Page 8 - 2020 Peel & Holland Benchmarking Survey Results

NATIONAL TRENDS

TOP TRENDS TRANSFORMING EMPLOYEE BENEFITS

BENEFITS PACKAGE SHIFTING COSTS TO EMPLOYEES EMPLOYERS ARE HELPING
PERSONALIZATION IS CRITICAL HAS REACHED ITS LIMIT WORKERS PAY OFF STUDENT DEBT

Companies need to offer benefits that More employers are shouldering the SHRM’s 2019 Employee Benefits survey,
meet the needs of today’s diverse, share of employee premium increases, which polled 2,763 HR specialists,
multigenerational workforce and bring partly to relieve the pressure on their found that 8% of respondents worked
real value to their lives. Presenting people, but also as a recruitment at organizations that offer tuition-
a broader array of options that necessity, despite the bottom-line repayment benefits, up from 4% in
address employees’ needs during impact. Employers conclude that 2018. Employers are creating benefits
all stages of life is becoming critical. high-deductible health plans aren’t packages that not only help employees
Progressive employers are beginning sufficiently meeting the needs of their pay student debt off sooner, but also
to understand this and have begun people, and they will rethink, reduce help them manage their expenses and
to offer a spectrum of options across and even eliminate deductibles. forecast their financial needs. Some
traditional healthcare, but also Fewer large employers are offering employers are making 401(k) matching
financial and lifestyle categories. These high-deductible health plans as the contributions tied to employees’
are the employers that will be most only option for employees, which is a student-loan payments, which helps
competitive moving forward. 1 dramatic change from what we were employees start saving for retirement
seeing just two-to-three years ago. 1 while paying off student loans. 1

TAKEAWAY TAKEAWAY TAKEAWAY
Take a fresh look at the benefits package To help employees predict healthcare Approaches as simple as facilitating
in its entirety, and if you are funding costs and give additional choices, payments through payroll deferral or
things that are no longer necessary or employers can deliver new plan designs, providing onsite financial advice to help
valued, divert that investment into some more transparent pricing tools, the guide employees to the best approach
of the newer, more valued benefits. reintroduction of co-pays, and more for their loan repayment and financing
specialty care options. can help employees whittle down their
loan burdens.

1 SHRM: Perk Up: 6 Benefit Trends to Watch in 2020
2 2020 MetLife Employee Benefit Trends Study
3 SHRM: During the Pandemic, Telehealth Steps Up, April 2020

6 PEEL & HOLLAND | 2020 Western Kentucky Employee Benefits Benchmarking Survey Results