Dive Brief:
- Healthcare, not surprisingly, tops employees' list of most valuable benefits, a new Clutch survey shows. The business-to-business research firm's "2018 Employee Benefits Survey" found that 55% of respondents cited health coverage as the greatest driver of job satisfaction, followed by paid vacation time (18%), overtime pay (11%) and retirement plans (10%). The survey also found that 25% of the respondents lack health coverage.
- At least a third (32%) of respondents are dissatisfied with their benefits, survey results show. Dissatisfaction stems from employees' need for additional benefits (57%), the desire for benefits they currently don't have (24%), benefits they can't use (22%) and benefits they feel pressured not to use (8%) or don't know how to use (7%).
- Employers who don't offer benefits lose out to their competitors in attracting and retaining talent. Study results conclude that employers can address workers' dissatisfaction over benefits by encouraging discussions on the subject and getting workers' feedback.
Dive Insight:
Health coverage naturally tops employees' list of valued benefits; some workers would leave their jobs if health coverage disappeared, as employment is one of the main ways to obtain healthcare coverage in the U.S. Naturally, offering healthcare coverage is a key first step in retention efforts.
Not every employee will want all the benefits an employer offers, and some dissatisfaction will likely always be present, though employers can head this off by obtaining consistent feedback from their employees about benefit offerings. What's more surprising is the number of employees who can't identify the benefits they have.
The onus is on employers to communicate not only what benefits they offer, but also to introduce new benefits and the reason for offering them. Communication should be frequent, not just during open enrollment; detailed, with comparisons between health plans; and clear and easy to understand. Technology allows employers to communicate benefits instantly, 24/7 and by various platforms based on employees' preferences, including intranet, email, benefits portals and smart phones.
