The Global Wellness Institute believes workplace mental health benefits will grow 9.8% annually over the next five years. var currentLocation = getCookie("SHRM_Core_CurrentUser_LocationID"); For Paul Dann, executive director of NFI North Inc., a nonprofit health care agency based in Contoocook, N.H., meeting that challenge meant determining why people were quittingand finding ways to address those issues. In a very short time, major employers, including Walmart, Bank of America and Disney, announced they would provide financial support to employees who have to travel to another state to access reproductive care. Please confirm that you want to proceed with deleting bookmark. Social media and brand awareness tend to go hand in hand. You can find out more about which cookies we are using or switch them off in settings. #1 The Future Of Work Is Employee Well-being. } Verizon is one employer thats approaching benefits differently these days. Here's a look at some of the year's biggest topics in compensation and benefits. Amazon Career Choice has committed $1.2 billion to fund hourly workers in bachelors or associates degrees, high school diplomas, GEDs, and English as a Second Language. And HR consultancy Mercer found that concerns over inflation have made financial health employees' greatest unmet need and that insufficient pay is causing employees to look elsewhere for higher-paying jobs. What is the biggest trend HR is facing and will face in the future? Consider paid-time-off and leave policies. Please note that all such forms and policies should be reviewed by your legal counsel for compliance with applicable law, and should be modified to suit your organizations culture, industry, and practices. May 19, 2022 | All, Benefits Administration. Reasons include exhaustion from the pressures of working from home and juggling childcare responsibilities, struggles with returning to the office but not finding consistent childcare, and reevaluating their overall work-life balance. In many ways, the priority of employee benefits hasnt changed too drastically. This directly impacts companies with reduced workplace attendance and productivity. McKinsey research finds working parents are more likely to have left their jobs during the past 2 years than their non-parent counterparts. For company leaders, the public health crisis led to a broader perspective on what mental health and wellness means for many workers. Making smaller tweaks versus huge adjustments also allows for better planning and pivoting as necessary. Unsurprisingly, the rise affected virtually every aspect of employees' lives, from increased mental angst and financial stress to shelling out more on everything from housing to gas and groceries. Get the expertise, technology, and personable management you need to keep costs on budget, employees happy, and candidates excited about your company. Leaders can start to act on this employee expectation gap by engaging in continuous listening programs with employees, and committing to more humane working conditions for all employees regardless of where they work. This will continue to get worse unless companies support their working parents. LSAs may cover expenditures like fitness memberships, athletic equipment, home office expenses, and so much more. Unless an employer is in the top percentile for benefits, just offering slightly more than median has been a hard sell when salaries dominate employee and candidate concerns, says Stacey Carroll, president and principal consultant with HR Experts on Call in Seattle. } As we enter 2022, changes in how we work, where we work, who we work with, why we work, and the technologies we use are in continual flux. Reskilling and upskilling are crucial for businesses to continue being competitive, high-performing, and high-productive in the future. Artificial intelligence is transforming the labor market, automating certain jobs, and creating entirely new jobs requiring new in-demand skills. It also taught us we need to become proficient at seamlessly working across multiple technology platforms including,Zoom, WebEx, Slack, Stream Yard, and Microsoft Teams, not to mention a range of new virtual reality platforms like Strivr, Immerse, and BodySwaps. And due to the pandemic, the past few years have not been the best of times. Just as I have done in2016,2017,2018,2019,2020,and 2021, here is my countdown of what you should include on your HR roadmap for 2022. Resilience can be learned, reinforced and spread through an organization. When we probed the skills learning team members needed most, they included business skills like; commercial and business acumen, people analytics and digital marketing. Segals Khamis recalls the recent #showusyourleave viral movement launched by theSkimm media company that gave companies an opportunity to highlight their parental-leave policies. According to The Conference Board, 88% of companies offer some sort of program that supports emotional well-being (including mental health resources and Employee Assistance Programs), which is up 23% from 2021. The focus was on surviving rather than saving. Employers