Importance of Traditional Benefits on the Decline

It looks like the benefits employees value most may be changing.  According to the Society for Human Resource Management (SHRM), employees are expected to place less value on some of the more traditional benefits such as health care, retirement programs and leave .   Instead, employees are predicted to place more value on benefits such as flexible work schedule, professional development, and wellness and preventative health programs.

The chart below shows different benefits and how important these benefits currently are to employees and how important they are predicted to be to employees in the next 3 to 5 years.

Benefit chart

It is important for companies to keep up the benefits employees value most to help recruit and retain top-notch employees.  Consider working with your HR team to come up with a strategic benefit plan that will suit your company needs.