Big changes are afoot in the benefits world. Employee healthcare deductibles are rising. Domestic partnership benefits are more common. And do you remember those sign-on bonuses to new employees? Theyíre gone.
Compensation.BLR.com, where compensation professionals go for reliable compensation data, conducted its annual Survey of Employee Benefits in late 2004.
ìThere are a number of startling changes in this yearís results,î commented Susan Schoenfeld, BLRís senior compensation editor. ìOne of the most interesting is the increase of the number of companies offering domestic partnership benefits ó only 13% of employers offered such benefits in 2003; in 2005 this figure increases to 19% for exempt employees,î she added. Domestic partnership benefits are offered to attract talent, for fairness, and local law. Healthcare insurance and leave benefits are most commonly offered.
Healthcare Deductibles Increasing
Schoenfeld pointed out the newest healthcare cost management strategy: ìEmployers are starting to combine health deductibles with Health Savings Accounts to reduce healthcare costs.î Employers with an employee deductible of more than $1,000 increased from 18% in 2004 to 27% in 2005, as employers hope employees will take more responsibility for their own healthcare, make fewer doctor visits, and help monitor costs. HSAs help employees manage these increased deductibles through a tax-exempt trust or custodial account.
Kiss that Porsche Goodbye
Remember those Porsches given away to lure new IT hires during the dot-com days? Compensation.BLR.comís 2005 Survey of Employee Benefits shows that sign-on bonuses to new IT employees have run out of gas ó companies offering them declined from 15% in 2003 to 3% in 2005. The drop comes as IT jobs have been outsourced to other countries and the market has softened. Sign-on bonuses for other job categories have also disappeared.
Compensation.BLR.com reports big changes in employee benefits landscape
Domestic partnerships benefits rising, healthcare deductibles increasing
