Today is Leap Day, the quirky extra day in February that comes once every four years. To honor the occasion, Compdata looked at employer-offered benefits and how they have changed over the last four years. Analyzing data from Benefits USA 2011/2012 and Benefits USA 2015/2016, here are four notable shifts in benefits since our last leap year:
Kansas City, Kan.— There have been a number of companies making headlines over the last year as details of various wellness initiatives have been leaked to the public. CVS Caremark being the latest, now requires each of their employees to receive health screenings to include weight, cholesterol, blood sugar and blood pressure, or face a $50 per month penalty on their health insurance premiums. Although some may tout these measures as being drastic, they are becoming increasingly common for employers looking to combat the rising cost of healthcare. In fact, the Compdata Surveys Benefits USA 2012/2013 survey results found 34 percent of employers offering wellness programs either provide insurance discounts for employees participating in wellness programs or impose penalties on employees with risk factors, who aren't taking action. That's up from just 25.4 percent in 2009.
With slow economic growth and minimal pay increase budgets to work with, it’s no wonder companies continue to count every dollar when it comes to benefits planning. Human resources professionals, who are also dealing with the demands of employees to offer more comprehensive coverage, have found that offering voluntary benefits may be the key to boosting the value of their company’s benefits plan.
Kansas City, Kan.— With slow economic growth and minimal pay increase budgets to work with, it's no wonder companies continue to count every dollar when it comes to benefits planning. Human resources professionals, who are also dealing with the demands of employees to offer more comprehensive coverage, have found that offering voluntary benefits may be the key to boosting the value of their company's benefits plan.
Kansas City, Kan.— Medical costs are continuing to soar, leaving many Americans clambering to find a way to alleviate some of the burden of expensive medical care, particularly procedures insurance doesn't fully cover. Many employers are providing assistance by offering flexible benefit programs, such as flexible spending accounts to their employees as a part of their benefit plan. The Benefits USA 2012/2013 survey results found 89.7 percent of companies offer a flexible spending account to their employees, with 23.6 percent of employees at these organizations enrolling in them.
Original Article: Canadian HR Reporter
Kansas City, Kan.— Even as tuition rates continue to escalate, the number of working adults re-entering the classroom to earn college degrees is on the rise. Many employers have picked up on this trend and are seizing the opportunity to offer a valuable benefit to their workforce. The Benefits USA 2012/2013 survey results found 56.6 percent of employers now offer tuition reimbursement to all employees, which is a significant increase from 34.9 percent reported in 2009.
Original Article: Recruiter.com
Kansas City, Kan.— It's no secret companies are still recovering from the recession and as a result, employees are putting in longer hours. Some companies, however, are offering additional paid time-off for special circumstances that arise, which may help employees maintain their work-life balance. The Benefits USA 2011/2012 survey results found 33.3 percent of companies offered paid time-off for a death in the family. Employees are granted an average of 3.4 days.