Employers Group solicited feedback from companies across the country to give businesses a snapshot of the current state of workplace benefits – as well as a look to future trends in what employers look to offer their employees. Over 400 companies participated in the 2011 National Workplace Benefits Survey.
“With the recovering economy, companies are facing new challenges on the key areas of attracting, retaining, rewarding, and motivating talent. To further complicate the issue, employers face unusual circumstances today, including new healthcare legislation, retiring baby boomers, and an influx of Generation Y into the marketplace. Knowing which benefits to offer and what a company can affordably provide can mean the difference between operational success and failure, ” said Trevor Lattin, Vice President of Employers Group. “Our study can serve as a benchmark for companies as they plan their benefits packages and human capital strategies for the coming year.”
Of note, nearly 70% of companies do not plan on reducing their benefit packages for employees in the coming year, despite the challenges of a rocky economy. Further, the largest increase in benefits will come by way of health coverage, with 24% of responding companies to increase their funding. The retention of employees was highlighted as a key goal of companies in 2011.
“Through crunching all the numbers, we’ve learned that many companies find that benefits packages can be a competitive advantage when seeking and retaining employees. It’s refreshing to know that many businesses out there want to give their employees the best they can provide,” Mr. Lattin concluded.