Employers are offering new benefits to meet workers' changing demands. Elder care resource services, disaster relief funds and advancement initiatives for women are among the benefits more employers offered in 2018, according to a recent survey of more than 1,000 organizations.
Telemedicine, identity-theft insurance, unpaid sabbaticals and paid parental leave also became more widely available to employees, reported the survey sponsor WorldatWork, an association of total rewards professionals.
Six percent of organizations, up from 4 percent in 2017, offered student-loan repayment assistance. However, among companies with more than 40,000 employees, 15 percent now help employees repay college loans, up from 8 percent in 2017.
"Employees have concerns and responsibilities outside of their jobs," said Malinda Riley, senior principal at consultancy Korn Ferry, which underwrote the survey. Nontraditional benefits can "help address those issues, which increases employee loyalty and productivity."
The rise in women's advancement initiatives, such as formal mentoring programs, "will contribute to stronger, more-balanced leadership teams," she noted.
But not all emerging programs will be a good fit for an organization, said Alison Avalos, director of membership and total rewards strategy at WorldatWork.
"Employer brand perception, organizational culture and workforce demographics are just a few of the factors that should be considered when determining whether an emerging program will be a worthwhile addition to an organization's total rewards package," she advised.
Related SHRM Articles:
6 Big Benefits Trends for 2019, SHRM Online, January 2019
Top 7 Benefits Articles for 2018, SHRM Online, December 2018
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