A quick internet search will yield plenty of results for searchers seeking up-to-date facts and statistics about the current state of employee benefits. Staying on top of current trends and innovations is important—but what really matters for HR in 2020 and beyond?
We’ve cut through the noise with 10 thought-provoking employee benefits stats to consider for your 2020 planning.
1.) 43% of employers increased benefits in 2019 in order to stay competitive in attracting and retaining talent.
Record low unemployment rates are a driving force behind the competition for talent, and many organizations are increasing or updating benefits plans to stay competitive. When’s the last time you evaluated and revamped your employee benefits? It might be time for a refresh. Do a little digging or ask your broker to compare how competitive your benefits are in your area and your industry as a whole.
Tip: Check out the 2019 Benefits Benchmark Report to get a sense of what benefits and coverage other employers are offering.
It’s no secret that employees are spending less and less time shopping for and enrolling in their benefits. This is why a robust benefits education plan and a frictionless enrollment experience are critical for helping employees select the most appropriate plan and to engage them with voluntary products.
3.) 55% of employees want help from their employer when choosing a health plan.
Employees want help, so invest in the tools and support they need to make better benefits decisions. Throw employees a life vest and offer tools that can support a full spectrum of needs—from beginners that need assistance understanding basic medical concepts to advanced employees that are piecing together a personalized package for their family.
Tip: Check out these free benefits education videos that can help explain complex or confusing topics.
4.) 86% of professionals said that they would change jobs if they were offered more opportunities for professional development.
(via Execu Search)
Career development opportunities are a critical component to retaining top employees. Many employees see job-hopping as a means to an end to climb the corporate ladder. Providing in-house opportunities for professional development will show employees that you care about investing in their future and increase retention and engagement. If you don’t already, consider adding in funding for personal development programs like attending industry events, joining professional networking organizations, career coaching and more.
5.) 72% of employees are interested in an unlimited PTO policy.
Unlimited Paid Time Off (PTO) offers several pros and cons. Many companies are shifting to this model to address some of the liabilities that come with tracking and managing paid leave from an accounting perspective. And, a more flexible PTO policy is clearly a concept that appeals to employees. Though an unlimited approach might not work for every company, consider how you can update your paid leave plans to be more flexible and inclusive.
6.) 3 in 5 people (57%) report benefits and perks being among their top considerations before accepting a job.
How competitive are your benefits for your area and for your industry? Employee benefits are a top priority when candidates are considering employment and job shopping. Are your benefits supporting the needs of a diverse workforce, or are you driving employees to accept better offers? Popular voluntary perks that aid recruiting efforts include student loan repayment assistance, pet insurance, identity theft protection, relocation assistance and remote work opportunities.
7.) 90% of companies that offer an HDHP also offer an HSA.
High deductible health plans (HDHPs) are a popular plan option for both employees and employers to save money on health care. The key to increasing HDHP adoption is to pair the plan with an HSA account and robust education to ensure employees fully understand and appreciate their plans.
Tip: See how much the average employee and employer contributes to HSAs in the Benefits Benchmark Report.
It’s no secret that the United States falls far behind other countries when it comes to supporting family life, which is clearly reflected in the fact that there are no federal laws requiring any form of paid maternity or paternity leave. Some states are finally starting to change this, though the process is slow.
Offering paid maternity or paternity leave will go a long way to set your organization apart from the crowd, especially in states with no legal mandate. Check out a few other perks to support parents and families.
9.) 35% of employees either know nothing about or don’t fully understand their healthcare coverage, while another 33% don’t understand their medical bills.
(Via Maestro Health)
The gap in benefits knowledge is a growing problem that can have expensive consequences down the road for both employees and employers. Employees that don’t fully understand their health plan options are often over or under-insured, which can result in wasted spend each month on premiums or costly medical bills down the road. Investing in a robust benefits education program is well worth the time and effort to help employees make better benefits decisions.
10.) Personalized wellness programs, combined with a variety of non-cash incentives like paid time off, would motivate 80% of employees to be more engaged in employer programming
Happy wife, happy life; happy employees, happy HR team? Failed adage aside, the data is there to support the ROI of investing in employee benefits and perks to support employee engagement and retention. Turnover is a costly problem, with the average employee costing $15,000+ to replace. Mitigate this concern by embracing a holistic approach to employee wellness.
Congratulations—You’re up to date on the latest and greatest employee benefits statistics!
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