2009 Top Five Total Rewards Priorities Survey |
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The 15 th annual Top Five Total Rewards Priorities Survey, sponsored jointly by Deloitte Consulting LLP and the International Society of Certified Employee Benefit Specialists (ISCEBS), probes the top priorities of benefit specialists across the country for the coming year.
The tug of war between rewards costs and attracting key talent rages on among employers. Containing health care costs is now the No. 1 Total Rewards strategic challenge facing organizations today, cited by 68 percent of respondents. This concern over cost has overtaken last year’s top priority: talent. In addition, one-quarter of respondents view declining economic conditions as the most significant challenge facing their organization over the next three years. At the same time, anxious about the financial crisis and economic uncertainty, nearly half of respondents (44 percent) now plan on delaying their own retirement. The results also exposed a growing emphasis on “personal responsibility” and a potential blind spot related to generational differences.
Other key findings reveal:
Employee Reactions
- 48 percent are taking the initiative to participate in wellness and disease management programs to maximize their current health status.
- 44 percent plan to increase their level of contributions to their private savings (e.g. stocks, bonds, mutual funds, bank accounts) and 33 percent expect to increase contributions to their qualified retirement plans, such as their 401(k).
- 35 percent plan to initiate formal retirement planning and/or estate planning through resources other than through their employer.
Employer Issues
- 36 percent of respondents noted concern over the ability of employees to afford retirement, up from seventh at 27 percent last year.
- 37 percent believe generational preferences are not even considered in making changes to Total Rewards programs.
With the current economy influencing business decisions, organizations are making calculated adjustments to Total Rewards programs without losing sight of the role these programs play in driving organizational strategy and goals.
To learn more about the “2009 Top Five Total Rewards Survey” and its key findings, download the attachment below.
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2009 Top Five Total Rewards Priorities Survey
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