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SHRM Survey Finds Little Change in Benefit Offerings

June 21, 2005
Related Topics: Latest News
Dependent-care flexible accounts are up. Employer-funded reimbursement accounts are dipping. Vision insurance is coming into focus. Paid family leaves are picking up. On-site vaccinations are falling.

That’s the ticker for the 2005 SHRM survey of employer benefits—small changes and few distinctive trends.

Perhaps that stability signals good news: Despite rising costs of health care and other financial pressures, companies continue to offer competitive benefit packages to entice new hires and retain current employees. SHRM surveyed 386 HR professionals in companies of varying sizes, asking them about 219 benefits. It has conducted the survey annually since 1996.

Sixty-nine percent of those surveyed said that the costs of their voluntary benefit programs remained about the same as in 2004. HR professionals said their organizations spent an average of 21 percent of an employee’s annual salary on voluntary benefits, such as health care and retirement benefits. That category excludes leave benefits. Companies spent 19 percent of an employee’s annual salary on such mandatory benefits as FICA and unemployment.

Read the rest of this story and learn about more trends coming from the annual SHRM conference in the Daily Conference News microsite.

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