Employee retention, employee benefits and job satisfaction are linked. The Employee Benefit Research Institute’s (ERBI) recent 2017 Health and Workplace Benefits Survey said 80% of employees surveyed ranked benefits satisfaction as extremely high or very high also ranked their job satisfaction as very or extremely high.
Close to 66% of those surveyed who ranked benefits satisfaction as extremely or very high said their morale is either excellent or very good.
ERBI spokesman Paul Fronstin said, “It is important for employers to understand that benefits continue to be valued by employees. Health insurance, retirement plans, dental, vision and life insurance continue to be highly important when making job change decisions.”
He noted 40% of respondents said they’d drop a wage increase to get an increase in work-life balance benefits. Close to 20% said they’d prefer more health benefits and would go for lower wages to get them.
Health insurance continues to be the top cog in the wheel and 83% said it determines whether they’ll stay at a job or move on. Retirement savings is another critical component and 73% said it is a player in a decision whether to stay at a job or go to a new one.
Fronstin said, “The challenge is how employers can continue to provide the strong employee benefits package that employees want and need, while still controlling the costs of these benefits, particularly healthcare.”
He suggests that employers do more educating on how the benefits offered are beneficial. The study says just 52% understand the health benefits they are given and only 43% say they understand the non-health benefit package offered by their employer.
Here’s more from the study:
• 31% say their employer or the benefits company provide no education or advice on benefits
• Just 39% say their employer gives them information that helps them understand their health benefits
• Only 24% say their employer tells them how a health savings account works
• And only 28% say their employer offers education on how their retirement plan works and how to invest money in that plan
Fronstin said, “As employers weigh the future of benefits, they should consider that health insurance consistently remains one of the top benefits that employees consider in assessing a job change, with retirement savings plan also viewed as a critical benefit.”
Source link: Employee Benefit News