Benefits February 25, 2010

Survey Finds Both Employers and Employees Focusing on Health Costs

February 25, 2010 (PLANSPONSOR.com) - New research from Deloitte and the International Society of Certified Employee Benefit Specialists (ISCEBS) finds a shared focus between employers and employees on health, responsibility, and cost reduction.
Reported by
Add as a preferred source on Google

In the “2010 Top Five Total Rewards Priorities” survey, 76% of employers selected “the cost of providing health care benefits to active employees” as among their top five strategic challenges. Meanwhile, nearly two-thirds (65%) of employees indicated they plan to participate in wellness and disease management programs to maximize their health status – up from 48% in 2009.

According to a press release, rounding out the top five total rewards priorities for employers are:

Get more!  Sign up for PLANSPONSOR newsletters.

  • The ability of reward programs to attract, motivate, and retain talented employees;
  • Clear alignment of Total Rewards strategy with business strategy and brand;
  • The willingness of employees to pay for an increasing portion of benefit plan coverage and to manage their own “rewards budget;” and
  • The ability of reward programs to accommodate the varying needs and interests of different generations with distinctly different needs and priorities.

 

More than half (58%) of respondents said they believe their organization’s leadership team understands the Total Rewards perspectives and values of the different generations in the workforce, the press release said.

The survey also found:

  • Although 64% of surveyed employers considered a move away from salary freezes or reductions within the past 12 months, only 11% are contemplating doing so in the next 12 months.
  • More than three-quarters (77%) of employees surveyed are worried about their ability to afford retirement and 60% are apprehensive about staying employed.
  • Four in 10 employees plan to delay retirement.

 

The survey report is here.

«