There’s still plenty of belt-tightening ahead in benefits and compensation budgets.
Roughly 60% of HR and benefits managers say the economic downturn will have a negative impact on their benefit offerings by the 2010 plan year, according to the 2009 SHRM Employee Benefits Survey Report.
Here’s what’s most likely to be on the chopping block:
Travel benefits
By far, the area where most organizations are looking to trim some expenses is employee business travel.
There’s already been a 5% drop in company-paid airfares, and 14% of companies plan to eliminate or reduce paying for first class or business class tickets by next year.
In addition, 5% of companies have or will cut per diems for meals, and there’s been a 12% drop since 2006 in employers willing to reimburse non-business long distance calls.
Flexibility in paid leave and schedules
About 9% of companies are reporting that they have less flexibility with paid leave and scheduling, even for emergencies.
One the whole, however, paid time off benefits are expected to remain stable.
