What are some of the most important trends that affect employers' costs for benefits, and what are they doing to deal with those trends?
Important trends and changes in compensation and benefits include:
1. Health care
2. Retirement plans
3. Flexible benefit plans
4. Salary freezes; limiting salary growth
5. Communication of value of benefits to employees
6. Long term strategy for benefits
Health Care: The obvious problem with health care is the rising cost, but there is also the issue of the globalization of employees and the need to provide care for those working outside the US. Because the US is one of the few industrial nations without a national health care program, the complexity and cost to deal with the expected benefit for employees is immense. Payment of the cost of health care is ...
The 393 word cited solution provides six types of important trends in benefits with a paragraph for each of the six current trends.