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“And the Survey says,” — Forty-four percent of millennials would consider a job change to secure better benefits, according to a new survey from Buck Survey. Employers today need to offer more than just a competitive salary. Good talent is not just looking for a juicy paycheck, they also want an attractive benefits package.
Faced with increased competition for talent, 72 percent of employers plan to add additional voluntary benefits. Additionally, since the start of the pandemic, 52 percent of employers have added an average of six new voluntary benefit offerings to demonstrate support for employee physical, social, mental, and emotional well-being.
These findings are reported in Buck’s 2022 Wellbeing and Voluntary Benefits Survey, a biennial study that tracks how organizations use voluntary benefits to support employee wellbeing, enhance benefit programs, and attract and retain talent. This edition’s research was supplemented with a parallel employee survey, allowing a comparison of differences between employer and employee responses, ranging from current well-being to feedback on offerings versus employee needs.
“Voluntary benefits are a core component of any employer’s benefits package, allowing employees to self-select from a menu of offerings, typically at reduced or increasingly no cost,” said Tom Kelly, a principal in Buck’s Health practice and co-author of the report. “The average employer offers 12 voluntary options, providing employees with the choice to select benefits that match their needs and life stage. And employees agree that voluntary benefits are an essential part of their benefits package and offer better value than buying similar services privately.”
Key survey findings:
Employers recognize the importance of supporting employee well-being to increase job satisfaction and engagement: 68 percent have enhanced their employee value proposition, and 97 percent offer at least one voluntary benefit, up from 88 percent in 2020.
Nearly two-thirds (63 percent) of employers are seeking to foster increased job satisfaction, engagement, and the ability to attract and retain talent through voluntary benefits. This concurs with employee views: 68 percent ‘agree’ or ‘strongly agree’ that voluntary benefits are an essential part of a comprehensive benefits package.
Most (84 percent) employers have increased their benefits communications to improve awareness of offerings and well-being support, yet only 51 percent of employees think their employer has increased its commitment to wellbeing.
The fastest-growing voluntary benefits between the 2020 and 2022 surveys include Hospital indemnity (+20 percent); personal loans (+19 percent); financial coaching/planning (+19 percent); caregiving (+12 percent); and critical illness (+11 percent).
“Employers are increasingly using voluntary benefits to strengthen their employee value proposition and tangibly demonstrate commitment to supporting the diverse needs of their workforce,” said Ruth Hunt, a principal in the Engagement practice and co-author of the report. “Benefits meeting essential needs such as emergency savings, mental health, caregiving, credit improvement, or personal loans, as well as discount purchasing programs, can play a part in easing the financial and related mental and emotional stress that employees cited as their two top wellbeing concerns. Both employers and employees agree there must be a more holistic approach to improve wellbeing.”
Methodology. Survey responses were collected from 218 employer participants and 683 employees in November 2021. Both the employer and employee samples are representative of large U.S. employers. The employer sample is representative of Bureau of Labor Statistics data in terms of a number of employees, industry, annual revenue, entity type, global location, and regions of the United States. The employee sample is representative in terms of gender, race, age, presence of children, marital status, role, and household income.
Article credit UKG by way of Harmony Roze. ©2022 CCH Incorporated and its affiliates. All rights reserved.
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