One sure thing about today’s workforce and the companies that employ them: constant flux. And heading into the second decade of this century, that state of perpetual motion doesn’t look to be changing any time soon.
Here are four trends to watch in 2020 that will impact how HR leaders leverage their benefits programs into a clear competitive advantage.
Continuing strides in the battle for talent
With unemployment rates consistently
It’s a sound strategy when you consider that more than half of employees
Providing — and monitoring — diverse options
The diversity in today’s workforce, however, makes offering consumer-driven benefits a complex proposition. In addition to having multiple generations in the office, employees have different lifestyles, cultures and income levels. A single 25-year-old associate manager, for instance, will have dramatically different priorities and concerns than a married 55-year-old director with two kids in college and aging parents.
To meet this challenge, HR decision-makers should continue to evaluate and adjust the breadth of options that make it easy for employees to customize their benefits to suit their needs now and into the future. Measuring benefit enrollment rates and regularly obtaining employee feedback will aid in deciding which offerings employees deem most valuable.
Caring for caregivers
LIMRA research estimates 26 million employees in the U.S. serve as primary unpaid caregivers for family members while working full-time. A daunting challenge, especially for those in the sandwich generation — those taking care of both parents and children. With 10,000 Americans turning 65 each day, we will see a growing number of Gen Xers and millennials, the largest combined cohort in today’s workforce, take on this caregiver role over the next five to10 years.
Caregiving can be mentally, physically and financially exhausting. While the hope is that employees can handle these duties in addition to their professional careers, there is rarely a way to know if the stress and responsibility are becoming too much for employees. Added to this, long-term care insurance is generally expensive, if not
Companies can providing assistance through voluntary benefits — such as legal insurance — or through
Enabling Technology
Two-thirds of HR leaders agree that the department’s role has undergone, or is going through, a digital change, according to a 2019 report by
The bottom line: HR will need to become more agile. Evolving benefit offerings to reflect shifts in employee demographics, new technology and an ever-dynamic employment market will help you get the most out of your workforce.