Paid time off a must have for workers: Paid time off and competitive pay have emerged as the top "must-haves" in workplaces across the world, according to employees and students. Kellanova's poll among 3,500 respondents from six countries revealed that at least three in five of them want paid time off (64%), as well as competitive pay (60%) to be offered by their employers.  Other "must-haves" for employees include the opportunity to grow and develop (58%), equity, diversity, and inclusion (58%), and being able to bring their best selves to work (51%). According to the report, most respondents also want their workplace to reward them for the impact they make (95%) and the opportunity to unleash their potential and become their best (94%).  "Job seekers universally view attributes that benefit their individual careers and wellbeing as most appealing when it comes to work experience," the report read. Four in 10 respondents said they consider a company's history of philanthropy and commitment to sustainability as differentiators.  Another 39% said they consider if an organization is "beloved," and if has a hybrid office environment (37%).   Source:  HR Director 6/27/24

Higher deductible plans of $4,000 or more becoming prevalent:  There has been a “notable jump” in the percentage of employers offering deductibles of $4,000 or more — from 36% to 45% — according to a survey of more than 6,000 employers conducted by employee benefits firm Alera Group.  However, the majority of survey participants (60%) said they offered deductibles in the $2,000-$3,999 range.  More companies are also offering qualified high-deductible health plans (up from 47% to 52%), Alera Group found. The survey also found, perhaps unsurprisingly, that 4 in 5 medical plans experienced a rate increase over the past year.  Employers appear to be managing increased costs by providing more choices, with more than half of large employers offering three or more plan options. More employers are also exploring self-funding, Alera Group found.   Workers are wary.   Mercer recently found that while 45% of organizations said they are likely to shift rising healthcare costs onto workers, 47% said they were not likely to do so. Many said they were looking into alternative strategies like high-performance networks or enhanced clinical case management.  Source:  HR Dive 7/22/24

Employees spending less on benefits:  New data from LIMRA’s 2024 BEAT Study: Benefits and Employee Attitude Tracker reveals that employees are willing to spend less on their benefits than in previous years as benefits costs increase. The new monthly median consumers will spend is $120 (excluding retirement savings) — down $30 from the prior two years. The LIMRA study shows that demographics play a role in how much workers will spend on employee benefits. According to LIMRA, employees with higher incomes, those who are married with dependent children, younger workers, and workers who are already enrolled are more likely to spend more on their workplace benefits. For example, enrolled employees are willing to spend a median of $150 per month on benefits, versus $100 for employees who are offered benefits but are not enrolled. LIMRA data shows a wide range in employees’ understanding of benefits. The study finds employees have a higher understanding of core benefits such as dental, medical insurance and retirement savings, whereas they understand disability insurance and supplemental health plans the least. Improving education efforts around these lesser-understood benefits could improve their enrollment and usage. Employees who do not understand these benefits may mistakenly think something is covered when it’s not, or they may neglect to file eligible claims.  Source: CCH 7/17/24, LIMRA’s 2024 BEAT Study: Benefits and Employee Attitude Tracker

Employees are socking 6% into their 401Ks: There was a time when employees would commonly contribute 2% to 3% of a paycheck toward their 401(k) retirement plan. But that standard may soon be a thing of the past. A number of positive trends have emerged from Vanguard’s 2024 How America Saves report that could lead to higher retirement savings for future retirees.  For one thing, workers are getting quick access to 401(k) plans through their employer. In 2023, almost 75% of Vanguard plans let workers contribute to a 401(k) immediately after getting hired.  Not only that, but almost 50% of plans allowed participants to immediately vest in employer matching contributions in 2023.   There's also been a huge shift toward automatic 401(k) enrollments. For years, workers would get hired and choose whether to sign up for their companies' retirement plans or not. As of the end of 2023, 59% of these Vanguard plans had elements related to automatic enrollment. And because larger plans were more likely than smaller plans to enroll workers automatically, almost 75% of Vanguard plan participants were part of a 401(k) program with autopilot features, however, automatic enrollment only applied to new hires.  Source:  Yahoo Finance 7/22/24 

AI becoming a favorite for recruiting:  Many HR professionals trust artificial intelligence in carrying out recruitment duties, indicating growing trust for the rapidly developing technology, according to a new report by HireVue.  It found that 67% of HR professionals believe AI is the same or even better at finding well-qualified applicants. Another 73% also said they trust AI systems to make candidate recommendations.  HireVue surveyed 1,000 HR professionals in the United States and the United Kingdom for this survey.  However, HR needs to be aware that proper safeguards need to be in place otherwise AI issues could lead to bias in hiring.  Source:  HRD 7/22/24