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.
The employee benefits most likely to be cut in the next year
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