Data & Research
Financial Services Benefits Offered By Less than Half of Employers in 2007
Although benefits offered by employers remained mostly the same in 2007 as in 2006, there was a slight decrease in the number of organizations that offered financial services benefits to employees.
Reported by Rebecca Moore
According to the Society for Human Resources Management’s (SHRM) 2007 Benefits Survey, there was a decrease in individual investment advice and retirement planning services offered by employers in 2007. Other benefits that decreased in 2007 included automobile allowances/expenses, traditional defined benefit pension plans, full flexible benefits plans, employee discounts on company services, and commissions and loans to employees for emergency/disaster assistance.
The number of organizations offering traditional pension plans decreased from 48% to 40%, according to a press release.
SHRM found the most commonly offered benefits were direct deposit of paychecks, paid holidays, professional development opportunities, payroll deductions, prescription drug program coverage and dental insurance. In addition, almost all survey participants offered some type of health insurance plan.
HR respondents indicated they planned within the next year to add wellness programs in coming benefit packages including weight loss programs (5%), smoking cessation programs (6%), health screening programs (5%), and health care premium discounts for getting an annual health risk assessment (6%).
A full copy of survey results can be obtained by SHRM members at www.shrm.org/surveys.