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Not Your Father's Benefit Package Earlier this month, CTHRA released the results of its 2007 Employee Benefits Survey to provide industry employers with critical benchmarks. Sixteen industry employers participated in the survey: Advance/Newhouse Communications, A&E Television Network, Cablevision, Charter Communications, Comcast, Cox Communications, C-Span, Discovery, ESPN, Hubbard Broadcasting, Scientific Atlanta, Scripps Networks, Time Warner Cable, Turner Broadcasting System, Inc., The Weather Channel and YES Network. The report identified a noteworthy trend: a growing number of employers are expanding benefits beyond traditional healthcare and retirement savings programs as a way to attract and retain quality talent. Of the respondents, 56 percent offer an on-site gym, cafeteria, or daycare. Respondents also noted additional “convenience” benefits including on-site credit union or ATM, wellness center, laundry pickup/drop off, car repair pickup/drop off, and DVD rentals. But industry employers don’t stop there. Some are increasingly creative in their offerings, citing perks such as on-site car detailing, pet insurance and concierges who will help employees find the best deal on consumer products such as cars and appliances. As further evidence of increasing competition for talent, 69 percent of the respondents offer a cash reward to employees who refer an applicant who is hired by the company. Reported employee referral rewards range from $100 to $1,000 per hire. “Progressive organizations continue to rely on structured survey processes to monitor employee engagement and their employees’ perceptions of the work environment. Data from the CTHRA Benefits Survey can be leveraged to help companies provide employee value proposition to help attract and retain the best talent,” said Steve Allscheid, president of Stanard & Associates, Inc., the firm that conducted CTHRA’s 2007 Employee Benefits Survey. CTHRA’s research also found that employers have taken many steps to manage rising healthcare costs. All but one employer increased employees’ share of medical premiums in 2007, and many also cited increased co-pays. In addition, prevention is a priority, with 63 percent providing subsidized wellness or preventive care plans and many offering on-site vaccinations. The survey findings revealed a core group of benefits that have become par for the course. All of the respondents offer paid time off, paid holidays, medical insurance, and a 401(k) plan with a company match on employee contributions. In addition, each of the following benefits are offered by at least 63 percent of the survey respondents: life insurance, accidental death and dismemberment insurance, a dental plan, a vision plan, long-term disability insurance. Fifty six percent of the companies surveyed offer tuition reimbursement and short-term disability insurance. While none of the respondents indicated that they currently provide separate elder care plans, CTHRA predicts more companies will implement them as an increasing number of employees are required to care for aging baby boomers. “As the competition for talent intensifies, industry employers are actively identifying ways to enhance and differentiate their benefits offerings. CTHRA’s Benefits Survey provides benchmarks that employers can use to assess their current offering,” stated Julie Cookson, CTHRA board member and senior vice president of human resources for Scripps Networks. Want to learn more about talent acquisition? Plan to attend CTHRA’s Achieving Excellence Symposium on October 23. Register now!
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