SHRM Survey Findings: State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees December 18, 2013.

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Presentation transcript:

SHRM Survey Findings: State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees December 18, 2013

Introduction This is part four of a series of SHRM survey findings examining employee benefits in the workplace. The following topics are included in the six-part series titled State of Employee Benefits in the Workplace: Part 1: Wellness initiatives Part 2: Flexible work arrangements Part 3: Health care Part 4: Leveraging benefits to retain employees Part 5: Leveraging benefits to recruit employees Part 6: Communicating benefits State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Definitions For the purpose of this survey, the following definitions were used: Highly skilled employees are defined as employees with skills that are critical to the short- and long-term success of their operating unit or the organization. High-performing employees are defined as employees ranked among the top 10 percent in their organization’s last performance review. State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Key Findings for Retaining Employees at All Levels Leveraging Benefits to Retain Employees at All Levels of the Organization Do organizations leverage their benefits program to retain employees at all levels of the organization? Less than one in five (18%) organizations reported leveraging their benefits program to retain employees. What benefits offerings have been leveraged to retain employees at all levels of the organization? Organizations reported that health care (68%) and retirement savings and planning (57%) are the benefits most frequently leveraged to retain employees. In the next three to five years, what benefits offerings will increase in importance to help organizations retain all employees? Organizations indicated that health care and retirement savings and planning are two of the benefits that would increase in importance with respect to retaining employees. State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Key Findings for Retaining Highly Skilled Employees Leveraging Benefits to Retain Highly Skilled Employees Are organizations leveraging their benefits program to retain highly skilled employees? One-fifth (20%) of organizations reported leveraging their benefits program to retain highly skilled employees. What benefits offerings have been leveraged to retain highly skilled employees? Health care (63%), retirement savings and planning (59%), professional and career development (55%), and flexible working benefits (55%) are the benefits most frequently leveraged to retain these employees. In the next three to five years, what benefits offerings will increase in importance to help organizations retain highly skilled employees? Organizations indicated that family-friendly benefits, retirement savings and planning, and flexible working benefits will increase the most in importance with respect to retaining highly skilled employees. State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Key Findings for Retaining High-Performing Employees Leveraging Employee Benefits to Retain High-Performing Employees Do organizations leverage their benefits program to retain high-performing employees? Less than one in five (19%) organizations reported leveraging their benefits program to retain high-performing employees. What benefits offerings have been leveraged to retain high-performing employees? HR professionals reported both health care (63%) and retirement savings and planning benefits (63%) as the benefits they leverage the most when retaining these employees. Other commonly leveraged benefits include flexible working benefits (57%) and professional and career development benefits (49%). In the next three to five years, what benefits offerings will increase in importance to help organizations retain high-performing employees? Organizations indicated that retirement savings and planning, flexible working benefits, professional and career development, and health care are the benefits that will increase in importance with respect to retaining high-performing employees. State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

