Do You Know What Benefits Are Important to Your Employees?
The Great Resignation and “quiet quitting” movements are forcing employers to provide more comprehensive and competitive benefits packages to retain their best employees, according to a new survey by Forbes Advisor.
The study found that 40% of workers would leave their current job to find employment that offers better benefits. The survey also found that 62% of businesses have changed their benefit offerings in the past year.
Here, according to the study, are the most important benefits for American workers:
- Employer-covered healthcare: 67% of employees and 68% of employers believe this to be the most important benefit.
- Life insurance: 45% of employees and 43% of employers named this a top benefit.
- Pension and retirement plans: 34% of employees and 34% of employers agree that planning for the future is vital.
- Mandatory paid time off: Employees value mandatory paid time off more highly than employers are aware: 31% of employees named this a top benefit, but it didn’t reach the top five benefits among employers.
- Mental health assistance: 33% of employers named this a top benefit while only 23% of employees listed it.
Other key findings from the report:
- Forty percent of employers say they believe workers leave their job to find employment that offers better benefits.
- More than half of American workers (54%) report being content with the benefits their current employer offers.
- One in 10 workers would take a pay cut to have access to better benefits.
- More than 30% of 18–41-year-olds are most concerned with having pet insurance available as a benefit.
- Nearly 40% of 42–57-year-olds are most likely to want mandatory paid time off from their employer.
- More than 80% of employees older than 42 are looking for roles that include employer-covered healthcare.
Forbes Advisor commissioned the survey of 1,000 employed Americans and 1,000 business owners. It was conducted by market research company OnePoll.
Published: February 14th, 2023
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