2018 Benefits Trends
Economic predictions for corporations in 2018 point toward a focus on the overall well-being of employees through a variety of benefit offerings. There is a quantifiable pay-off for employers that offer robust packages that address employees most pressing concerns. The holistic approach is attractive to both millennials and more seasoned workers, and employees report they are likely to move to a new employer for perks such as flexible schedules, bonuses and paid leave.
As you start to plan for 2018, this is what you can expect:
Corporate wellness programs. The number and scope of wellness programs have changed over the past decade, and the majority of employers now offer some type of wellness program. In 2018, almost one-quarter of employers plan to expand their wellness benefits.
Financial wellness. Employers will continue to increase their focus on the financial health of their employees, offering assistance in the areas of investment planning, individual retirement planning, and financial and retirement advice.
Healthcare and retirement. More employers will offer Health Savings Accounts as a way for employees to pay for healthcare costs after they retire. With the cost of medical expenses in retirement expected to be in excess of $275,000 for a healthy couple, employees will need help planning ahead for this expense.
Student loan repayments. Student loan reimbursement programs are gaining traction even at smaller companies as employers realize student loan debt is preventing employees from purchasing homes or contributing to their retirement accounts. While the trend is currently focused in the finance and tech sectors, employers should evaluate whether this benefit is a good fit with their business strategy and consider it as a way to differentiate their benefit offerings.
Flexible work arrangements. More employees are looking for greater flexibility in their work schedules and employers with traditional working hour policies will need to change their mindset to compete for talent. Both telecommuting and flextime offerings are popular with employees.
Paid time off. To aid in retention and recruitment efforts, employers will offer more benefits related to maternity and paternity leave.