The GOP tax overhaul has inspired what seems like a flurryof action from companies looking to gainbillions of dollars in potential savings. Every day, a neworganization announces bonuses and wage increases. (FedEx Corp. onFriday added its name to that list.) Others, however,are using their funds to lay off thousands ofworkers.

Despite the headlines, it turns out mostcompanies aren’t doing much at all with theirtax savings, according to a new survey from Willis TowersWatson. At least not yet.

The HR consulting firm asked 333 employers with at least 1,000employees what they have done or plan to do as a result of the TaxCuts and Jobs Act. Only 4 percent of companies said they had“increased wages for all employees”;an additional 3 percent said they planned to do soin the next year. While an further 13 percent said they’re“considering taking action this year or next,” a full 80 percent ofcompanies aren’t considering giving raises at all.

“Companies are really spending time thinking about this,” saidJohn Bremen, a managing director at Willis Towers Watson. “They’retrying to figure out what to do in terms of what’s going to behighest impact and greatest value.”

Bremen sees three general trends among employers. One groupis using the tax bill windfall to make previously plannedinvestments, such as raising the minimum wage or increasing 401(k) contributions. Anothergroup is trying to modernize their workforce by hiringnew kinds of workers. The third group is attempting to keep upwith the proverbial Joneses: As companies see their competitorsoffering headline grabbing bonuses, they feel compelled to do thesame.

At this rate, it’s too early to tell what the trickle-downimpact of the bill will be, if any. The bonus and wage increasesprovided to employees have, so far, been a fraction of the savingscompanies are seeing from the tax bill. It will take years todetermine the full impacts of the bill, economists say.

Still, employees are seeing some changes. Almost 20 percentof companies surveyed said they had already added Roth 401(k)retirement plans for employees, making it the most popular benefitchange as a result of the tax bill. Unlike a traditional 401(k), aRoth taxes money up front when it goes into the account, ratherthan down the line when it comes out. “Many employers aresaying ‘Tax rates are lower, I’d rather pay taxes on the loweramount than pay gains in the future,’ because maybe they willgo up in the future,’” Bremen said.

Not all workplace upgrades come in the form ofmoney. Around 40 percent of companies said they have alreadytaken at least one “action” as a result of the tax bill, fromincreasing hiring to spending money on automation.“I’m not seeing apreponderance of any one thing companies are doing,” said Bremen.“There’s no one-size-fits-all.”

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