 2008 to 45% this year, and rewards or bonuses for completing a health and wellness program increased from 23% in 2008 to 35% this year .