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Benefits March 28, 2001
Work/Life Benefits Emerge as Retention Tool
March 28, 2001 (PLANSPONSOR.com) - A growing number
of employers rely on work/life benefits to retain rather than
recruit employees, according to a new study.
Reported by Nevin E. Adams
Nearly three quarters of survey respondents said retention was their primary reason for implementing the programs, while employee morale was ranked second.
Recruitment was a distant third in the Survey of Work/Life Initiatives 2000, jointly sponsored and conducted by Bright Horizons Family Solutions and William M. Mercer.
The most prevalent work/life benefits currently offered are:
- 90% – Casual dress (up from 84% in 1998)
- 90% – Tuition reimbursement (up from 85%)
- 86% – Unpaid leaves of absence unrelated to the Family and Medical Leave Act
- 85% – Health care spending accounts (up from 74%)
- 84% – Employee assistance programs (up from 77%)
- 82% – Dependent care spending accounts (unchanged).
Baby “Boom”
Nearly 20% of the surveyed employers sponsor at least one on-site, near-site, or consortium childcare center, with back-up care to deal with emergency or holiday needs.
In addition, employers are considering adding additional benefits, including:
- 29% – long-term care insurance
- 23% – guidelines for flexible work arrangements
- 20% – job sharing
- 20% – legal insurance
- 19% – telecommuting
Alignment
The study suggests that to be effective, work/life initiatives must be aligned with the organization’s business needs and strategies. Employers most commonly use the following approaches:
- 55% consider work/life as part of an overall employer-of-choice strategy
- 38% incorporate work/life into relocation efforts
- 35% include work/life in organizational climate assessments
The Survey of Work/Life Initiatives 2000 was distributed to a random sample of 5,000 companies on the Dun & Bradstreet roster. Over 450 organizations responded.