Employee benefits programs are changing. Last year, the nonprofit International Foundation of Employee Benefit Plans (IFEBP) released a survey finding that 49 percent of employees don’t understand their provided benefits, and 31 percent didn’t perceive any value in their benefits. The latter is logical when you consider that employees who don’t understand their benefits are unlikely to perceive their value. Employers have recognized the need to update the way employee benefits are managed and marketed to their staff.
Companies have made their employee benefits programs more progressive based on the following:
The future for employee benefits will be much different from the present as more innovative benefit options emerge and employers embrace a multi-generational approach to recruitment and retention.
WTW 2017 Employee Survey Report