In a recent survey conducted by Guardian Life Insurance, almost 65 percent of workers said that their employers should be responsible for offering retirement and health insurance benefits. However, less than 20 percent of employers said that they should be responsible for providing these benefits to their workers. While employers and their workers may not agree on this topic, employers know that benefits are vital for helping employees and the families of their employees maintain financial security.
Guardian established a value index, which was used to measure the perceived value of workplace benefits by employees. The scale ranged from one to 10. Their research showed an increase on that scale to slightly over the seven mark. In 2012, the number was less than seven. Researchers also found that nearly 35 percent of workers were extremely satisfied with their employer-sponsored benefits. However, less than 20 percent of employers guessed that their workers were extremely satisfied with the benefits they offered in the workplace.
More than 40 percent of workers said that all or the majority of their benefits came from workplace sources. Nearly 70 percent reported relying on benefits for more than 50 percent of their financial preparedness. Since there is inadequate communication or education about benefits overall, many workers said that they did not take advantage of the benefits available to them. Experts at Guardian emphasized the importance of employers clearly and regularly communicating benefits options and the importance of using benefits to their employees.
The recent study from Guardian showed how benefits built a solid financial foundation for workers across the United States. However, experts were concerned that many people were still not taking advantage of the available benefits. They pointed out that in addition for it being helpful to offer benefits for health and financial reasons, it is important to offer them to help workers make smart and informed choices for their futures. By offering benefits that are easily accessible and are more personalized, employers can help their workers achieve happiness and financial security.
Guardian said that total compensation statements are also helpful tools. If workers receive these statements, they are more likely to understand and appreciate the proper value of their benefits. In addition to this, they are more likely to consider communication about benefits more effective. More than 85 percent of respondents in the previously referenced survey reported feeling more confident in making decisions about their benefits. About 75 percent said that seeing the true worth of their benefits was better for establishing a value for them. Only about 30 percent of employers reported sending total compensations statements to their workers.
In addition to these benefits, Guardian experts pointed out that human resource management research showed the importance of communicating the value of benefits to employees and how it could result in a positive impact on a company’s bottom line. By using benefits workshops, total compensation statements, self-service benefits options and employee meetings, companies can improve their workers’ understanding of how valuable workplace benefits are. To learn more about communication and how to portray the value of workplace benefits, discuss concerns with an agent.