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June 30, 2011

Employer-Provided Benefits: SHRM Research Results

Filed under: Benefits,General HR Buzz1:57 pm

Last week, the Society for Human Resource Management released its 2011 Employee Benefits Research Report. The report results cover 284 employee benefits. Some of the highlights are below.

Companies reported that 19% of an employee’s annual salary was spent on mandatory benefits (worker’s compensation, social security, unemployment), 19% was spent on voluntary benefits (healthcare, survivor benefits, flexible spending accounts), and 11% was spent on pay for time not worked (vacation, sick, holidays). These percentages were mostly stable from previous years. However, more respondents indicated the cost of providing mandatory and voluntary benefits increased compared with pay for time not worked.

In terms of voluntary employer-provided benefits, 96% of companies offer prescription drug coverage, 83% provide health care coverage for full-time employees, 86% for dependent children, and 30% of companies also provide health care coverage for an employee’s dependent grandchildren.

Employer-provided Benefits

  • Short-term disability insurance – 66%
  • Bariatric coverage for weight loss – 36%
  • Laser-based vision correction coverage – 22%
  • Subsidized cost of elder care – 1%
  • Retirement preparation planning advice – 37%
  • Undergraduate educational assistance – 58%
  • Loans for employees to purchase computers – 7%

From 2007 to 2011, companies reported an increase in providing mental health coverage, from 73% to 82%. In that same period, companies that offer contraceptive coverage decreased by 5%, down to 69%. Defined benefit pension plans decreased to 22% from 40% of companies.

For more information, see SHRM’s 2011 Employee Benefits Research Report.

 

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