JHA conducted an online survey for Sun Life Financial employee benefits unit in which results showed that employees value their benefits more than “greenbacks.” According to EmployeeBenefitNews.com,
“Researchers say they discovered “exactly the opposite” and consider voluntary benefits “an essential way to motivate employees,” providing compelling ammunition for worksite marketers ahead of the upcoming open-enrollment season.”
The survey participants were asked to rate their personal value of benefits on a scale from 0 100:
Dental was top at 89, vision at 80, 401(k)/retirement at 79, life insurance at 71, LTD at 62, STD at 58, long term care at 45 and cash came out last at only 33.
Michael E. Shunney, senior vice president and general manager of Sun Life Financial Employee Benefits Group comments:
“As this study shows, one of the most significant drivers of benefits enrollment is availability…A broad offering of benefits is a key component for employers looking to attract and retain a talented and productive workforce.”
So, before you think about completely cutting employee benefits, consider your workers and what they value. It will pay off in the end to have a healthy and motivated staff. If you appreciate them, they’ll appreciate you right back.
To read this article in full detail, visit Employee Benefit News
