When reviewing which benefits to offer, organizations should consider who they are most interested in attracting, as each generation has their own set of priorities.
Kansas City, KS (PRWEB) September 13, 2007
The number of organizations actively recruiting has increased over the last five years from 85.4 to 96.1 percent. In this competitive market, employers must look to a variety of benefits to stand out. While most companies include time off, health insurance and pension plans as part of their compensation packages, there are other types of benefits organizations are utilizing, such as dependent parent health coverage, tuition reimbursement, child care and relocation assistance.
"Knowing how other organizations are responding to the crunch for top performers will allow organizations to ensure they are maximizing their companies’ assets," said Amy Kaminski, manager of marketing programs for Compdata Surveys, the nation’s leading compensation and benefits survey data provider. "When reviewing which benefits to offer, organizations should consider who they are most interested in attracting, as each generation has their own set of priorities."
Eldercare has been a hot topic in the news, as more employees are responsible for the care of an elder family member. In addition to increased duties outside of work, these employees also face financial challenges in providing necessary health care. However, health insurance for dependent parents is offered by only 1.6 percent of organizations nationally, according to the preliminary results from the Compensation Data 2007 survey. In comparison, the Compensation Data results showed 21.7 percent of organizations are offering health insurance coverage to domestic partners. This number has increased by 26.9 percent since 2005, while the number offering health insurance to dependent parents has remained flat.
The majority of companies, 76.7 percent, offer some form of childcare assistance. Of those, most provide flexible spending accounts, and only a small percentage provides a day care center or offers backup childcare, 3.4 and 1.6 percent respectively.
Two other benefits useful in recruiting are relocation assistance and tuition reimbursement. Relocation assistance for new employees is offered by 77.5 percent of organizations, and tuition reimbursement is provided by 86.4 percent. Of those reporting, 76.1 percent offer relocation assistance to management and 47.4 provide it to technical/professional employees. In comparison, tuition reimbursement is offered to at least 84 percent of administrative, technical/professional and management employees. The majority, 77.3 percent, also provides it to hourly workers.
About the Survey
Compensation Data 2007 contains data on 539 job titles ranging from entry-level to top executives. Annually, more than 5,000 organizations participate in the survey. The results provide a comprehensive summary of pay data, benefits information and pay practices with an effective date of March 1, 2007.
Compdata Surveys is the nation’s leading compensation and benefits survey data provider. Compdata Surveys has been providing accurate, reliable data at affordable prices to organizations from coast to coast since 1988. For further information about the compensation and benefits surveys, contact Lane Lyons Odle at (800) 300-9570 or lodle(at)compdatasurveys.com.
For more information, contact:
Lane Lyons Odle
This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: http://www.HRmarketer.com) on behalf of the company listed above.