This is how employees feel about their benefit packages

Workers wouldn’t mind paying for more generous retirement benefits, but when it comes to anteing up for richer health care benefits, not so much, according to the 2017 Global Benefits Attitudes Survey by Willis Towers Watson.

According to the survey of nearly 5,000 U.S. employees, 66 percent say they would be willing to pay more each month for larger, more generous retirement benefits, and 61 percent would give up more pay to have a guaranteed retirement benefit.

However, workers don’t feel the same way about paying more for health care benefits, according to the survey. Only 38 percent are willing to pay more each month for a more generous health care plan, and 46 percent are willing to pay more to have lower, more predictable costs when using health care services.

Related: 3 areas where employee benefits are out of whack

“While employees continue to feel vulnerable about their long-term financial prospects and say they are willing to pay more for greater retirement security, health care benefits evoke a much different response,” says Steve Nyce, senior economist, Willis Towers Watson. “Employees, who continue to see their health care costs increase annually, are basically saying ‘enough is enough’ as far fewer are willing to pay more each month for more generous health benefits and more predictable costs.”

Costs aside, the majority of employees are happy with their core benefits — 59 percent think their retirement plan meets their needs, and 66 percent say their health care plan meets their needs. However, appreciation for noncore and well-being benefits lags. Only 43 percent say their package offers a wider variety of choice and flexibility that meets their needs, while 27 percent believe initiatives to help them manage their finances meet their needs.

“Employers need to recognize that employee appreciation of their total benefit package has a positive impact on worker productivity,” says Julie Stone, a managing director, Health & Benefits, North America, Willis Towers Watson. “Our research shows just over half of employees whose benefit package meets their needs are highly engaged in their job, compared to just 25 percent of employees reporting a high level of engagement when they believe their benefit package does not meet their needs.”

Beyond their core retirement and health care benefits, employees are expressing a strong interest in a broader array of benefits, including more time off. Indeed, nearly six in 10 employees (58 percent) would take more time off in exchange for an equivalent change in pay.

Nearly half (48 percent) would welcome more financial protection benefits, reflecting a growing interest and need for benefits to help employees address their financial needs. In addition, access to decision support is valued by workers. Nearly nine in 10 employees with benefit choices and access to decision support say their benefit programs meet their needs, which is more than twice that of those without choice.

“We know from our research and work with clients that employees with greater flexibility in their benefit programs and access to decision support value their benefits more,” Stone says. “It is time for employers to move beyond a one-size-fits-most approach to benefits, as employees across generations are seeking a wide range of flexibility, choice and decision support.”