Aug 21, 2018
Employers are using benefits to recruit and retain talent in a tight labor market. A survey by the Society for Human Resource Management (SHRM) finds that more employers are reviewing their benefit packages this year, which may be a sign that they’re looking at ways to stay competitive. Also, 34% of employers increased their overall benefits in the past 12 months while just 5% decreased offerings. Fifty-one percent of employers that increased benefit offerings boosted health-related benefits while 44% boosted wellness benefits. Seventy-two percent of employers say that retention is their main reason for increasing benefits while 58% cited recruiting. Here are some of the ancillary benefit types that saw an increase from 2017 to 2018:
- Life insurance for dependents 57% to 70%
- Acupressure/Acupuncture 38% to 47%
- Supplemental life insurance 76% to 80%
- Vision insurance 88% to 90%
- Chiropractic coverage 77% to 80%
- LTD 81% to 83%
- Dental coverage 96% to 97%
- Employee Assistance programs 77% to 78%
A survey by the Department of Labor (DOL) reveals that the number of employers offering health plans increased in 2018 for the first time since 2012. Sixty-nine percent of private industry workers had access to medical care benefits in March 2018. Here’s how worker’s access to health benefits breaks down by private employers:
- 55% of workers at small establishments (fewer than 100 employees)
- 86% of workers at medium-size establishments (100 to 499 employees)
- 88% of workers at large establishments (500 or more employees)
Here’s how worker’s access to health benefits breaks down by other variables:
- 94% of union workers
- 66% of non-union workers
- 74% of full time workers
- 21% of part time workers
According to the SHRM survey, there have been substantial increases in health care coverage for several groups since 2014 — likely due to the implementation of the ACA:
- A 39% increase in coverage for same-sex spouses
- A 32% increase in coverage for foster children
- A 29% increase in coverage for non-dependent children
- A 25% increase in coverage for different-sex domestic partners
- A 3% increase in coverage for different-sex spouses
- A 3% increase in coverage for dependent grandchildren
- A 20% increase in coverage for same-sex domestic partners
- A 10% increase in coverage for part-time employees and dependent children (6%)
Contact your LISI Regional Sales Manager to find out how to boost your clients’ benefit packages.
