Over the past 20 years, employers have increased and decreased benefits strategically in response to the needs of the workplace and employees as well as to economic and technological changes, according to the Society for Human Resource Management (SHRM) 2016 Employee Benefits Survey report.
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Employers are responding to workers’—especially Millennials’—demands for better work/life balance with increased telecommuting, flextime and other accommodations. Since 1996, the percentage of organizations offering telecommuting has increased threefold (from 20 to 60%), and the percentage offering telecommuting on an ad hoc basis has increased from 45% in 2012 to 56% in 2016.
Additionally, while annual salary increases are a staple component of compensation plans, many employers have shifted toward monetary bonuses over the past five years to keep overall payroll costs stable.