2019 is here and it’s time to start the year fresh with new goals, initiatives and strategies for success. Are you curious about what’s on the horizon for benefits administration in 2019? If so, we’ve got everything you need to know in our annual Benefits Trends report.
In part 1 of our 3 part series, we’ll cover everything you need to know about employee benefits trends for 2019. Be sure to download our full Benefits Trends Report for an in-depth look at the top 9 trends that will define this year.
Remote Work
Remote work isn’t a new trend, though it is certainly on the rise across the nation. In fact, a recent Gallup workplace study found that over 40% of Americans now work remotely at least some of the time.
Benefits of Remote/Flexible Work
Increase overall engagement
Increase productivity
Increase efficiency
Attract and retain working mothers
Increase workforce diversity
According to the State of Telecommuting 2017 Report, remote work has increased 115% in only 10 years, making remote work opportunities less of a ‘nice to have’ option and more of a necessary business strategy to remain competitive.
Companies with remote work policies have almost four times as many women CEOs at S&P 500 companies compared to companies without remote work opportunities. Click To TweetFinancial Wellness
Our financial wellness category actually addresses two areas where employers are helping employees find their financial nirvana—student loan debt repayment and retirement savings.
The student loan debt struggle is real and is projected to have a significant impact on the U.S. economy.
But, just how bad is the current state of student loan debt?
$1.48 Trillion
Total U.S. student loan debt
44.2 Million
Americans with student loan debt
$351
Average monthly student loan payment
The silver lining? Unique benefits companies like Tuition.io are on a mission to disrupt employee benefits and provide a valuable service for employees. Student loan repayment programs and general financial counseling are growing in popularity and are a great way to recruit and retain top talent.
Just like with student loans, niche companies that specialize in 401(k) and general retirement fund optimization are on the rise. Companies like Blooom work to help employees better understand and maximize their savings while tech solutions that automate and incentivize savings are being built into existing platforms to encourage savings.
Parental Perks
It’s no secret that the United States leaves a lot to be desired when compared to the rest of the world when it comes to perks for parents. In fact, the U.S. is one of the few countries that does not require paid maternity of paternity leave. The good news is that even modest benefits will go a long way to recruit and retain hard-working parents throughout the family years, particularly among female employees.
Family Benefits On The Rise
Paid maternity leave
Paid paternity leave
Counseling services
Adoption/fertility assistance
Child care assistance
Lactation support
To better recruit and retain your top talent, consider incorporating a few of these employee benefits for parents into your overall compensation plan. Remember to assess the needs and wants of your workforce and to talk with your benefits adviser about the best course of action. Check out our post on the top benefits for parents and families for even more benefits inspiration!
Ancillary Offerings
Record low unemployment rates and fierce competition for talent across the country are pushing companies to think outside of the benefits box and find innovative new ways to attract top talent. As recruiters and HR teams feel the squeeze, many are looking to voluntary benefits to fill potential gaps in traditional health care offerings and as a way to offer something new and innovative as an employee perk.
Most popular voluntary products
15%
Critical Illness
24%
Accident Insurance
36%
Health Savings Account
38%
Disability Income
44%
Dental Insurance
54%
Life Insurance
Voluntary Products On The Rise
Pet insurance
Student loan repayment assistance
Legal assistance
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