Dive into the 2024 SHRM Employee Benefits Survey, a treasure trove of insights on the top employee benefits across the U.S. This annual survey, powered by data from HR professionals nationwide, shines a spotlight on six key benefits categories and their growing importance. HR leaders can tap into these findings to benchmark their offerings and make savvy decisions.
Major Highlights
- Health Care Benefits: Health care benefits are the crown jewel, with a whopping 88% of employers deeming them either “extremely important” or “very important.” Nearly all organizations (97%) offer some form of health coverage, with PPO plans reigning supreme among top employee benefits.
- Retirement Savings and Planning: Retirement benefits are a top priority, with 81% of employers recognizing their critical role. Traditional 401(k) plans are a staple, with 94% of employers offering them and 84% providing a matching contribution. Roth 401(k) plans are steadily gaining popularity.
- Flexible Work Benefits: Flexibility is key in today’s work environment, with 70% of employers highlighting its importance. Hybrid work models are all the rage, and although support for home office equipment has seen a slight dip, it remains a valued benefit.
Actionable Strategies
- Supercharge Health Care Offerings: Given the high value placed on health care benefits, employers should consider broadening their health coverage options. Adding mental health services and telehealth can significantly boost employee satisfaction and well-being.
- Amp Up Retirement Planning Support: To stay ahead of the curve, organizations should offer robust retirement savings plans, including both traditional and Roth 401(k) options with employer matches. Providing financial education and planning services can help employees maximize these benefits.
- Champion Work Flexibility: Maintaining and promoting flexible work policies, including hybrid and remote work options, can greatly enhance employee morale and retention. Employers should also consider equipping employees with the necessary home office gear to boost productivity.
Next Steps
The 2024 SHRM Employee Benefits Survey paints a vivid picture of the benefits landscape, highlighting key areas where employers can make impactful improvements. By focusing on health care, retirement planning, and flexible work arrangements, HR leaders can craft benefits packages that meet the evolving needs of their workforce, driving employee satisfaction and retention. For a deeper dive and benchmarking tools, HR professionals should explore the full survey results on the SHRM website to ensure they are providing top employee benefits.
