The spokesperson said TTEC did not take decisions affecting employee benefits lightly, but said: “This was done to invest aggressively in the capabilities that will define our competitiveness and create long-term opportunities for our employees and clients.” A tax-deferred retirement plan remains in place, they added.<\/p>\n
Is your company paring back key benefits? Contact this reporter via email at pthompson@businessinsider.com<\/a> or Signal at Polly_Thompson.89. Use a personal email address, a nonwork WiFi network, and a nonwork device; here’s our guide to sharing information securely<\/a>.<\/p>\n Follow the leader<\/p>\n Inside TTEC, the message to some staff was that the company was not alone in curtailing benefits.<\/p>\n Chris Brown, the CEO of TTEC Digital, pointed to other professional services firms as he explained the decision to suspend 401(k) contributions in an April 28 meeting for a group of TTEC Digital staff, a recording of which was obtained by Business Insider.<\/p>\n “This is something that others are doing in this market,” Brown said. “You will see it among some of the professional services firms and otherwise. I don’t want you to think that we’re necessarily unusual in this regard.”<\/p>\n TTEC’s change shows that the benefits rollback seen at some marquee employers is spreading downmarket. In today’s unstable economy, core workplace benefits are on the chopping block.<\/p>\n As Business Insider reported<\/a> in April, Deloitte is planning to reduce or cut parental leave, annual PTO, a pension plan, and IVF funding for a select group of employees. Zoom also confirmed to Business Insider that it has reduced the number of weeks of parental leave it offers this year.<\/p>\n The Big Four firm Deloitte will pare back benefits for a select group of employees, Business Insider exclusively reported.\u00a0<\/p>\n Getty Images<\/p>\n Deloitte told Business Insider that it made changes to “better align with the marketplace,” and the cuts were part of a wider modernization of its talent architecture<\/a>. Zoom declined to comment.<\/p>\n Benefit cuts are typically associated with a tougher economic environment, and are a means for employers to trim costs before resorting to layoffs, said Craig Copeland, director of wealth benefits research for the Employee Benefit Research Institute.<\/p>\n “If the economy does start to worsen, I would expect to see more cuts. Right now, it appears to be only a beginning, and we will need to watch what happens,” he said.<\/p>\n Companies in the same industry often pursue similar benefits policies because they are competing for the same workers, he said: “If workers don’t have options elsewhere, competing employers don’t need to offer as generous benefits.”<\/p>\n Investment in an AI future<\/strong><\/p>\n<\/p>\n