COMP NEWS – Employees are prioritizing the quality and value of holistic wellness in their benefits of packages over the price of those benefits, according to a new survey.
CHICAGO, March 06, 2024 (GLOBE NEWSWIRE) — Low unemployment, shifting employee priorities and the work-from-anywhere marketplace pose new staffing challenges for employers, according to a recent national survey of employee benefits brokers and advisors. Conducted by IdentityForce, a TransUnion brand, the annual survey — now in its sixth year — revealed employers are most concerned with:
- Rising healthcare costs
- Physical and mental health of employees
- Talent shortage
Concerns about the digital safety of employees also stood out as key concern, cited by more than half of the surveyed benefits advisors. It was the only concern that earned more than double the responses from the previous year.
“We’re seeing the confluence of several market realities in these findings,” said Lindsey Downing, Senior Vice President, TransUnion Consumer Interactive. “The competitive employee marketplace is elevating the need for differentiation to attract and retain the kind of talent who can help the organization compete and succeed. This survey reveals that benefits programs that promote four factors of holistic wellness — financial, physical, mental and digital — are perceived as high value to modern employees, while delivering value to today’s employers.”
Employees are becoming less concerned with the price of benefits and more concerned with the quality of them.
Notably, the price of employee benefits seems to be dropping in importance for employers, at least as compared to overall value. During the previous three years, price per employee was the top benefit consideration for employers. This year, however, price per employee fell 22%, landing in third place. Value to employees, on the other hand, climbed 8% to claim the top spot.
“This finding is a wake-up call for HR stakeholders,” said Connor. “It’s an indicator of the immense pressure employers feel to win talent through relevancy. Benefits are only compelling when they are compatible with an employee’s personal goals. Top talent no longer settles for one-size-fits-all compensation. They want to feel seen, heard and appreciated for their distinctive contributions and their whole selves. Progressive, personalized benefits are a strategic way to deliver on that demand.”
Anyone interested in reviewing this year’s findings can get a copy of IdentityForce’s 2024 Employee Benefits Survey Report by clicking here.
To read more about the benefits survey, click here.
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