Posted in: Benefits, In this week's e-newsletter, Latest News and Views
If your company is still offering these bennies, you may be the exception.
The Society for Human Resource Management polled 600 HR managers to find out which benefits their companies are dropping. Here’s the list:
- Traditional pension plans. In 2007, 40% of the companies offered a guaranteed-payment pension plan. In 2011, the figure dropped to 22%. The 401(k)-type plan is much more common these days, but the company match declined from 75% in 2008 to 70% in 2011.
- Retiree healthcare plans. In 2007, 35%; 25% in 2011.
- Long-term-care insurance. In 2007, 46%; 29% in 2011.
- HMOs. In 2007, 48%; 33% in 2011. Preferred provider organizations (PPOs) are much more common — 84% of companies offer PPOs.
- Paid family leave. In 2007, 33%; 25% in 2011. This category includes leave for births, deaths and other significant family events.
- Adoption assistance. In 2007, 20%; 8% in 2011.
- Professional development. In 2007, 96%; 87% in 2011. In this category are attendance at seminars and professional meetings, formal education, such as undergraduate and graduate programs; and subsidized training in general.
- Life insurance for dependents. In 2007, 65%; 55% in 2007.
- “Casual” day. In 2007, 66%; 55% in 2011. Even though this benefit costs nothing, with the tighter job market, employers apparently feel they can raise the bar for appearance standards at work.