Employers: Benefits Are More Important than You Realize!

That’s what the Seventh Annual Study of Employee Benefits Trends – Findings from the National Survey of Employers and Employees shows. In fact, their data says health benefits are valued by 75 percent of employees, while employer perception is that 59 percent of their workers value health benefits. That’s a pretty big gap … combined with a number that states that well under half of employees (43 percent) actually understand which benefits fit their needs. Yikes!

It’s clear from all the numbers that employees value benefits more this year than in the past. Employees are talking more control of their finances and are increasingly looking to the workplace for help—even if it’s fully employee-paid benefits. Employees are also becoming more aware of their personal risk exposure, which leads to greater appreciation for benefits and company loyalty: Forty percent of employees say benefits play an important role in their decisions about whether to remain with their employer.

Here are some more key figures:

When asked which benefits are an important factor in employee loyalty (2007-2008), “salary/wages” decreased in importance by four percent while “other insurance benefits” (life, dental, disability, vision) climbed in importance by 18 percent (51% to 69%).

41% …

of employees consider workplace benefits to be the foundation of their personal safety net.

51% …

of all employees now state that they obtain most of their financial products through the workplace.

46% …

of employees have expressed greater interest in learning more about the benefits offered through their workplace.

73% …

of employees highly satisfied with their benefits were also satisfied with their jobs.

22% …

of employees not satisfied with their benefits said they were satisfied with their jobs. (Take note, employers!)

33% …

of employees expressed concern that their employer may reduce or cut benefit expenses in the next 12 months because of the economy.

90% …

of Americans believe that it is important for companies to continue to offer benefits, even if they must pay most or all of the cost!

Employer objectives and employee priorities seem to intersect, but they do not fully align. This, in our opinion, opens up opportunities to potential new benefit offerings.

If you’re surprised by any of these numbers—especially if you’re an employer—feel free to contact us at Stephenson Welsh Insurance Services to see if changes in your benefit offerings would better serve your employees while better positioning your company for retention and growth.

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