Benefits Are More Important Than Ever This Year

More than ever, employees are placing a high value on benefits this year, with a majority of workers feeling pressure to make the right choices when open enrollment begins in the next several weeks.

Due to the pandemic, the importance of benefits – voluntary as well as employer provided – has risen significantly in the minds of workers according to a survey sponsored by Prudential Finance. Three-quarters said the current environment has caused them to realize how important benefits are. And 75% agreed that, “Due to the pandemic, I feel that access to benefits through an employer is now more important than ever before.”

Benefits survey chart.jpg

So important have benefits become to employees that 77% now see them as a key part of their compensation, a big increase over the 67% who said that last year. By an even larger margin, 73% of workers said their benefits are a major reason for staying at their job. Last year, 59% of workers said that.

A majority – 52% — said they’d be willing to risk a job change if it offered better benefits.

Speaking to Human Resource Executive, Leston Welsh, head of business segments at Prudential Group Insurance, said, “The pandemic has driven home the idea that no one is immune to unexpected life events that can disrupt their income. The dangers of an ‘it won’t happen to me’ mentality are now very clear, and employees are placing greater value on benefits because they are more aware of how these benefits can help them during a life event, including paying for high out-of-pocket medical costs and hospital visits.”

The survey, in fact, showed that for 42% of the respondents benefits help to reduce their financial stress. These employees are most likely to have one or more of such benefits as accidental death & dismemberment (45%), a Health Savings Account (42%) and hospital indemnity insurance (32%).

Not surprisingly, medical benefits and paid sick leave are the most valued two benefits. These are typically part of a basic total compensation plan. But access to a retirement savings plan (38%) and flexible work arrangements (25%) ranked just behind.

Because of the importance benefits now have for so many workers, this year’s open enrollment season will be more stressful than usual. The survey found 51% of workers are feeling a lot more pressure to make the right choices.

As a consequence Welsh said, “Employees will need better information and more time to analyze how a different set of benefits may be better suited for their new normal.

“Given the uncertainty of the current environment, it’s more important than ever for employers to educate and encourage their employees to choose the solutions that will help safeguard their financial security — over the near and long term.”

Photo by Clayton Cardinalli on Unsplash

#WeAreGreenKey: Spotlight on Matt Schirano
General Interest Green Key News Information Technology Leadership + Management Worklife

#WeAreGreenKey: Spotlight on Matt Schirano

Green Key Unlocked: The Effect of Tech Layoffs
General Interest Green Key News Information Technology Leadership + Management Worklife

Green Key Unlocked: The Effect of Tech Layoffs

How to Prepare for a Recruiter Interview with a Staffing Agency
General Interest Green Key News Human Resources Leadership + Management Worklife

How to Prepare for a Recruiter Interview with a Staffing Agency

5 Ways to Make Your Job More Meaningful
General Interest Green Key News Worklife

5 Ways to Make Your Job More Meaningful

Minimum Wage Increases in 2023
Accounting + Finance Architecture + Engineering Financial Services General Interest Green Key News Healthcare Human Resources Information Technology Leadership + Management Legal Support Marketing Technology Pharma Professional Support Worklife

Minimum Wage Increases in 2023

2023 Recruitment Trends
General Interest Green Key News Human Resources Leadership + Management Worklife

2023 Recruitment Trends

#WeAreGreenKey: Spotlight on Carissa Iacona
General Interest Green Key News Marketing Technology Worklife

#WeAreGreenKey: Spotlight on Carissa Iacona

New Year’s Corporate Resolutions
General Interest Green Key News Leadership + Management Worklife

New Year’s Corporate Resolutions

Wrapped Up: #WeAreGreenKey 2022
Accounting + Finance Architecture + Engineering Financial Services General Interest Green Key News Healthcare Human Resources Information Technology Leadership + Management Legal Support Marketing Technology Pharma Professional Support Worklife

Wrapped Up: #WeAreGreenKey 2022

#WeAreGreenKey: Spotlight on Madison Foery
General Interest Green Key News Marketing Technology Worklife

#WeAreGreenKey: Spotlight on Madison Foery

What to Remember When Onboarding New Employees
General Interest Green Key News Human Resources Worklife

What to Remember When Onboarding New Employees

#WeAreGreenKey: Spotlight on Zach Miller
General Interest Green Key News Information Technology Worklife

#WeAreGreenKey: Spotlight on Zach Miller

How to Spark Creativity in Your Employees
Creative General Interest Green Key News Worklife

How to Spark Creativity in Your Employees

#WeAreGreenKey: Spotlight on Jeff Blum
Accounting + Finance Financial Services General Interest Green Key News Worklife

#WeAreGreenKey: Spotlight on Jeff Blum

Green Key Unlocked: LinkedIn & Resume Green Flags
General Interest Green Key News Human Resources Leadership + Management Worklife

Green Key Unlocked: LinkedIn & Resume Green Flags

How to Handle Holiday Stress & Burnout
General Interest Green Key News Leadership + Management Worklife

How to Handle Holiday Stress & Burnout

#WeAreGreenKey: Spotlight on Lauren Scutero
General Interest Green Key News Pharma Worklife

#WeAreGreenKey: Spotlight on Lauren Scutero

#WeAreGreenKey: Spotlight on Anthony Agosto
Accounting + Finance General Interest Green Key News Human Resources Leadership + Management Worklife

#WeAreGreenKey: Spotlight on Anthony Agosto

Shop for Jobs this Holiday Weekend
General Interest Green Key News Human Resources Worklife

Shop for Jobs this Holiday Weekend

Thankful for Our Community this Thanksgiving
General Interest Green Key News Leadership + Management Worklife

Thankful for Our Community this Thanksgiving

Latest Blog Posts
View All Posts
#WeAreGreenKey: Spotlight on Matt Schirano

#WeAreGreenKey: Spotlight on Matt Schirano

As the youngest Partner in Green Key history, Matt reflected on his years at the firm and the influence Dan...
Read More
Green Key Unlocked: The Effect of Tech Layoffs

Green Key Unlocked: The Effect of Tech Layoffs

Companies such as Microsoft and Google have cut thousands of positions in the last few months. In an effort to...
Read More
How to Prepare for a Recruiter Interview with a Staffing Agency

How to Prepare for a Recruiter Interview with a Staffing Agency

Because the basis of your job will revolve around communication and sourcing, you should be going into this conversation with...
Read More