| FOR
IMMEDIATE RELEASE |
Contact: Melissa
A. Hicks
Mosaic Marketing |
| August 2,
2007 |
877.238.4045 |
Not Your Father's Benefits Package
CTHRA's Survey Provides Benchmarks for Employee Benefits
Naperville, Ill., August 2, 2007 — Today the Cable and Telecommunications Human Resources Association (CTHRA) released the industry-specific results of its 2007 Benefits Survey. A noteworthy trend is the broadening of benefits beyond traditional healthcare and retirement savings programs into areas such as wellness and convenience offerings. Some industry employers have become quite creative, offering 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 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.
"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.
Methodology
Data was gathered in the spring of 2007 via an online survey conducted by Stanard & Associates, Inc. The 16 industry employers that participated in the survey are: 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.
Key Trends
Helping employees achieve work-life balance is a focus for many employers, with 56 percent of participating companies offering an on-site gym, cafeteria, or daycare. In addition, employers reported a diverse range of convenience benefits, including on-site credit union or ATM, car detailing, wellness center, laundry pickup/drop off, car repair pickup/drop off, DVD rentals, and concierge service.
Adoption related benefits are also gaining popularity, with 44 percent of CTHRA’s survey respondents providing adoption assistance or reimbursement.
Recognizing the fierce competition for talent, 69 percent of responding companies 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.
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.
Impact of Rising Healthcare Costs
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. Prevention is a priority, with 63 percent providing subsidized wellness or preventive care plans and many offering on-site vaccinations.
Par for the Course
There are several core benefits offered by industry employers. 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.
CTHRA’s Benchmarking Initiatives
In addition to CTHRA’s Benefits Survey, the association is conducting two additional research initiatives this year: CTHRA’s Annual Compensation Surveys and Human Capital Metrics Survey. Highlights of the compensation and metrics benchmarks will be released this fall and presented at CTHRA’s Achieving HR Excellence Symposium in Atlanta on October 23, 2007.
About
CTHRA
The Cable and Telecommunications
Human Resources
Association (CTHRA) is the premier human capital resource
for the industry
and a growing
nonprofit organization with 1,100 members spanning 100
companies. CTHRA
provides industry-specific benchmarks, information and
resources, as
well as networking and educational opportunities. Its groundbreaking
initiatives
include
annual
compensation
and human capital metrics surveys and its symposium series. For more
information,
visit www.cthra.com
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