Out and in: As old employee benefits fade, new ones emerge

While employee benefits can vary widely depending on the industry, company size and location, there are several traditional benefits that have either evolved over time or disappeared due to economic factors, changes in the labor market and shifting employee preferences. Here are some job benefits that many employers either no longer offer or offer to a lesser extent than in the past:

Pension plans: Traditional defined benefit pension plans, which provide retirees with a fixed monthly income based on salary and years of service, have become less common in favor of defined contribution plans like 401(k)s. Employers have shifted the responsibility of retirement savings and investment decisions to employees.

Lifetime employment: The concept of lifetime employment, where employees remain with a single employer for their entire careers, has become increasingly rare. Many companies now prioritize flexibility and adaptability, leading to more fluid career paths and job transitions.

Retiree health benefits: Employersponsored retiree health benefits, which provide healthcare coverage to retirees and their dependents, have declined in prevalence due to rising healthcare costs and the shifting landscape of employersponsored healthcare plans.

Full healthcare coverage: While many employers still offer healthcare benefits, the level of coverage and costsharing arrangements have changed. High-deductible health plans (HDHPs) with higher out-of-pocket costs for employees have become more common and employers may offer fewer options for comprehensive coverage.

Unlimited sick and vacation days: While some companies offer unlimited paid time off (PTO) policies, they are not as common as traditional accrualbased systems for sick days and vacation time. Unlimited PTO policies can be challenging to implement and manage effectively.

Company cars: Providing company cars or car allowances as part of employment packages has become less common, especially for roles where frequent travel is not required. Companies may offer mileage reimbursement instead.

Defined career paths:

Clear and structured career paths within organizations, with predetermined steps for advancement and promotion, have become less common. Many companies now emphasize individualized career development plans and skill-building opportunities.

Tuition reimbursement: While some employers still offer tuition reimbursement programs to support employees’ continued education and skill development, these programs may be less generous or have more stringent eligibility requirements compared to the past.