Support for employee development is among the key trends identified by human resources association WorldatWork in its new total rewards inventory that examines the prevalence of 176 different employee benefits among organizations around the world.
The association surveyed about 730 employers and found while a majority offer standard benefits, such as health and dental plans, life insurance, disability insurance and prescription drug coverage, many vary on providing other rewards.
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Development opportunities are becoming increasingly important for people entering the labour force, notes Rose Stanley, a senior practice leader at WorldatWork in Arizona. In fact, the survey show 87 per cent of employers offer tuition reimbursement, 20 per cent provide tuition discounts and 84 per cent offer leadership training.
Employers are also finding more of a need to support employees in managing their debt and short-term financial wellness, notes Stanley.
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The survey shows 22 per cent of employers offer debt management, 53 per cent provide personal financial planning services and seven per cent offer assistance with taxes.
“These are different from programs that help employees figure out whether they’re saving enough for retirement,” says Stanley, noting such programs tend to focus on everyday expenses.
And while the survey shows only four per cent of companies offer employees assistance in repaying student loans, Stanley thinks more of them will offer this benefit in the future due to mounting education costs.
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“That’s one thing I’d keep an eye on,” says Stanley, adding that organizations not only want to attract talent with the benefit but also ease the financial stress burdening many new employees.
“What’s different from before is the staggering amount of student debt,” says Stanley. “Somebody could go to college and ring up $100,000 to $200,000 worth of student loans. So organizations are thinking of different ways to help employees.”
Employers are also finding significant demand for paid parental leave, says Stanley, noting more workers see the benefit as a necessity. According to WorldatWork’s survey, 49 per cent of global organizations offer paid parental leave and 43 per cent provide unpaid leave.
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The parental leave benefit has an impact on gender equity issues because women often have to take breaks in their careers to care for a child and might suffer drawbacks in pay and career advancement, says Stanley.
While the United States still lags in providing parental leave benefits, Stanley notes many larger organizations have started changing their policies in order to recruit and retain talent.