On the eve of receiving our new 2016 Iowa Employer Benefits Study survey results, I once again have a great deal of anticipation about what this data may reveal. At this point, I only know that 1,014 randomly-selected employers responded to this survey which continues to exceed our annual goal of 1,000. A big ‘thank you’ to all organizations that took the time to participate in this annual work!
Offering workplace employee benefits has been happening for decades. From the employee perspective, receiving various workplace perks is a staple expectation when being interviewed and ultimately hired by most employers. In fact, recent research conducted by staffing and HR service company, Randstad US, shows that jobseekers most value salary, employee benefits, long-term job stability and a pleasant work environment.
Employers, for their part, offer employees and jobseekers a cadre of benefits they believe to be highly-valued by their mainstream targeted ‘audience.’ But it is extremely important for employers to dissect their intended audience by gender, age groups (e.g. generation), location, race and other factors that will help clarify the benefit ‘value’ employees desire. By not doing so, a disconnect will eventually occur, resulting in a large chasm of a wasted investment that is costly, both in terms of money and desired human capital.
Conducting biannual employee engagement surveys may eliminate much of the guesswork that employers have when trying to predict which future strategies to embrace. I suspect that a healthy chunk of employers put their human investment strategies on cruise control assuming that the desires of employees five or ten years ago will still apply in today’s world. Most often, they do not.
Much like a New Year’s Day or Fourth of July parade, a perpetual flow of people (and floats) coming and going will not be replicated again. In a similar fashion, so does the employment pool that organizations continue to encounter.
One example on how employers respond to the ‘new parade’ of employees can be found through three employers: Aetna, Fidelity and PricewaterhouseCoopers. All three have launched their own student loan matching programs for employees who are pursuing undergraduate and/or graduate-level degrees.
Beginning in 2017, Aetna’s full-time employees will qualify for matching loan payments of up to $2,000 per year, totaling $10,000 per student. Part-timers will receive half of this amount by pursuing undergraduate or graduate degrees from accredited institutions.
According to the Society of Human Resource Management (SHRM), about 3% to 4% of all U.S. companies contribute to employees’ student debt payments to help soften the financial burden they increasingly face. About 71% of college graduates carry student loan debt, totaling $1.3 trillion of student debt in this country. A need clearly exists to help alleviate financial hardships and new approaches must be pursued.
Our annual study’s purpose is to survey employers about the key benefits they offer at this particular point in time. It allows employers to compare their benefits with the mainstream. However, the juxtaposition of organization culture and employee attributes can allow any organization to stake a claim on having a competitive advantage when attracting and retaining their most prized asset – the employee. To do this, the organization will need to account for what is most important and valued by their employee population.
So enjoy this year’s parade, but be ready for upcoming attractions that may appear in the next one.
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