largely did not pass on the increased costs to their employees. Each level offers something new, such as financial incentives or access to better shifts, Coppins says. The average salary match by employers was a maximum of 6.8% and 6.7% for each type of plan, respectively. With the hardships faced over the last few years, employers and employees are recognizing and placing more concern on mental health than in the past. The list of issues facing CHROs range from leading with empathy to understand what is important to various segments of workers, proposing flexible work options, creating healthy workplace environments to support employee well-being, and developing a fair and equitable workplace for all employees (regardless of where they work). Doing so may open employers up to penalties or employee backlash. They are stored in the "cookies.txt" file on PC and under "magic cookies" on Macintosh. #10 The CHRO Role Has Been Elevated And Changed Forever. As is the case for many companies, employee attrition at Verizon has been higher than normal amid the pandemic, and the company is looking for ways to increase retention. According to a PEW Research study, low pay, lack of advancement opportunities, feeling of disrespect, and the lack of flexibility were some of the top causes for individuals who quit their job in 2021. document.head.append(temp_style); You may be trying to access this site from a secured browser on the server. This represents a positive change towards what employees are looking for, but hasnt quite caught up to expectations. Your session has expired. Gillian Crismier is a Vice President and Employee Benefits Consultant at USI. Please confirm that you want to proceed with deleting bookmark. SHRM released its 2022 Employee Benefits Survey in June, revealing results collected between January 11 and February 28 of this year. However, after analyzing specific jobs, the agency found that at least some of the work could be done remotely. On Nov. 1, New York City implemented a pay transparency law requiring employers to include a good-faith salary range in job postings. To help you recognize the biggest trends facing HR, we asked small business owners and HR leaders this question for their best insights. And 62% also offer reimbursement for at-home office or work equipment, averaging approximately $891 per employee to cover costs of working from home. The importance of employee benefits is growing, and the C-suite is paying attention. However, the way these are offered has changed as the workforce becomes increasingly mobile and focused on a healthy work-life balance. On a personal note, Megan lives in Woodinville with her son Cooper (1), husband Alex, and golden retriever Bailey. Mental health has become a rapidly-growing area of attention when it comes to employee benefits. Carroll notes that organizations are most successful in making strategic adjustments when these discussions include perspectives from people outside HR. IntelyCares newest and most popular benefit is the option for employees to access their pay within 15 minutes of completing a shift. } In addition to benefits, ExtensisHR also handles payroll, risk management and compliance, and full-service recruiting responsibilities in a personalized way to help leaders optimize operations. USI is a leading national insurance brokerage and consulting firm delivering customized employee benefits, property and casualty, personal risk, and retirement solutions throughout the United States. SHRM 2022 Employee Benefits Survey: Evaluating the Trends Participants are typically Amazon warehouse and delivery workers, and they have the opportunity to learn digital skills that can change their career trajectory from warehouse worker to IT professional. Key concerns include their physical wellbeing, peace of mind and financial healthhuge issues that are challenging employers to consider employee benefits they might have ignored in the past. Quick Look: Adapting to trends while also focusing on what employees really want is essential to maintaining low turnover and an engaged work environment. Along with healthcare and retirement employee benefits, paid leave remains a top-ranking offering among most employers. Never before has HR been so tied into company branding strategies and how it affects employees, potential candidates, and the business itself. With regards to health care plans, in general, 72% of organizations say they offer a fully insured health plan and 26% say they offer a self-insured plan. An LSA is an employer-funded benefit that provides employees funds for specific categories of goods that are generally out of the scope of whats covered under a group health plan. This means that every time you visit this website you will need to enable or disable cookies again. The abortion benefits issue did raise some compliance issues for employers, though: Employers that are considering offering abortion-related benefits, such as out-of-state travel to a jurisdiction where abortion laws are more accommodating, need to keep in mind compliance and liability considerations, benefits advisors and experts told SHRM