Survey on Employee Benefits Shows Changes and Consistencies Over the Years
The Society for Human Resource Management (SHRM) has published an annual employee benefits survey for twenty years. In 1996, the survey reported on 60 employee benefits. This year, 344 employer provided benefits to employees were included in the report, thirteen of which are new items.
Click here to read the full 2016 Employee Benefits Research Report.
The SHRM Employee Benefits Report categorizes results into twelve benefits sections. These are:
- Business travel benefits.
- Employee programs and services.
- Family-friendly benefits.
- Financial and compensation benefits.
- Flexible working benefits.
- Health-related benefits.
- Housing and relocation benefits.
- Leave benefits.
- Professional and career development benefits.
- Retirement savings and planning benefits.
- Wellness benefits.
- Other benefits.
The report summarizes its key findings by listing three important observations.
From 2015 to 2016, three out of five organizations (60 percent) report that their benefits offerings have remained the same, one-third (33 percent) report an increase and 7percent a decrease in benefits—similar to changes from 2014 to 2015.
Compared with five years ago, more organizations are offering monetary bonus benefits such as employee referral bonuses, spot/bonus awards, sign-on bonuses for executives and nonexecutives, as well as retention bonuses for nonexecutives.
Looking back 20 years, telecommuting benefits have seen a threefold increase, from 20 percent of organizations offering the benefit in 1996 to 60 percent in 2016.”
One interesting fact to note is that defined benefit pension plans have dropped from 49 percent in 1997 to 25 percent in 2016.