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These trends barely scratch the surface of what’s happening in the function of compensation and rewards. Think about some other recent changes or trends that are occurring. Propose what you believe is one of the most important trends in recent years or directions for employee rewards in the future. Discuss why you believe it is important.
- Wellness programs – 80% of surveyed employers offer some kind of health or fitness program, and financial incentives to be healthier – 11% offered on-site massage therapy!
- Financial advising – providing resources to help employees invest wisely – inviting spouses to participate in financial seminars, offering customized programs to specific groups (e.g. employees nearing retirement).
- High-deductible health plans – lower costs for the employer by offering higher deductible plans (average deductibles before care is covered by insurance have nearly doubled from $584 to $1318 in 10 years), or by including surcharges for a spouse who may have access to his or her own insurance via work.
- Retirement account fees – new regulations mean that administrative fees on retirement accounts are more visible to employees; luckily, fees are lower than in the past and for work-based accounts now tend to be a flat fee instead of a percentage of your retirement balance.
- Automation – integrating and further automating HR systems – the strategy is to move as much as possible under one umbrella.