Online. Soon it became clear this was a complex business and people issue and the CHRO was pivotal to its response. So, when company surveys indicated that employees in North America value more downtime, the company acted to meet this need by closing all of its offices in this region during the U.S. Thanksgiving holiday week. The Great Resignation Skipped Us. Employers faced with a persistently tight labor market have been looking for every advantage to attract, retain and engage workers. Finding the right mix of benefits also gives employers a powerful story to tell current and prospective employees. Employees want and expect more frequent career steps and growth than in the past, and organizations need to build the systems and structures to deliver that. Please log in as a SHRM member. $(document).ready(function () { Of those offering retirement plan options, 83% contribute with (varied) employer matches for 401(k)s, and 76% contribute to Roth 401(k) plans. According to the 2022 LinkedIn Global Talent Trends Report, a work-life balance was the most important factor that individuals sought when looking for a new position. However, the percentage of organizations offering leave beyond whats required by law has dropped in some areas since 2020. Then, it looked for new programs that would appeal to employees. One-size-fits-all will not fit anyone. This percentage reaches 80% for those under 45 years old. This is likely to continue, especially with the uncertainty over the Omicron variant. You can configure your browser to alert you when a website is attempting to send you a cookie and to give you the option of refusing the cookie. In the process, theyre likely to find that what qualifies as an employee benefit is rapidly changing. Amazon Career Choice and mthree, Wileys Talent Development Solution for Employers, is showing whats possible by creating a customized program teaching in-demand computer skills to hourly workers. These are some of the tangible steps being taken to help alleviate equity concerns, however, many employers and participants alike recognize that not enough is being done. Pay transparency became one of the hottest compensation issues of the year: Calls for pay transparency reached a fever pitch, with large amounts of workers calling for employers to be open about salaries. Health care staffing company IntelyCare has leveraged a deep understanding of its workforce of about 50,000 health care professionals to create a customized approach to benefits. However, employers are open to the flexibility and work-life balance employees now crave. To request permission for specific items, click on the reuse permissions button on the page where you find the item. The CHRO has emerged as a key member of the C-suite, working with heads of Technology, Finance, Real Estate, Workforce Transformation, and the Chief Medical Officer to ensure a safe return to the office. Rather, well-being now is an employer's opportunity to support employees in all aspects of their personal and work lives. While raising wages is one way to attract and retain employees, research conducted by Paychex and Future Workplace among 603 full-time workers found 62% of employees identified well-being benefits as key a key factor in deciding whether to apply for a new job. Other survey findings about how organizations are approaching environmental, social, and governance (ESG) efforts differ between respondents at large and smaller companies. as a necessity for accepting a new position in 2022, which has more than doubled from pre-pandemic expectations. Hewlett Packard is an inspiring example of expanding benefits to employees and their families. Cookies provide a way for a server to recognize you, to recall a previous request or previous registration, or to keep track of a transaction as it progresses, so that information does not have to be re-entered. Finally, companies can consider pushing the limits of workplace flexibility by offering all employees (not just parents) the ability to cut back to 60 percent workweeks or downshift to a less-demanding role for a time, with the understanding that they can ramp back up when ready. With most familiarizing themselves with Zoom due to stay-at-home orders early on in the pandemic, many realized the added convenience and accessibility video conferencing provided in terms of their care. While this does not mean working in the same job for 60 years, it does pose an important question for HR leaders: How can increasing a companys commitment to lifelong learning be used to up-skill and re-skill current workers over what may be a 60 year career? Soaring inflation was the common factor behind many of the biggest headlines in the world of compensation and benefits in 2022, but other developments were on employers' minds as well, including abortion benefits in the wake of a landmark U.S. Supreme Court reversal; transparency around job salaries and wages; and employee mental health in a time of extreme global insecurity. If people dont disconnect, whats the point of offering [time off]?. According to a study done by IPSOS, 62% of Americans say that their health is