Employer-offered financial & compensation benefits decreasing, SHRM survey finds

Jul 2, 2014

Employer-provided financial and compensation benefits such as flexible spending accounts, tuition assistance and incentive bonus plans are decreasing, according to the 2014 SHRM Employee Benefits Survey from the Society for Human Resource Management (SHRM).

However, the shift to defined contribution retirement savings plans and Roth 401(k) savings plans continues, with only 24 percent of organizations reporting that they offer defined benefit pension plans that are open to all employees.

Among other personal finance-related survey results:

  • FSAs: 68 percent of organizations offered medical flexible spending accounts compared to 72 percent in 2010.
  • Education: Fewer organizations are offering undergraduate tuition assistance (54 percent), compared to 2010 (62 percent). Additionally, fewer organizations are offering graduate tuition assistance (50 percent) compared to 2013 (59 percent).
  • Retirement Plans: Traditional 401(k) or similar defined contribution retirement plans (89 percent) were the most common type of plan offered, followed by Roth 401(k) savings plans (41 percent). Forty-three percent of organizations offered advice specific to retirement preparation.
  • Financial Advice: Overall, 71 percent of organizations offered some form of investment advice: 50 percent provided online investment advice, 41 percent offered one-on-one investment advice, and 41 percent offered investment advice in a group/classroom.

The survey, released annually, polled 510 randomly selected HR professionals. It examines more than 300 benefits.

The full survey is available online at: www.shrm.org/research/surveyfindings/articles/pages/2014-employee-benefits.aspx.

To read the press release, please visit: www.shrm.org/about/pressroom/pressreleases/pages/2014-shrm-employee-benefits-survey-report.aspx.

For more information or to schedule an interview, please contact Vanessa Gray of SHRM Media Affairs at 703-535-6072 or Vanessa.Gray@shrm.org or Kate Kennedy at Kate.Kennedy@shrm.org or 703-535-6260.


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