Workers think they understand benefits — but what if they don’t?
A new survey finds that 80% of working Americans (at least those responding to the survey) say they understand their benefits very well, and nearly as many — 74% — feel very confident in the benefits selections they made during their most recent annual enrollment period. On the other hand, according to “Closing The Gap,” the second set of findings from the fourth annual Guardian Workplace Benefits Study, one in four say that making those selections is more of a guessing game than an educated decision.
Just 62% of employers share that confidence in worker understanding, and only a startling 17% believe their employees believe those workers understand the monetary value of the benefits they receive.
In general, workers would like to know more about:
In this, the fourth annual version of the survey, employees were somewhat less likely to rate their company’s communication efforts as highly effective in helping them make the right choices (62% in 2016 vs. 68% in 2014). The survey also found that less than half (47%) feel their employer is doing a good job educating them about how to use their benefits — a sharp drop from 66% two years ago.
That said, 72% of those with an advisor are highly confident vs. 58% of those without one.
Older workers, perhaps having more experience to build on, or greater familiarity with the choices, are more confident; 71% of Boomers age 57 or older are highly confident vs. 54% of Millennials. Moreover, those with higher incomes are more confident; 70% of those with at least $100,000 in annual household income are highly confident vs. 50% of those earning less than $50,000.
Finally, while this may ultimately be a function of choice, income levels, or age, those who work for larger companies are also more confident: 63% of those working for companies with 1,000 or more employees (which tend to pay more, have older, more tenured workers) are highly confident vs. 45% of those in companies with fewer than 50 employees.
Of significance to employers, the survey found that 75% of workers who place a high value on their company’s benefits want to stay with their employer for at least five years vs. 53% who don’t.
A new survey finds that 80% of working Americans (at least those responding to the survey) say they understand their benefits very well, and nearly as many — 74% — feel very confident in the benefits selections they made during their most recent annual enrollment period. On the other hand, according to “Closing The Gap,” the second set of findings from the fourth annual Guardian Workplace Benefits Study, one in four say that making those selections is more of a guessing game than an educated decision.
Just 62% of employers share that confidence in worker understanding, and only a startling 17% believe their employees believe those workers understand the monetary value of the benefits they receive.
In general, workers would like to know more about:
- Saving for retirement: 38%
- Protecting their income in the event of an injury or illness: 19%
- Ways to reduce debt: 17%
- How their benefits work and how to enroll: 16%
In this, the fourth annual version of the survey, employees were somewhat less likely to rate their company’s communication efforts as highly effective in helping them make the right choices (62% in 2016 vs. 68% in 2014). The survey also found that less than half (47%) feel their employer is doing a good job educating them about how to use their benefits — a sharp drop from 66% two years ago.
That said, 72% of those with an advisor are highly confident vs. 58% of those without one.
Older workers, perhaps having more experience to build on, or greater familiarity with the choices, are more confident; 71% of Boomers age 57 or older are highly confident vs. 54% of Millennials. Moreover, those with higher incomes are more confident; 70% of those with at least $100,000 in annual household income are highly confident vs. 50% of those earning less than $50,000.
Finally, while this may ultimately be a function of choice, income levels, or age, those who work for larger companies are also more confident: 63% of those working for companies with 1,000 or more employees (which tend to pay more, have older, more tenured workers) are highly confident vs. 45% of those in companies with fewer than 50 employees.
Of significance to employers, the survey found that 75% of workers who place a high value on their company’s benefits want to stay with their employer for at least five years vs. 53% who don’t.
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