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The heightened need for strong benefits and compensation packages is a resonating theme throughout the 2017
Shift in Employer Thinking from Wellness to Wellbeing
Historically, wellness programs have focused on improving physical health as an extension of medical benefits. While reducing healthcare costs remains the main driver for offering a wellness program (60 percent), employers also cite investing in the organization's culture (43 percent) and improving employees' work experience and satisfaction (37 percent) as other top motivators. This broader, more holistic approach is also demonstrated by the increase in programs now covering financial wellbeing (34 percent), volunteer opportunities (28 percent) and community engagement (27 percent).
"This shift in thinking is one of the reasons we expect 70 percent of organizations will offer wellness programs by 2019," said
Leave Policies Play a Role in Employee Attraction and Retention
The need to appeal to younger workers with parental leave policies has prompted a discussion about supporting the total wellbeing of employees as they try to solve the work-life equation. Despite headlines showcasing generous maternity and paternity leave policies, a vast majority (64 percent) of organizations do not offer paid parental leave apart from short-term disability. In fact, only 22 percent offer this benefit to both mothers and fathers.
Retirement Readiness is Key to Higher Productivity and Engagement
Retirement benefits better equip employees for their financial future and give them peace of mind in the present. While it is encouraging that nearly half (48 percent) of employers use auto-enrollment in retirement plans to help employees improve savings, only 37 percent are measuring retirement readiness.
"During every life stage, employees encounter financial obstacles like paying student loans, buying a home, or paying for daycare," Ziebell said. "These impact retirement savings and can result in employees needing to stay on the job longer than they'd like. An aging population often has higher healthcare costs and limits opportunities for younger employees to advance. So when organizations help their employees identify and manage these financial stressors, it often results in higher productivity and engagement."
Survey Shows Importance of Taking a 360-Degree View
ABOUT THE BENEFITS STRATEGY & BENCHMARKING SURVEY
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