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Several states issued new laws that expanded regulation on everything from parental leave to classifying contracted employees. Support Workers with Better Employee Benefits in 2020. Adding caregiver and bereavement leave to your policy can help employees use vacation days for vacations.Here are other ideas for improving emotional and mental well-being with benefits: Include mental health services on your health insurance plan. . According to the report, almost a third of companies increased their overall benefits offerings in the past year to remain competitive for talent. What each employee desires in a benefits package varies according to age, financial situation, family status, life goals, and more. Let’s look at some of the trends we see taking shape throughout 2020 and beyond MORE, Why financial wellness is a must-have employee benefit. When employees are working from home it’s a totally different scene. MORE, While companies like Facebook and Apple ® are offering to freeze its female employees’ eggs as a way to recruit more diverse talent, other companies are jumping on the crazy train and offering even weirder workplace perks. Join Darrell Moon, CEO of Orriant, to learn if your benefits selection is meeting your employees' needs. Mental Health Benefits. HR trends forecast the most desired employee benefits for 2020 like pet perks, flex work and financial wellness programs. Please verify your previous choices for all sites. One of the trends we have identified in our 2018 HR Trends to Watch summary is that of the rise of employee benefits. Healthcare + Health Services Benefits 1. More employers are offering family-friendly benefits like paid maternity leave and fertility services to attract employees in today’s competitive labor market, according to a report from the International Foundation of Employee Benefit Plans. Rachel Lyubovitzky is CEO and co-founder of EverythingBenefits, the provider of next-generation automated benefits technology that uncovers hidden costs, eliminates errors and helps keep companies compliant. In 2019, many employers will seek to educate employees about the value of the HSA as an investment vehicle, and some may increase employer contributions into HSA instead of 401(k). Foster a positive office culture that values respect and employee recognition. Thankfully, more workers than ever are much better in touch with their own psychology and are happy to reach out or receive a helping hand to rebalance. If you do not select a country we will assume you are from the United States. Open enrollment may have just ended , but it’s never too early to start thinking about emerging benefit trends. The report gathered information on the types of benefits companies currently offer their employees or those they plan to offer in the next 12 months. Companies are growing and shifting their benefit offerings. Learn More: 5 Tips to Communicate Benefits Enrollment with Employees, Hi there! Welcome to HR Technologist.We’d like to walk you through some cool features on our article page, so you can enjoy a better reading experience. Employee benefit customization is in high demand. The 5 key trends shaping the future of employee benefits Employees are working to a greater age, while their attitudes, outlooks and expectations are changing. This is partially because healthier workers are more productive ; also because employers continue to bear the rising costs of medical care. Employee share of the family premiums has remained in the 25% to 30% range over the last 20 years, which means that the employees’ share of the premiums has increased at a similar rate as the employer’s share. They embrace mobile tech, subscription and on-demand services as the everyday, cultural norm. This site uses cookies to improve your experience. To keep reading, click here: Top 5 Employee Benefits Trends of 2018. According to the report, almost a third of companies increased their overall benefits offerings in the past year to remain competitive for talent. The Affordable Care Act now compels employers with as few as 50 staff to provide minimum coverage and to report to the IRS, whilst COBRA requires those with as few as 20 provide coverage to transitional workers. You can unsubscribe at any time by clicking the unsubscribe link at the bottom of our emails. In part 1 of our 3 part series, we’ll cover everything you need to know about employee benefits trends for 2019. 3. How Benefits Expectations Have Changed. Flexible working has been a popular demand among employees for a while now. 3 Health Insurance Benefits. It’s time for employers to start planning their employee benefits packages for 2021. Only employees, however, are eligible for benefits. A new year is nearly here! According to MetLife, approximately 70% of all employees say benefits customization would increase their loyalty to their current employer 1.So, offering benefits customization is a good place to start for companies looking to increase their employee retention rate. If employers can adequately adopt the technology infrastructure that will be required to make disclosure happen, this is going to bring health insurance costs out into the sunlight. Because this trend is not likely to go away anytime soon, employers smart enough to get on board will enjoy several benefits, such as: •    Increased loyalty—67% of baby boomers and 76% of millennials believe the ability to customize their benefits will increase their loyalty to their employer.2, •    Better employee retention rates— it’s not just one employer who loses out when an employee leaves, with the rise of contract and freelance work, it’s several. Employee benefits trend highlights: Companies now offer modern benefits to support more critical life events. Of all the employee trends included in this article, we chose to share this one first because it paints a clear picture of the pressing need to develop a competitive benefits package. What can employers do to see that this workforce is given maximum benefits to enact the dual role efficiently and comfortably? While employee benefits can vary dramatically by workforce location, size and industry, some benefits are quickly becoming more common in competitive industries.

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