Have you recently heard someone gripe about the company they work for cutting or completely eliminating some of the benefits? Within the past year many employers have reduced the benefits and perks they offer employees. Most are only offering the basic necessities such as healthcare, dental insurance, retirement plans and paid holidays.

According to the SHRM 2011 Employee Benefits Research ReportB 77 percent of employers reported to have reduced the benefits they offer, which is a 5 percent increase from the previous year. The report also found that:

  • Financial and compensation benefits have experienced considerable declines throughout the past five years. The most significant decreases were in educational assistance programs, incentive bonus plans and life insurance for dependents.
  • Paid-time-off plans continue to gain in popularity. 81% of organizations review their benefits programs annually.
  • 79% of full-time employees have the option to receive preventive health and wellness benefits.
  • Organizations spent on average 19% of an employeebs annual salary on mandatory benefits, 19% on voluntary benefits and 11% on pay for time-not-worked benefits

Have directly experienced having your benefits cut back; if so what are your thoughts?

Source: The Miami Herald

Image: Military Times Edge


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