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Employees: Pay Raise vs. Benefits — Benefits Win

Posted By Gary Wolcott, Tuesday, March 24, 2020

Willis Towers Watson has released a very interesting survey. It finds that employees will swap a pay raise for better benefits. The benefits mentioned are a more generous retirement, better health care benefits and paid time off benefits.

Here are some statistics from the survey:

    * 50% want more substantial benefits and time off rather than a raise
    * 57% say a benefit package is now more important than ever
    * 67% say they’ll pay more out of their checks for better retirement benefits
    * 42% will trade less pay each month for better health benefits
    * That’s up from 27% in 2013

Willis Towers Watson’s senior director of retirement Jennifer DeMeo said, “Many [employees] are struggling with financial and health related issues. They’re turning to their employers and their benefit programs to help them deal with those issues and achieve a better sense of overall well-being.”

The survey does show generational differences in how to approach pay and benefits.

    * Half — 50% — of Generation Z (born in the mid-90s) say pay is their top priority
    * Just 35% of Gen Z want better and more generous benefits
    * 42% of baby boomers list benefits at the top

Most employees — however — don’t feel their employers have the resources to give them what they want in terms of health and well being benefits:

    * Just 40% of employees say their employer has health resources
    * Just 32% say their employer gives them financial resources

“Employers can help employees by offering education, communication and decision-support tools,” DeMeo pointed out. “This approach not only leads employees to make more informed benefit decisions but also boosts their financial wellbeing. Employers have the opportunity to better communicate with employees to provide tools and engage them in their benefits.

Source link: Employee Benefit News

Tags:  benefits  Employees  employment  raises  Willis Towers Watson 

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