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SAN DIEGO –
The Society for Human Resource Management (SHRM) today released a new report showing that 63 percent of HR professionals say the economic recession negatively affected their organization’s employee benefit offerings “to some extent,” over the past year.
About a third (28 percent) said the recession didn’t have any effect on their employee benefit packages, with only nine percent reporting it had a “large” affect on what they were able to keep providing to their employees.
The findings are detailed in the
SHRM 2010 Employee Benefits Research Report, released today at SHRM’s
62nd Annual Conference and Exposition in San Diego.
Must haves like family-friendly benefits remain largely unchanged from last year while several types of housing and relocation benefits took a hit. The report also shows a downward trend, some significant, in several employee benefit categories over the past five years, from 2006 to 2010.
The percent of payroll paid on benefits holds steady in 2010 when compared with 2009. On average 19 percent of an employee’s annual salary was spent on mandatory benefits, 18 percent on voluntary, and 11 percent on pay for time not worked benefits.In 2009, HR professionals reported that 20 percent of payroll costs were spent on mandatory benefits, 19 percent for voluntary benefits, and 11 percent for paid leave benefits.
Mandatory benefits typically include unemployment, worker’s compensation, and Social Security. Voluntary benefits include medical plans, dental plans, prescription coverage, flexible spending accounts, vision plans, and survivor benefits.
“Although the recession has presented challenges in the continued support of some employee benefits, some organizations are finding creative ways to replace the more costly benefits with alternative, less costly, family-friendly benefits,” said Mark Schmit, director of research at SHRM. “These progressive companies will likely fare better in retaining key talent as employment opportunities increase post-recession.”
Key findings from the survey include:
The 2010 survey provides data on 279 different benefits and highlights responses from 534 randomly selected HR professional who are members of SHRM.
Colonial Life is the exclusive sponsor of the SHRM 2010 Employee Benefits Survey Report. The company is based in Columbia, South Carolina.
To read this survey:
http://www.shrm.org/surveys. Follow SHRM research on Twitter at http://twitter.com/SHRM_Research
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