A recent survey highlights the crucial impact of employee benefits packages on productivity, satisfaction, and retention in both small and large businesses. The 2024 Benefits Survey reveals that 78% of employees may seek new job opportunities if their current benefits are inadequate, emphasizing the vital role healthcare benefits play in employee decision-making.
Key Survey Findings
- Healthcare Benefits and Job Decisions: Over two-thirds of employees ranked healthcare benefits as the second most important factor, just behind salary, when evaluating job offers. This underscores the necessity for businesses to provide competitive benefits to attract and retain top talent.
- Economic Pressures on Benefits Costs: Among 1,000 surveyed employees enrolled in company health plans, 23% identified challenges in affording employer-provided benefits. A significant number of workers (62% in small firms and 66% in larger firms) believe their monthly contributions are excessively high amid increasing inflation and interest rates.
- Impact on Long-Term Financial Goals: The survey revealed that 71% of individuals in small companies and 63% in large companies have difficulty saving for long-term objectives, including emergencies or retirement, due to medical expenses. This issue is notably pronounced among women, with over 25% experiencing significant financial challenges contrasted with 18% of men.
- Desire for Comprehensive Benefits: Nearly 60% of employees expressed a need for diverse benefit options, including HMOs, PPOs, and FSAs. Moreover, 50% of individuals in small firms and 61% in larger firms wish to have access to supplemental benefits such as dental, vision, mental health, and pet insurance.
- Job Satisfaction and Productivity Linked to Benefits: The survey indicates a clear connection between benefits packages and job satisfaction, with over 90% of employees relating their contentment with their benefits. Additionally, many expressed that inadequate medical coverage could adversely impact their workplace productivity.
Industry Insights
Industry experts emphasize the necessity for competitive benefits in the current economic landscape. The research indicates that employees increasingly prioritize health benefits for their job satisfaction, yet many face difficulties in managing benefits costs. Hence, maintaining competitive benefits packages at an affordable price is essential for employee retention.
About the Survey
The 2024 Benefits Survey was conducted among 1,000 employed adults, featuring a balanced representation from companies of various sizes. The study focused on those currently enrolled in their employer’s health insurance and was carried out between May 24 and May 31, 2024.
