Sep 07, 2021
This time last year was a time of uncertainty and great concern for businesses on the economic impact of the pandemic. Organizations tended to be conservative with salary increases, contributions to retirement plans and employee benefits programs, yet generous with programs to support the immediate needs and concerns of employees and their families.
Remote work and flexible work arrangements, wellness programs and financial education were among the top trends observed across industry reports, including Newport’s annual Compensation, Retirement and Benefits Trends Report.
As we begin to compile survey results for the 2021-2022 Compensation, Retirement and Benefits Trends Report, we are observing several positive trends in competitive pay programs, retirement program offerings, non-qualified deferred compensation programs and employee health and welfare and benefits.
Some of our key findings include:
- Salary increase budgets are on the rebound
- Merit budget dollars continue to be allocated to differentiate performance
- Companies are implementing, or considering implementing, increased health and welfare benefits for employees
- As we observe trends in retirement plans, financial wellness programs are on the rise
- Non-qualified benefit programs remain a critical tool for executive recruitment and retention, as well as a financial planning tool and more tax-efficient compensation vehicle
Find out the latest trends by joining our webinar “Compensation, Retirement and Benefits Trends” on Thursday, October 28 at 2 p.m. E.T. / 11 a.m. PT. Keep an eye on your inbox for information on how to register.
Newport Group, Inc. and its affiliates provide recordkeeping, plan administration, trust and custody, consulting, fiduciary consulting, insurance and brokerage services.
This material has been prepared for informational purposes only. It is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Consult your own tax, legal and accounting advisors before making any decisions. Newport and its affiliates do not provide tax, legal or accounting advice.