Approximately 21.8% of executives surveyed by Coopers & Lybrand Human Resource Advisory Group, New York, said they plan to make significant changes in their employee benefit plans in the current year as they continue to cut costs.
Of this group, 78% will implement changes in their employees' medical packages, with 34.4% indicating they are planning to change to a managed care plan in 1994. Some 14.6% will increase employee contributions to health care for both current and retired employees.
Some 40% plan to add or make changes in their 401(k) plans.
In other findings, respondents said traditional merit increases will continue their downward trend in 1994 as more companies consider pay-for-performance plans.
Results were based on 187 responses.
- Marlene Givant Star