To help themselves survive the recession, more employers are cutting back their benefits packages than expanding them. But what exactly are employers cutting, and what are they keeping?
A recent study of 534 HR/Benefits pros conducted by the Society for Human Resource Management will show you where today’s employers’ priorities lie when it comes to tweaking their benefits packages.
Whether you’re thinking about changing your plan or just want to see what’s being offered by other employers, the list below will show you what benefits are out there and how common they are.
Note: The first percentage indicates the number of employers offering the benefit. The second indicates the number of employers planning to reduce or eliminate the benefit within the next year.
Health and welfare benefits
- Prescription drug coverage (96%/9%)
- Dental insurance (94%/7%)
- Accidental death and dismemberment insurance (82%/6%)
- Vision insurance (77%/7%)
- Long-term disability insurance (76%/6%)
- Employee assistance program (75%/7%)
- Medical flexible spending account (72%/6%)
- Short-term disability insurance (71%/8%)
- Healthcare premium flexible spending account (43%/7%)
- Same-sex domestic partner health coverage (38%/7%)
- Opposite-sex domestic partner health coverage (37%/5%)
- Healthcare coverage for part-time workers (37%/8%)
- Long-term care insurance (31%/5%)
- Retiree healthcare coverage (25%/12%)
- Laser-based vision correction coverage (19%/6%)
- Consumer-directed healthcare plan (16%/4%)
- Health savings account (11%/0%)
Personal services benefits
- Direct deposit (98%/0%)
- Cross-training to develop skills not related to the job (49%/8%)
- Food services/subsidized cafeteria (22%/9%)
- Sponsored sports teams (22%/9%)
- Legal assistance (20%/6%)
- Postal services (19%/2%)
- Career counseling (15%/5%)
- Travel planning services (10%/9%)
- Pet health insurance (4%/4%)
Few, if any, employers who didn’t already offer these benefits said they’d add these benefits within the next year.
The full report can be viewed here.
