5 Changes Coming To Employee Benefits In 2014

Companies use benefits to attract the best talent. Of course, this is costly to a corporation, and many are trying to reverse the trend and give fewer benefits to new and existing employees. This is the sad reality and an employee should understand the full picture when looking for a new job. With this in mind, here are five changes coming to employee benefits in 2014.

Fight for everything

In the past, one could get a job and enjoy a retirement package and full health insurance, including dental and vision. This is no longer the case and many times a person will have to use a law firm such as Harris Federal to get what they deserve. This will only continue to worsen as corporations want to squeeze every last dime out of workers.

No match 401k

Many workers have made a lot of gains with a 401k. Some businesses even offer a matching contribution to the employee. However, this is going away, and in 2014, plenty of people will start offering fewer incentives to open and fully fund a 401k.

Health insurance steep rise

Without a doubt, health care costs will increase significantly in 2014 and beyond. Many have expressed complete shock when opening their monthly statements and seeing a bill that is much higher than 2013. Since companies cannot justify this extra cost, upper managements of many larger firms will opt to pay a lower amount of health coverage for a worker.

The little things

Some companies would offer a nice gesture and give a person free life insurance. This is likely to stop as businesses are more competitive than ever and cannot justify spending the extra money on employees. While this is not a big deal, many who die on the job will leave their families shortchanged and possibly financially destitute.

Bare bones and no dental or vision

The truth is, most companies do not want to pay for vision and dental. While some do to attract top talent, this is going away quickly. Instead, most corporations will let workers save money in a health savings account to pay for glasses and dental cleanings. This will not matter to workers with high salaries; sadly, this will hurt hourly employees with a family to feed.

Businesses are trying to cut costs and prepare for lean times in the future. This leaves staff members without a lot of benefits, and this will only get worse in 2014 and beyond.