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Companies Lower Benefits Like Education Reimbursement

Image by 1shots, via FreeDigitalPhotos.net

Whether you’re in HR or looking to advance in your career, the findings in this article are rather alarming:

Between 2010 and 2014, fewer organizations offered dependent care flexible spending accounts, undergraduate educational assistance, incentive bonus plans for executives and 529 college savings plans, according to theĀ 2014 Employee Benefits report.

Why is this? As the article points out, healthcare and other benefit rates are increasing at a rate where companies simply can’t keep up.

What does this mean if you’re in HR?

You have to openly communicate to your company’s workforce why rates are dropping (or benefits are simply going away) clearly. If your company is impacted by such numbers, there’s no question workplace morale will be in jeopardy. Explain what your company is trying to do to combat these trends, and empower them with other opportunities they can consider individually.

What does this mean if you’re a job seeker?

Just because a company doesn’t offer company-wide benefits doesn’t mean you can’t negotiate them into your offer. If you seek advanced education or certification in your field, don’t tiptoe around it during the negotiation process. Make your desires known, and the employer may include these benefits as a part of your individual offer.

Regardless, this isn’t a trend anyone is happy about. It’s how you handle this change and take control of it to the best of your ability that will determine how it impacts your career.