Recent and Innovative Trends in Employee Benefits

Document Type:Research Paper

Subject Area:Business

Document 1

The organizations can improve their budget for health care plans, improve their match rates for the retirement plans or even include an extra benefits like dental and vision coverage. All these are aimed at attracting a much qualified staff, and improving the work-life of the employees. This paper therefore, focuses on some of the recent and innovative trends in employee benefits. In this battle for talent and professionals, it is more than just employee benefits that can attract candidate retention and conversions. Firms and businesses are developing and shifting their benefit provisions. The ACA (Affordable Care Act) together with the increased health care costs, the tightening job market, and inflation are driving these trends and changes as organizations look for differentiation strategies. According to the 2017 Employee Benefit Report presented during the SHRM (Society for Human Resource Management) Annual Conference, the years 2017 experienced an increased and improvement in employee benefits (Beam, Burton and John, MacFadden 234). Pet Insurance, Unlimited vacation, free beer Friday and even On-site massages are some of the benefits trends of 2018. These days, firms are utilizing innovative and desirable employee benefits to win top talents and even snag headlines. When companies like Coca Cola, come out looking to get the most sought after personnel in the economy, they know very well the kind of competition they will be facing (Ferenczy 89). Therefore, if the company lacks the exact benefits the employees are looking for, then it is a complete turn off to the candidates. Even though some benefits score good points for being newsworthy, organizations that focus on staying on the real cutting edge of talent and skill acquisition and retention are focusing on making their more traditional benefits; those with confirmed staying influence, like retirement and health plans-as innovative as probable (Walsh, Diana and Richard 197).

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Below are some of the emerging trends in the employee benefits that are assisting companies to remain competitive in their field. Emerging Trends in Employee Benefits 1. Personalized Health Plans Much more is changing in the healthcare sector due to the ACA (Affordable Care Act). As per the ADP Yearly Health Benefits Report of 2015, worker suitability rates have risen, with more than 93% of workers eligible for health coverage (Butler, Richard 344). The data of those entitled have also changed, to comprise of more single and older workers and even those lacking dependents (Ferenczy 189). The manner in which organizations are providing health care benefits to their workers is varying as well. It initially used to be that the best benefit a business employer could offer the workers was a comprehensive and expansive plan. Although firms can still do that, beginning from 2019 they will be subject to the Affordable Care Act’s Cadillac Tax, which insists on a 40% excise tax on the retirement plans.

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Programming or even automatic the retirement benefits is just one way in which technology is assisting workers to secure and seek better value for their work and benefits. The Internet-based self-service choices for instance, the online portals give employees the chance to manage their human resources requirements swiftly and at their own time and convenience. Deliberate Benefits Most diverse benefits that make news headlines fall within the category of deliberate benefits. Although usually paid for by workers through the payroll deferral, employees benefit by accessing the services at cheaper group rates. Exclusively, these deliberate benefits can be some of those most innovative benefits in the business industry. More organizations therefore in this coming year will start to provide health reimbursement plans. With the health reimbursement plans giving the employees the chance to utilize the funds for premiums, it actually is an incentive for the companies.

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Identity theft coverage Some companies or organizations already offer identity theft coverage to workers or go to an extent of making it an optional benefit, and with many major data breaches experienced this past year, Oldham Company anticipates more companies will provide this particular benefit. The Identity theft insurance reimburses the costs related to clearing up of the ID theft cases, for instance the mailing expenses, and in some instances, the attorney fees, with respect to the III (Information Insurance Institute) a nonprofit client education organization (Mazin 361). Student Loan Help The student loans are a critical stressor for employees, particularly the millennial. With satisfactory, well cover workers, firms are better capable of motivating the whole workforce, focusing on their mission and fruitfully meeting their objectives. Pet Insurance, Unlimited vacation, free beer Friday and even On-site massages are some of the benefits trends of 2018.

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Companies need to improve their budget for health care plans, improve their match rates for the retirement plans or even include an extra benefits like dental and vision coverage. All these are aimed at attracting a much qualified staff, and improving the work-life of the employees. Works Cited Beam, Burton T, and John J. Place of publication not identified: Wolters Kluwer Law & Bus, 2016. Print. Future Trends in Employee Benefits: A Symposium Held in Toronto, April, 1974. Ottawa: Conference Board in Canada, 1974. Print.

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