Harrison J. Newman’s Post

40% of employees grade their current benefit plans a 'C' or lower. 94% of working parents want family-friendly benefits. 62% do not classify their employer as family-friendly. 3/4 of survey respondents said they would leave their jobs for another with family benefits that better fit their needs. #CloseTheGAP #Benefits #HealthcareNeeds

When it comes to employee benefits, the debate between point solutions and platforms has been ongoing for years. Companies often shift their focus between retaining younger employees and ensuring older employees are well-served. But one thing remains constant—healthcare is the top priority for older employees. In our experience, employers that want to retain and engage their older workforce must focus on providing robust healthcare benefits, not just for the employees but for their families as well. Additionally, offering creative support to help employees navigate the healthcare system is essential, especially as healthcare needs evolve with age. Is your company focusing on the basics? Prioritizing healthcare and retirement benefits for older employees can make a significant impact on retention and engagement. #EmployeeBenefits #EmployeeEngagement #HealthcareBenefits #WorkplaceWellness #OlderEmployees #HRStrategy #Retention #Medicare

According to the recently published SHRM benefits survey, health care is still the most vital benefit offered to employees (88% deemed it "very important" or "extremely important"). Others in the top five include: retirement benefits, paid time off, flexible working, and family care. As more firms look to differentiate themselves with new and creative benefits the stalwarts remain atop the list. What firms supplement on the fringes can be the difference in an already tight AEC talent market. Daniel Stunes, manager of data monetization with SHRM says, “Traditionally, companies would approach benefits from the standpoint of, ‘What is something we can offer that benefits the most amount of people?’ So, how can I be more competitive in the marketplace?’ That’s when we see some of these specific benefits. If you have this big, long list of extra benefits, some may apply, some may not for employees, but I think that shows you’re trying to reach some of the groups and make a difference.” #aecindustry #hr #benefits #SHRM

Considerations for #employers in managing an #agingworkforce An example of an age-related restriction could be a physical restriction that the employee develops as they age, such as an employee’s inability to lift items above a certain weight. The process for accommodating an elderly employee’s limitations and restrictions involves the same considerations an employer faces when accommodating any other employee. This means that each accommodation must be #assessed on a case-by-case basis, taking into consideration the unique facts of that particular employee’s circumstances and workplace. https://lnkd.in/ekaKUu_3

Employers are now choosing from 216 benefits, up from 175 in 2022. SHRM's 2024 survey highlights the importance of asking employees what they need. From menopause support to financial wellness programs, the right mix of benefits can make all the difference in attracting and retaining talent. #HRStrategy #EmployeeWellbeing #WorkplaceTrends #HRInsights #TalentManagement https://lnkd.in/etSpWdKg

🌟2024 Benefits Trends: What Employers Need to Know🌟 As the COVID-19 pandemic recedes into the rearview mirror, employers are shifting their focus to new challenges in the benefits space. With medical costs projected to rise 8.9% in 2024, many companies will need to make difficult decisions about their health and welfare offerings. They’ll also face growing pressure to support employees’ financial, physical and mental well-being. 💼 Read Article: https://ow.ly/oPmr50QNSAF | #BenefitsTrends #EmployeeBenefits #HRInsights

Ever Wonder What Employees Really Want in Voluntary Benefits? Understanding what employees think about voluntary benefits is key for companies looking to attract and keep great talent. Read more in this article from BenefitsPRO #employeebenefits #VoluntaryBenefits #Csuite #HR

In a world where employee benefits are rapidly evolving, how can employers decide what to offer? From health care and retirement options to niche benefits like menopause support and grandparent leave, the choices are vast and growing. The secret? Tailoring your benefits based on direct employee feedback and market trends. By listening to employees and staying competitive in a dynamic job market, you can provide meaningful perks that enhance well-being and loyalty. Learn more at https://bit.ly/3XdWrcj. #EmployeeBenefits #HRInsights

Happy New Year to you all! 🥂 As it’s a new year, we wanted to share some more juicy stats from Reed and this time it’s all about employee benefits!... 🎉 More than half (55 per cent) of 18 to 34 year olds believe a good benefits package is the most important thing they look for when searching for a job. 🎉 In comparison, two in five (42 per cent) of the general workforce said employee benefits were a priority. 🎉 A quarter (25 percent) of employees wanted their employer to contribute to their energy costs at home, a benefit that does not appear in the top five most offered by employer. 🎉 Also appearing in the top five were increased pension contributions (30 percent), workplace saving schemes (21 percent) and discounts on high street shops and brands (21 percent). 🎉 The report found that two thirds (67 per cent) of younger employees would move to another company if offered a better benefits package, compared to 37 per cent of those over 55. 🎉 A further 65 per cent said they would use their benefits package more if it was tailored to their needs. We hope you find these stats useful in conversations with your Clients, if you would like to dive in deeper or have any questions just let us know! 💜 #hirefulpartnerprogramme #supportingourpartners #homeforhr

Appreciated this article for what it said, and for what it didn't say. It's primary thrust is that financial health of workers needs to be a workplace priority. Hear, hear! That workers need to understand their benefits and employers need to be thinking about strategies and approaches that help improve financial behaviors. Hear, hear again! However, this article does not squarely address many of the billion pound elephants in the room. For instance, wages have been stagnant for the majority of workers over the last 50 years. At the same time cost for benefits such as healthcare have skyrocketed and more and more of the financial burden is put onto workers to pay for those benefits. And this is not a small scale challenge. Some estimates show that 51% of employees at Russell 1000 companies don't make a living wage (shout out JUST Capital). We also saw recent analysis from Pew and others highlighting that many Americans are not on track for a secure retirement, in part because of our transition away from DB plans (again, putting more onus on workers to save in the face of insufficient wages and rising costs of living essentials - more on this below). The last 40+ years has also ushered in an era of rising housing, transportation, child care and other essential living costs, that outpace wage growth (Oren Cass and American Compass have done compelling work in this area). And while this last traunch isn't something employers have historically thought about, it is front and center in their workers lives and is showing up in the workplace. We are seeing progress. Twenty two states increased their minimum wage in 2024. As inflation continues to cool, real wage growth is up (hurrah!). As unions have continued their comeback, many non-union employers are making significant investments in wages and benefits. All positive trends for workers - and I'd argue employers too - in the face of decades of sluggishness. Financial health benefits continue to be a big priority for workers and their employers. But a financial health program that doesn't account for the material needs of its workers, that doesn't understand how overall benefits impact workers finances (e.g., looking beyond market based benchmarks) are unlikely to see the needle move, at scale, within their workplace. Finally, we are seeing some truly innovative approaches to addressing the financial health challenges of workers. From broad based employee ownership models (shout out to Ownership Works), to growth in emergency savings accounts, to focusing on new total reward benchmarks that focus on impact and outcomes for workers rather than what is needed to get workers in the door. In short, 2024 has the potential to be a big year for workplace financial health! And I'm here for all of it! #finhealth #financialwellness #employeebenefits #hrleaders #data #impact #innovation