Employers’ benefit offerings are an increasingly important consideration for workers when accepting a new job or staying at their current one.
In a recent survey by solutions company WTW, 60% of respondents said retirement benefits played a role in their decision to stay with their current employer. In 2010, that figure was 41%. Nearly half (48%) of those surveyed cited healthcare benefits as a key reason they joined their current employer, compared to only 32% in 2010.
The survey of more than 9,600 U.S. employees also illustrates the importance of a flexible work environment, which was cited by 39% of participants as their top benefits priority, second only to retirement programs (44%). Since the pandemic lockdown in 2020, many employees have experienced the benefits of working remotely. Today, with high gas prices and the rising cost of living, offering remote work, when appropriate, is a reasonable and sought-after benefit to consider or extend.
Additionally, 27% of participants in the survey ranked mental and emotional health as their top priority. Benefits could include mental health days, online tools to reduce stress and increase resiliency, or more robust mental health offerings within their health insurance.
Employees expect higher-level benefits and more support from their employers. These expectations are not likely to decrease or go away. Consider surveying your employees about which benefits are the most meaningful to them. Perhaps form a task force to explore ideas on creating offerings that will attract and retain high-performing staff.
Keep an eye out for Employers Council’s next Health, Welfare, and Retirement Survey, coming later this summer, for a deep dive into health and retirement plans. If you have any questions, reach out to the Member Experience team.
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