Survey: employers not in line with employee benefits needs
Only 47% of respondents felt the benefits their employers offered fit their specific needs.
There is a disconnect between employee benefit expectations and what employers are actually providing. A new PeopleKeep’s 2024 Employee Benefits Survey found surveyed more than 1,000 employers and employees, who provided feedback on 12 common employer-sponsored benefits.
The five benefits most important to employees included health benefits (92%), dental insurance (91%), paid time off (90%), retirement benefits (89%), and vision insurance (81%).
While most employees polled rated most benefits as important, only 47% felt the benefits their employers offered fit their specific needs, and nearly two-thirds agreed that there were gaps in their benefits packages.
“This PeopleKeep survey underscores the need for flexible, personalized benefits, said Austin Lehman, CEO of Remodel Health. “We are dedicated to closing the gap between employee expectations and employer offerings with solutions like ICHRA and QSEHRA, ensuring that our benefits meet diverse needs while remaining economically viable for employers.”
When it came to employers, more than half of those surveyed (56%) said cost was the biggest hurdle when offering benefits. This could be why a portion (11%) didn’t offer any benefits to their employees. To address this issue, employers can reallocate their resources more strategically.
“The benefits a company offers can show how much they appreciate their employees,” said one employee. “These days, in order to keep quality workers, you must keep your benefits package competitive with your competitors, or your employees who have a lot of experience will leave the organization,” an anonymous employer said during the survey.
Related: Despite increased focus by employers, workers expect more wellbeing benefits
The survey also showed that employees want more than salaries alone. Most employees (81%) said an employer’s benefits package is an important factor in whether or not they accept a job. Also, employers saw the most employee participation in health benefits (76%), retirement benefits (76%), and paid time off (75%).
The least important employee benefit, according to the survey were commuter benefits where 52% of employees with commuter benefits said they “rarely” or “never” use them. However, most employers (89%) planned to enrich their current benefits or add more of them in the new year.