It's (not) all about the Benjamins anymore. Or if it is, it's certainly about much more than a simple paycheck.
Maybe it's the vast difference between generations sharing the same workforce or it's the post-traumatic stress we're all still suffering through even if we've survived what (we hope) has been the worst of a chronic economic (and political?) recession. Or maybe it's a little bit of both.
Whatever the motivation or psychology driving it, employees appear to be more invested than ever before in their benefits and really care about what they have, what they want and whether they'll walk out the door to get it.
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On the retirement side of things, one new report reveals they're even willing to give up something in exchange, with more than 80 percent of them willing to hand back up to 5 percent of their salary "if it guaranteed they'd have reliable income to help them live out their retirement years comfortably." Another 42 percent of them would be happy to set aside up to 10 percent.
And more than 90 percent of employees see their 401(k) as the single most important savings tool they have for retirement planning.
But it doesn't end there. Employees are clamoring for voluntary benefits more than ever. In fact, a new Metlife study shows that younger employees in particular are happy to fully fund the cost of a variety of voluntary options.
"Significantly, 54 percent of younger workers would be interested in having a wider array of benefits options, even if it means paying all of the cost for those voluntary benefits, such as life, dental, vision, disabity, critical illness, or homeowner/auto insurance coverage," the study shows.
Larger employers are jumping on board with 57 percent of employers with more than 500 employees "identifying voluntary benefits as a key element in their benefits strategy." That number's up from 43 percent the year before.
But while the offerings and expectations continue to grow, a disconnect remains. My favorite part of the Metlife study breaks down some voluntary insurance benefits, the percentage of younger workers interested in paying for them, and the percentage of small business employers who offer the benefit:
Benefit Interested Offering
Life 41% 20%
Dental 38% 11%
Vision 38% 9%
Disability 40% 8%
Critical Illness 38% 10%
Home/Auto 44% 2%
We're getting there, but so much more works needs to be done—on both sides of the table. But as long as we keep the conversations—and education—going, we'll get there.
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