Most employees expect workplace benefits to play a more critical role in their decision-making when they select future jobs. Specifically, 68% feel that way while 61% say benefits will have more influence over their household financial decisions. And, because of the pandemic, 60% say they’ll think more carefully about the types of workplace benefits offered by their employer.
“Employees are increasingly seeing the value their workplace benefits can provide when they think holistically about their financial picture, and they are looking to their employers for solutions,” said Rob Grubka, CEO of Health Solutions at Voya Financial, the health and financial provider that published the findings. Many of today’s workers, he said, “have experienced first-hand how an unexpected illness or expensive visit to the hospital can have a significant impact on the financial well-being of their household.”
Some 81% of employees are interested in employer support that would improve their overall financial wellness, Grubka said, while 75% want help navigating unexpected life events, such as an accident or critical illness. “This only underscores the importance employers need to place on the benefits they offer,” He observed. If they don’t, “they may risk losing top talent in today’s competitive job market.”
Benefits and Retention
Voya’s survey was unveiled as more Americans voluntarily change jobs and employers focus on attracting and retaining talent. According to PwC, the quit rate for professional and business services occupations was 4.1% as of June 2021, up from about 3% in February 2020.
And here’s something to consider with open enrollment approaching: While workplace benefits remain a critical part of job selection, most employees would rather spend time addressing other “must do” chores. For example, if they had extra time, nearly three-quarters (72%) said they’d rather bring in their car for regular maintenance, visit the dentist or prepare their taxes. Only 28% said they’d prefer to review annual enrollment benefits such as medical, dental and vision.
Andrew Frend, senior vice president of Strategy and Product at Voya Health Solutions, said the situation presents an opportunity for employers and benefit providers to simplify and personalize the annual enrollment experience. “In addition to year-round education and communications efforts, innovative technology and decision-support tools can be a game-changer,” he said.
By Mark Feffer
Mark Feffer is executive editor of RecruitingDaily and the HCM Technology Report. He’s written for TechTarget, HR Magazine, SHRM, Dice Insights, TLNT.com and TalentCulture, as well as Dow Jones, Bloomberg and Staffing Industry Analysts. He likes schnauzers, sailing and Kentucky-distilled beverages.
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