As you enter the final stretch of 2018 and begin looking towards the future, here are some benefits trends that you should be keeping an eye on.
Student Loan Assistance Is A Big Plus
Young employees entering the workforce are often saddled with an enormous amount of student debt. In total, outstanding student debt has reached over 1.5 trillion dollars. Needless to say, this debt weighs heavy on the minds of young employees and often prevents them from pursuing further education to advance their careers. Many employers are stepping in to help out with student loan repayment assistance.
Tailoring Health Insurance For A Diverse Workplace Is Key
We are quickly entering into a world where diversity in the workplace is on everyone's mind. Diversity of opinion, of race, of gender, and even of age. It's a well-documented fact that employees are retiring later and later. It's important to keep this in mind when choosing what kind of health insurance to offer. At the very least, it's wise to offer health plans that are a good fit for young, healthy employees as well as health plans that benefit older employees who visit the doctor more frequently.
Identity Theft Is On Everyone's Mind
There have been many major security breaches recently. The most notable of these is Equifax exposing the personal information of nearly 150 million people to hackers. Some employers are responding by offering forms of "identity theft insurance" to their employees. This insurance reimburses some of the costs associated with identity theft. In a perfect world victims of identity theft would get their money back and their name cleared in a timely manner, but these issues aren't always so cut and dry so having this insurance is a welcome reprieve.
Parental Leave Is Not Just For Mothers
Maternity leave has always been an important aspect of the workplace, as we know how important it is for a new mother to be with their child. The conventional wisdom on this has recently been challenged, however. Now, it's being recognized that it's equally important for a new father to have time to bond with and care for their child. In fact, cosmetics firm Estée Lauder was recently sued over just this issue. In the end, they were ordered to pay 1.1 million to 210 male employees who were given less time for parental leave than female employees.
So, what's the takeaway here? Diversity in all of its forms is going to be very important in building your benefits package going forward, especially with regards to new employees entering the workplace and old employees staying. Gender parity is also a big concern, are you offering your male employees the same opportunities as your female employees and vice versa? If not, you could run into trouble. Finally, identity theft is an issue plaguing more Americans than ever before, and employees would appreciate a little help from their employers here.
These days, you need a robust benefits package if you want to attract and retain the talent your business needs to thrive. Please, contact us at Summerlin-Roberts today to learn more about our employee benefits services.