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HR Trends and Insights (21)

HR tackles benefits in COVID’s second year

Companies shift benefits to fit employees’ new needs
One year after COVID-19, the scope of employee benefits has changed, possibly forever.
Care.com recently released its 2021 Future of Benefits Report, where it surveyed 500 C-level and HR executives to find out the trends in employee benefits.
The report shows how Covid influenced decisions and what benefits might get cut or added because of the current state of affairs with employees.
Some significant changes have occurred where you most expect it. Family care is an increasingly prominent issue for employees, both with young children and seniors.
Some findings include:

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Lessons learned by HR in 2020

It’s been a year like no other for human resources professionals. From COVID-19 to becoming compliant in the Coronavirus Aid, Relief and Economic Security (CARES) Act, HR representatives have had to deal with a lot in the last 12 months.
Here are six lessons HR professionals have learned from their experiences.

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Employee financial wellness programs on the rise

While in 2013 only 13 percent of employers felt extremely responsible for employees’ financial awareness, that number has skyrocketed to 62 percent in 2020, according to a Bank of America survey of 808 businesses that have a 401(k) plan.
There are many reasons financial wellness has become so important. To employees and employers. First, employers have found that financial wellness increases employee engagement.
It’s also becoming more important than ever to make sure people are able to handle unexpected financial situations. Plus debt, particularly student loan debt, is become a major stressor for employees.
In fact, managing finances is the top stressor for employees, according to PwC, and that stress is so bad it often becomes a distraction at work.

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