Only 38% of responding companies said that they still offer a defined benefit retirement plan, compared to 75% who now offer a defined contribution plan.
In terms of other financial benefits, the survey found that
- 61% of responding companies offer incentive bonus plans, and
- 53% said they offered new-hire referral bonuses
However, the number of organizations offering educational assistance fell from 88% in 1998 to 79% in the current survey, and career counseling programs fell from 32% to 29% over the past year. Still, professional development opportunities remain popular with approximately 94% of organizations offering these benefits for the last five years.
Despite rapidly rising health care costs, the survey results showed that 99% of respondents’ organizations offer some type of health insurance coverage.
Among the more controversial health benefits:
- 70% provide health plans that cover contraceptives
- 40% cover infertility treatment
- 12% pay for grief recovery programs
- 12% cover support groups
The survey also revealed that coverage of the following health care benefits has decreased:
- mental health insurance, down from 84% to 76% in five years
- on-site vaccinations, from 66% to 61% in the past two years, and
- retiree health care benefits, which has fallen from 39% to 31% in the past three years.
The latest SHRM survey showed that companies are becoming increasingly family-friendly, offering a plethora of work-life balance benefits:
- 64% reporting they offer flextime
- 41% of organizations offering some form of telecommuting, and
- 33% offered compressed workweeks
- 20% offer child care referral services,
- 9% offer emergency/sick care,
- 7% even have a summer camp
- 6% offer on-site child care,
- 6% offer foster care assistance
- 5% each have company supported or subsidized child care
- 4% have before or after school care,
- while only 1% offer around the clock child care.
SHRM’s annual survey was e-mailed to 2,423 randomly selected SHRM members who were asked which of a list of 187 benefits their companies offered. Some 551 SHRM members responded.