Benefits Shrinking for U.S. Workers
Benefits Shrinking for U.S. Workers
77% of HR professionals say the economy has negatively affected their organization’s benefits to some or a large extent.
Employee benefits continue to take a hit as the economy languishes. A survey from the Society for Human Resource Management (SHRM), sponsored by Colonial Life, says the vast majority of HR professionals report that employees are seeing notable cuts in programs related to health, retirement and quality of life. And you can say goodbye to some of the compensation bonuses that grew popular in better times, along with perks like tuition reimbursement. Even benefits that essentially cost nothing are on the decline—some employers are giving those popular Friday casual-dress days the heave-ho. On a positive note, some benefits are on the rise, such as on-site company fitness centers (they’re a way for employers to maintain a healthier, more productive workforce that is less of a drain on health-care coverage budgets.) The survey covers a range of years, but we focused on the differences in benefits provided between 2008 and today. About 600 HR executives took part in the research. To read the survey, click here.