more important to them now than prior to the COVID-19 pandemic. DEI is the thread that flows through organizations if they are to experience long-term retention of current and prospective employees. temp_style.textContent = '.ms-rtestate-field > p:first-child.is-empty.d-none, .ms-rtestate-field > .fltter .is-empty.d-none, .ZWSC-cleaned.is-empty.d-none {display:block !important;}'; if(currentUrl.indexOf("/about-shrm/pages/shrm-china.aspx") > -1) { Learn how SHRM Certification can accelerate your career growth by earning a SHRM-CP or SHRM-SCP. It sends a message when employees see their employer take the initiative and get ahead of something like this, says Michael Khamis, a vice president of HR and benefits at consulting firm Segal in Los Angeles. Respondents who say they work for organizations with at least $1 billion in annual revenues are nearly 1.7 times more likely than those at smaller organizations to say environmental topics outrank social and governance . Debora Roland, Vice President of People Operations at CareerArc. Events like these reiterated the importance of employer assistance in the form of comprehensive mental health benefits, counseling options, empathy and understanding. Within a year, the company saw encouraging results with increased employee tenure and less turnover and burnout. Sharing information about employee benefits only during the open enrollment window is no longer enough. Employers in the U.S. expect medical plan costs per employee to rise 5.6 percent on average in 2023, Mercer reported earlier this year, a significant jump over the premium increase of 4.4 percent expected for 2022. Working parents are now demanding a new deal from their employers. The 2021 Workplace Learning Report finds 59% of Learning leaders cite up-skilling employees as their number one priority. The pandemic started a lot of conversations acknowledging that employee well-being is a critical business need, says John Bremen, managing director with consultancy WTW in the Chicago area. One thing is clear, leaders must demonstrate resilience, empathy, transparency, and digital fluency to ensure everyone has a voice in creating the future of work. Health Plan Cost Increases for 2022 Return to Pre-Pandemic Levels - SHRM else if(currentUrl.indexOf("/about-shrm/pages/shrm-mena.aspx") > -1) { A confluence of factorsincluding widespread inflation, economic instability and increased health care utilization as a result of the pandemichave driven larger-than-usual increases for 2022 and predicted increases for 2023. In addition, employers need to communicate how their approach to management is evolving as work from anywhere expands. Offer Child Care Benefits. On personal note, Gillian is married and has two boys, Liam (4) and Declan (2). To get a sense of the growing value of benefits, consider how employers responded in the aftermath of the U.S. Supreme Courts June decision overturning federal protections for abortion access. Companies used to brag about their health and retirement benefits, but those have become table stakes. } With the rise of diversity, inclusion, and equity practices, there's a high likelihood that fair chance hiring practices will slowly reduce and abolish the stigma and outdated practices that exclude incarcerated applicants from being given the opportunity to be considered and hired for positions. Despite the increases, pay raises ultimately trailed inflation and the majority of employees felt the toll that the rising cost of living took on their financial situations, resulting in their feeling unsatisfied with their pay. Jessica Miller-Merrell, Founder, Chief Innovation Officer of Workology. Our Website may use "cookies" to improve our level of service to you. Employers are adjusting to the rules, however, as some employers have responded to the new laws by posting very broad salary ranges. According to the Bureau of Labor Statistics, over 47 million employees quit their jobs in 2021, leading to an immense amount of job openings and employers struggling to fill open positions. ExtensisHR offers flexible service and benefit models to fit each of your growth stages, letting you focus on managing initiatives, while we manage your HR, compliance, employee payroll, and benefits administration. Please enter the text you see in the image below: SHRM provides content as a service to its readers and members. This sent the message that employees didnt have to be connected all the time, Miracle says. Figure 3: Top Challenges Facing Heads of Learning in 2025. With offices in 15 countries, SES-imagotag has discovered differences in employee benefits preferences across various regions and offices. Employers Expand the Concept of Benefits - SHRM That's "because of the tight labor market and the desire to keep health care affordable for employees," said Jeff Levin-Scherz, population health leader at WTW. Here are 12 of the biggest HR trends in 2022: While some employees will prefer working from an office, many more have discovered over the past two years that they are happier and more productive working from home.
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