Employee Benefits Trends in Small and Medium Businesses
As the economy improves, the ability to recruit good talent is becoming more difficult. Companies are now expanding the benefits they are offering. Earlier this year, the Society for Human Resource Management surveyed employers across the US. Their report investigated each of the following benefits over the past five years.
Top 5 Trending Employee Benefits
Presently, close to 24 percent of companies have expanded wellness programs. These include health fairs and weight loss programs. However, this category also includes classes like life coaching, nutritional counseling, and massage therapy services.
Many health related benefits are driven by the Affordable Healthcare Act. Nevertheless, roughly 22% of employers have added health-related benefits which increased mental health coverage, acupuncture coverage, and health cares services via phone or video.
Professional & Career Development
Millennials especially want to know they have an opportunity to grow within an organization. Consequently, there are opportunities for certifications and professional licensing.
Employee Programs & Services
The number one benefit trending under this category is free coffee (93% of businesses offer free coffee). Other programs and services include free snacks and beverages, on-site cafeterias, and company outings.
This benefit helps employees better balance their work and personal life. Telecommuting has increased on a part-time and full-time basis. Additionally, more employers are providing mealtime flex and four-day work weeks.