What do these findings mean for the HR profession? The use of benefits as a retention tool is not widespread among HR professionals. However, considering that wage growth has been very weak in the post-recession economy, HR professionals cannot always use higher salaries as a draw for keeping talent. Many recruiters now advocate using a “total rewards” approach to retention, and they encourage leveraging an employer’s benefits package as part of that strategy. With medical costs on the rise and many workers unprepared financially for retirement, HR professionals should consider leveraging health care benefits and retirement savings and planning benefits as part of their retention strategy. Even with some uncertainty surrounding health care plans in connection with the Patient Protection and Affordable Care Act, HR professionals should view health care benefits, if offered at their employer, as a valuable tool for keeping workers in the fold. Many studies have shown that members of the Millennial generation, or those born between 1982 and 2002, place high value on flexible work schedules and managing their own time. If this benefit is offered at their employer, HR professionals should highlight this aspect of their overall benefit plans as a tool to keep younger, talented workers at their organizations. State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Leveraging Benefits to Retain Employees at All Levels of the Organization State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Over the past 12 months, has your organization had difficulty retaining employees at all levels of the organization? Note: Respondents who answered “not sure” were excluded for this analysis. State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Comparisons by organization staff size Over the past 12 months, has your organization had difficulty retaining employees at all levels of the organization? Comparisons by organization staff size Organizations with 100 to 2,499 employees are more likely than organizations with 1 to 99 employees to have had difficulty retaining employees at all levels of the organization over the past 12 months. Comparisons by organization staff size 100 to 499 employees (28%) 500 to 2,499 employees (33%) > 1 to 99 employees (12%) Note: Only statistically significant differences are shown. State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Over the past 12 months, has your organization leveraged your benefits program to retain employees at all levels of the organization? Note: Respondents who answered “not sure” were excluded from this analysis. State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Which of the following benefits has your organization leveraged to retain employees at all levels within your organization? Note: Respondents who answered “not sure” and those whose organizations did not leverage their benefits program to retain employees at all levels within the organization were excluded from this analysis. Percentages do not equal 100% due to multiple response options. State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Within the next three to five years, what benefits offerings will increase, remain the same or decrease in importance in your organization’s efforts to retain all levels of employees? Note: n = 44-58. Respondents who answered “not sure” and whose organization did not leverage their benefits program to retain employees at all levels within the organization were excluded from this analysis. State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Leveraging Benefits to Retain Highly Skilled Employees State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Over the past 12 months, has your organization had difficulty retaining highly skilled employees? Note: Respondents who answered “not sure” were excluded for this analysis. State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Comparisons by organization staff size Over the past 12 months, has your organization had difficulty retaining highly skilled employees? Comparisons by organization staff size Organizations with 500 to 2,499 employees are more likely than organizations with 1 to 99 employees to have had difficulty retaining highly skilled employees over the past 12 months. Comparisons by organization staff size 500 to 2,499 employees (40%) > 1 to 99 employees (15%) Note: Only statistically significant differences are shown. State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Over the past 12 months, has your organization leveraged your benefits program to retain highly skilled employees? Note: Respondents who answered “not sure” were excluded for this analysis. State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Which of the following benefits has your organization leveraged to retain highly skilled employees? Note: Respondents who answered “not sure” and whose organizations did not leverage their benefits program to retain highly skilled employees were excluded from this analysis. Percentages do not equal 100% due to multiple response options. State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Within the next three to five years, what benefits offerings will increase, remain the same or decrease in importance in your organization’s efforts to retain highly skilled employees? Note: n = 45-61. Respondents who answered “not sure” and whose organizations did not leverage their benefits program to retain highly skilled employees were excluded from this analysis. State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Leveraging Employee Benefits to Retain High-Performing Employees State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Over the past 12 months, has your organization had difficulty retaining high-performing employees? Note: Respondents who answered “not sure” were excluded for this analysis. State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Comparisons by organization staff size Over the past 12 months, has your organization had difficulty retaining high-performing employees? Comparisons by organization staff size Organizations with 500 to 2,499 employees are more likely than organizations with 1 to 99 employees to have had difficulty retaining high-performing employees over the past 12 months. Comparisons by organization staff size 500 to 2,499 employees (34%) > 1 to 99 employees (13%) Note: Only statistically significant differences are shown. State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Over the past 12 months, has your organization leveraged your benefits program to retain high-performing employees? Note: Respondents who answered “not sure” were excluded from this analysis. State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Which of the following benefits has your organization leveraged to retain high-performing employees? Note: Respondents who answered “not sure” and whose organizations did not leverage their benefits program to retain high-performing employees were excluded from this analysis. Percentages do not equal 100% due to multiple response options. State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Within the next three to five years, what benefits offerings will increase or decrease in importance in your organization’s efforts to retain high-performing employees? Note: n = 45-61. Respondents who answered “not sure” and whose organizations did not leverage their benefits program to retain high-performing employees were excluded from this analysis. Percentages may not total 100% due to rounding. State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Organization Demographics State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Demographics: Organization Staff Size State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Demographics: Organization Sector State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Demographics: Organization Industry Percentage Professional, scientific and technical services 21% Health care and social assistance 17% Manufacturing 15% Government agencies 12% Finance and insurance 10% Educational services 9% Religious, grantmaking, civic, professional and similar organizations 5% Accommodation and food services 4% Administrative and support and waste management and remediation services Construction Mining Transportation and warehousing Arts, entertainment and recreation 3% Information Retail trade Real estate and rental and leasing 2% Repair and maintenance Utilities Whole trade Agriculture, forestry, fishing and hunting 1% Personal and laundry services Other 7% Note: n = 375. Percentages do not equal 100% due to multiple response options. State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Demographics: Other Is your organization a single-unit organization or a multi-unit organization? Does your organization have U.S.-based operations (business units) only, or does it operate multinationally? Single-unit organization: An organization in which the location and the organization are one and the same. 39% Multi-unit organization: An organization that has more than one location. 61% U.S.-based operations only 80% Multinational operations 20% n = 381 n = 381 For multi-unit organizations, are HR policies and practices determined by the multi-unit headquarters, by each work location or by both? What is the HR department/function for which you responded throughout this survey? Corporate (company-wide) 73% Business unit/division 16% Facility/location 11% Multi-unit headquarters determines HR policies and practices. 59% Each work location determines HR policies and practices. 4% A combination of both the work location and the multi-unit headquarters determines HR policies and practices. 37% n = 244 n = 244 State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

SHRM Survey Findings: State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees Survey Methodology Response rate = 11% 441 HR professional respondents from a randomly selected sample of SHRM’s membership participated in this survey Margin of error +/- 5% Survey fielded May 3-22, 2013 State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

Additional SHRM Resources Retention Resource Page Staffing Management Resource Page Managing for Employee Retention Toolkit Retention: How Do I Calculate Retention? Is Retention Related to Turnover? State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

About SHRM Research For more survey/poll findings, visit www.shrm.org/surveys. For more information about SHRM’s Customized Research Services, visit www.shrm.org/customizedresearch. Follow us on Twitter @SHRM_Research. Project leaders: Christina Lee, researcher, SHRM Research Project contributors: Alexander Alonso, Ph.D., SPHR, vice president, SHRM Research Evren Esen, manager, Survey Research Center, SHRM Research Copy editor: Katya Scanlan, SHRM Knowledge Center State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013

About SHRM The Society for Human Resource Management (SHRM) is the world’s largest association devoted to human resource management. Representing more than 250,000 members in over 140 countries, the Society serves the needs of HR professionals and advances the interests of the HR profession. Founded in 1948, SHRM has more than 575 affiliated chapters within the United States and subsidiary offices in China, India and United Arab Emirates. State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees ©SHRM 2013