In a 2011 SHRM Employee Benefits Survey, nearly ¾ of HR professionals in the U.S. confirm the negative impact on benefits due to the economy. For instance:
- 3/4 of HR professionals report decline in healthcare benefits (a 5% increase from 2010)
- 25% fewer employers are offering housing/relocation to employees
HR practitioners also have reported a trend of employers have to take on greater responsibility in covering part or all of their healthcare insurance, retirement savings, and other benefits that previously were offered competitively by employers.
“We have seen so many cuts to HR benefit budgets over the last three years,” Mark Schmit, director of research at SHRM, said. “Organizations have had to be creative to find ways to compensate for the loss of benefits with hard cuts in order to stay competitive in the recruitment and retention of top talent.”
The addition of workplace flexibility programs has been one of the primary tactics organizations are using to offset the benefit losses.
Read the Workforce Magazine article
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