ARLINGTON, Virginia, April 19, 2022 – With a tight labor market showing few signs of abating, the importance of health and pension benefits in attracting and retaining workers has reached its highest level in a decade. Additionally, the number of employees willing to pay for more generous benefits has rebounded from a dip during the pandemic. These are the key findings of a survey of more than 9,600 US employees by WTW (Willis Towers Watson, NASDAQ: WTW), a leading global consulting, brokerage and solutions company.
According to the survey, six in 10 employees (60%) cited their employer’s retirement benefits as an important reason for staying with their current employer, up from 41% in 2010. Nearly half said the programs retirement from their company (47%) and health care benefits (48%) were important reasons they joined their employer, up from just 25% and 32% in 2010, respectively.
The survey also found that more employees are willing to have extra money deducted from their salary for better benefits. Nearly six in 10 employees (59%) said they would pay more for a larger and more generous retirement benefit, up from 54% in 2020. Almost half of employees (46%) would forgo paying more for a more generous healthcare plan compared to 36% in 2020. The number of workers willing to pay more for both benefits decreased from 2019 to 2020.
“While employees still see salary as the most compelling reason to stay or leave a company, health and retirement benefits have become a much bigger factor in their decision-making process,” said Monica Martin. , Senior Director, Retirement, WTW. “In this tight labor market, organizations that understand the importance employees place on these core benefits and offer highly valued benefits programs can differentiate themselves in their efforts to become an employer of choice.”
In an analysis of employee benefits priorities, the survey found that the most important benefit employees want their employers to focus on is retirement (44%), followed by flexible working (39%). Of those who want their employer to focus on retirement, nearly two-thirds (62%) are looking for a guaranteed pension benefit, more than half (58%) are looking for more generous pension benefits and 53% are interested in pension benefits. medical benefits for retirees.
Within the group of employees who rated flexible working as an important benefit for employers to focus on, half (50%) want more generous paid vacation and sick leave, 47% want to work no anywhere/remote work options, and 45% prefer the ability to determine when they work.
Managing employee health also emerges as an important issue for a third of respondents (33%). Of these, half (46%) want a more generous healthcare plan, 42% said health checks and risk assessments would help them manage their health, and 37% prefer a healthcare plan. more generous dental.
Another benefits option requested by employees is help with managing their emotional health, with a quarter (27%) ranking it as a top priority. Of these employees, more than half (53%) want mental health days to manage their emotional health, two-fifths (40%) want stress management and resilience support programs, and 39% are in favor of more generous coverage of mental health services and medication.
“Employees are increasingly looking to their employer for more help and support with their benefits. In turn, employers who want to stay competitive are better served by regularly reassessing their health and benefits benefits. both in terms of value and flexibility to meet the changing needs of their diverse workforce,” said Julie Stone, General Manager, Health and Benefits, WTW.
About the survey
The 2022 Global Benefits Attitudes Survey was conducted in December 2021 and January 2022. Respondents included 9,658 U.S. employees from large and medium-sized private companies, representing a wide range of industries.
At WTW (NASDAQ: WTW), we provide data and insights-driven solutions in the areas of people, risk and capital. By leveraging the global vision and local expertise of our colleagues serving 140 countries and markets, we help organizations refine their strategy, build organizational resilience, motivate their people and maximize their performance.
By working hand-in-hand with our clients, we uncover opportunities for lasting success and provide insight that moves you.