Netflix, which in 2015 set a precedent by providing 52 weeks of paid parental leave to employees, says family benefits will become more accessible to varying types of households in 2020. For example, the implementation of virtual health care solutions has been identified as a top initiative for employers. Learn more about student loan repayment as an employee benefit and whether or not it could be a good fit for your organization. Employee Benefits Trends in 2020. 1. This is partially because healthier workers are more productive ; also because employers continue to bear the rising costs of medical care. However, employers are forecast to become even more proactive about curbing health care costs. According to a 2018/2019 global survey by Thomson Online Benefits, 51 percent of surveyed organizations have implemented flexible benefit plans while 14 percent plan to do so in the future. (, Many organizations are beginning to embrace this flexible, personalized approach to employee benefits and now offer a myriad of voluntary perks and products for employees to design their own benefits package. Paid maternity leave is likely coming to your state in some form or fashion soon. HR trends forecast the most desired employee benefits for 2020 like pet perks, flex work and financial wellness programs. Smart companies are always taking a fresh look at the benefits they’re offering. The proportion of companies offering part-time telecommuting (42%) as well as standing desks (60%) and on-site quiet rooms (21%), also expanded. Time & Attendance By aholaadmin. Benefits Administration In 2019, employers can expect even more states and local governments to propose and enact mandatory sick leave policies. New York and Rhode Island—have passed state-level legislation mandating paid parental leave. What do these changes mean for the future of HR in 2020 and beyond? 2. However, utilization rates have historically been on the lower end, with reports stating engagement rates as low as 5% (SHRM). It’s time to start building your organization’s employee benefits for 2020. . The estimated cost of employer-sponsored health care benefits is approaching $15k per employee in 2020. If your state doesn’t require paid sick leave, this could change, so be sure to keep an eye out for regulatory changes. For instance, employees can select the health insurance plan, retirement options, and flexible spending account that best suit their individual needs. Posted July 10, 2020. Learn more about, student loan repayment as an employee benefit. This annual survey of employers provides a detailed look at trends in employer-sponsored health coverage, including premiums, employee contributions, … Still, we find it beneficial for leaders and HR professionals to analyze these results yearly in an attempt to get a pulse on what trends are forthcoming and the factors influencing these changes. Recognizing these consequences, many employers, states and cities provide paid sick leave. Dice Insights reports that instead of giving unlimited PTO, employers are offering increased time off for specific reasons such as illness, maternity and paternity leave, or bereavement. – Open (unlimited) leave is uncommon (6%) Here’s a quick breakdown of the top benefits trends for 2020. – 60% offer standing desks, only a quarter offered 5 years ago (Adobe). And we’re not talking about the short- and long-term disability or life insurance, which are almost considered “standard”, A particularly popular perk to recruit and retain millennials, student loan repayment assistance helps employees chip away at their student debt. Bringing the latest news in compliance, staffing, hiring trends and recruitment technologies right to your inbox. According to the World Health Organization, an estimated 264 million people suffer from depression, with many of these people also suffering from symptoms of anxiety. ID theft protection is designed to cover some of the costs related to identity theft and help victims navigate the process of identity restoration. – 13% of employers offer fully or partially subsidized onsite cafeterias Remote counseling services are also gaining traction as a convenient and affordable alternative to traditional counseling. Flexible working benefits have shown somewhat of an upward trend, with part-time and full-time telecommuting on the rise (up 5% from 2018 to over 40%). 2. Payroll Services After reviewing the full report, we’ve outlined a few key findings for businesses to consider as we approach the renewal season. 77% of employees say that the amount of paid leave influences their employer choice. Global Employee Benefits Trends Report 2020 . For an innovative approach, consider investing in mobile app subscriptions that focus on promoting mental health. Consider a few of these other parental perks. © 2020 THE AHOLA CORPORATION. And, for organizations in states that don’t currently mandate paid maternity or paternity leave, layering in even modest paid perks for parents will vastly set your organization apart from others and support recruiting and retention efforts—and the data supports this. Many consider pets part of the family, and pet-specific benefit companies (like pet insurance) are expanding rapidly to meet the demand. The views expressed in each post are those of the author, and the author alone; they are not the views of Ahola. A recent WHO-led study estimates that depression and anxiety disorders cost the global economy US$ 1 trillion each year in lost productivity. Flexible stipends provide employees with a set amount of money that can be allocated towards approved activities or services. One-fifth of organizations report that they offer family leave (paid or unpaid) beyond the time required by federal and state FMLA. In Benefits, Employee Engagement, Employees, Hiring, Human Resources, Recruiting.