Employer support for healthcare benefits and workplace flexibility remains strong, according to the findings of the Society for Human Resource Management’s 2024 Employee Benefits Survey.
The online poll of more than 4,500 SHRM members found 88% said they considered health benefits either “very” or “extremely” important, with 82% offering preferred provider organization plans (PPOs). Additionally, 63% said they offered employees high-deductible health plans paired with health savings accounts (HSAs), health reimbursement arrangements (HRAs), or flexible spending accounts (FSAs).
For the first time, the SHRM survey inquired about menopause benefits, finding 17% of employers provide related support, such as counseling and education. The report noted that women aged 45-54 comprise 9.3% of the U.S. labor force, therefore, addressing these needs has become increasingly relevant.
Flexible work continues to be a priority among the employers surveyed. The report found 70% of employers said flexible work arrangements are “very important” or “extremely important.” However, there has been a decline in subsidies for at-home work equipment provided by employers with only 56% providing equipment, down from 62% in 2022.
“At SHRM, we recognize that employee benefits are crucial in attracting and retaining top talent, especially in today’s rapidly evolving workplace,” said Alex Alonso, chief data & insights officer at SHRM. “The heightened emphasis on healthcare, flexible work options, and the emerging discourse on menopause-related benefits underscores the need for employers to meet the diverse needs of their workforce.”
The survey also for the first time included questions about paid-leave policies for organizations that grant time off based on length of service to the company. As an example, the report found employers offer on average 12 Paid Vacation Leave days, 10 Paid Sick Leave days, and 20 Paid Time Off (PTO) days, which includes both vacation and sick time, for a full-time employee’s one year of service.
The benefits survey also found professional development opportunities were deemed “very important” or “extremely important” by 65% of employers, with the rapid advancement of Artificial Intelligence (AI) and the need for upskilling and reskilling. Additionally, leave benefits such as paid parental leave steadied, maintaining previous gains with 40% of employers offering paid parental leave.
The full Executive Summary can be downloaded from the SHRM Employee Benefits website here.
