To have a chance at success, businesses need to hire the right people, put them in the right positions and keep them around for a while. Few companies can do one of those well, let alone all three.
With open-enrollment season upon us, it might be interesting to look at some of the benefits that companies are using to attract the right people and not have them head out the door soon afterward because they were mismanaged.
One of the best places to look is the Society for Human Resource Management’s recently released 2017 Employee Benefits report (bit.ly/2sqPTK0). The annual report tracks trends in benefits that reflect what’s personally important to workers and financially important to employers. When those two sentiments match, you have the potential for a mutually beneficial and long-lasting employment relationship.
The latest report is based on a survey of a representative sample of human resources professionals at 3,227 companies. The report includes five years’ worth of data from 2013 through 2017 based on similar surveys conducted by SHRM over the past four years. The report tracks benefits trends in seven areas: health care, wellness, paid leave, retirement savings and planning, work-life and convenience, financial and career, and travel and relocation (see chart).
Work-life and convenience benefits growing in popularity are wear what you want and come in when you want. The percentage of workplaces where every day is casual-dress day rose to 44 percent this year from 34 percent four years ago. And the percentage of employers that allow employees to telecommute on an ad hoc basis jumped to 59 percent this year from 45 percent in 2013.
The 2018 open-enrollment period is here. How do your benefits compare with the benefits being offered to your workers by your competitors?
It’s always good to know where you stand and who put you there. A study in the journal Health Affairs looked at trends in health care spending from 2009 through 2014 by state and by payer (bit.ly/2s9vef4). As you might expect, health care in Minnesota is a little more expensive than it is nationally. Per capita health care spending rose 4.4 percent nationally in 2014, to $8,045. Here, health care spending rose 4.8 percent, to $8,871 per person, in 2014, or more than 10 percent higher. A breakdown of the spending figures by type of insurance suggests Medicaid is the crowbar widening the gap:
David Burda (twitter.com/@davidrburda, email@example.com) is editorial director, health care strategies, for MSP-C, where he serves as the chief health care content strategist and health care subject matter expert.