81% of employers offered a traditional 401(k) match in 2026, down from 85% a year earlier, according to SHRM's 2026 Employee Benefits Survey.
The average maximum match also slipped to 6.1% from 6.3% as companies trimmed retirement benefits and flexible work options to manage economic uncertainty and reassess workplace strategy.
Ted Kezios, Cisco's senior vice president of people care, said such cuts may save money short term but can unsettle employees and weaken retention, recruiting and employer brand over time.
Cisco said it is maintaining richer benefits—including 16 weeks of U.S. parental leave, up from 12 since 2024—arguing benefits remain a key differentiator for candidates as AI reshapes jobs.