Study points to leveraging personalized benefits strategies for talent management and workforce productivity
Managing employee absences has become more complex with the continued shift of hybrid work and changing employer perceptions on paid time off, paid sick leave, and parental leave, says a US report from Hub International Limited (HUB). The ‘HUB 2023 Workforce Absence Management Survey’ reveals new benchmarks for employers to consider in managing the impact and opportunities of more refined absence management policies and practices to improve employee productivity and engagement.
One practice that is taking hold is additional paid holidays. Nearly one-quarter of employers have increased the number of holidays offered, compared with 14 percent in 2021. Worth mentioning is that 24 percent now have Juneteenth as a paid holiday, compared with only five percent two years ago. More paid time off (PTO) has also become standard. Twenty-three percent of organizations modified their existing PTO programs, and of those, 56 percent increased the number of paid time off days provided. Companies that increased PTO cite taking care of employees as the top reason for extending this benefit, followed by the desire to be more competitive in recruiting and retention. Parental leave (PPL) is another practice that continues to expand as more than one-third of organizations increased their PPL while 64 percent made no changes. Family medical leave (FMLA) and leave administration remain the same, says the report. Similar to results from HUB’s 2021 survey, 90 percent of employers are eligible for FMLA requirements, with 70 percent discontinuing group benefits at the end of the month that FMLA expires.
More than 500 US employers with 50-1,000 employees participated in HUB’s survey, providing information on their current absence programs. Download HUB’s 2023 Workforce Absence Management Survey to learn more.
