If you’ve been cutting back on benefits you’re not alone, says U.S. News and World Report Blogger Emily Brandon who points out “21 Workplace Benefits That Are Rapidly Disappearing.”
Some of the disappearing benefits have real bottom-line impact:
- Defined benefit pensions
- Retiree health care coverage
- Long-term care insurance
- Relocation benefits
Some just make good sense — like a decrease in the proportion of companies offering “Bring Your Child to Work” days. I don’t know about you, but I think mixing your kids and your bosses is a recipe for parental humiliation.
A reduction in long-term care benefits also makes sense given recent rate hikes and Met Life’s highly publicized exit from the market. And a decrease in executive club memberships won’t influence the bottom line of most companies, but it will keep a company from being the focus of media coverage about CEOs who lay off employees while keeping their own company-paid country club memberships.
Others puzzle me. Why is casual dress day going out of fashion?Why are fewer companies supporting mentoring programs?
And one, I’m pretty sure is only partially still true. Incentive payments may be down for high-level employees, but recruiters, including Stacey O’Neill managing director The Mergis Group, Ft. Lauderdale and Bill Driscoll, New England district president, Robert Half International, Menlo Park, California, tell me they’re seeing bonuses return for high-performance employees at all levels.
“We’re seeing bonuses being paid, whereas in two years prior that was not the case,” Driscoll says.
The take-home message here is that over the course of several years, benefits do change. But so does the employment market. And that’s a good thing to keep in mind when reading about historical trends data.
Source: U.S. News and World Report