- Nearly seven in 10 respondents in a recent Voya Financial Inc. survey said they expect workplace benefits to play a greater role in their future job selection
- Employees express interest in employer assistance for financial well-being and addressing crises like major health issues
- Opportunities for employers to simplify certain processes such as open enrollment
Summary by Dirk Langeveld
Workplace benefits are playing an increasingly important role in people’s job decisions, according to a recent survey by Voya Financial Inc. The company says the findings show an opportunity for employers to attract new talent and retain existing employees by improving their benefits as well as their enrollment process.
Based on employee surveys issued in June and August, Voya Financial Inc. found that 68 percent expected workplace benefits to play a greater role in their future job selection. Sixty-one percent said they would play a greater role in household decisions, while six in 10 said the COVID-19 pandemic has caused them to think more carefully about the types of benefits offered by their employer.
- Respondents were showing greater concern about their financial well-being in unexpected circumstances, and 73 percent said they were worried that their money doesn’t go as far as it used to
- 81 percent said they’d be interested in greater employer support to improve their financial wellness, and 75 percent said they would appreciate assistance in how to navigate an unexpected event like an accident or severe illness
- The findings come amid greater shifts in the labor market, with more people quitting their jobs to seek better opportunities elsewhere
- The survey noted how many employees are daunted by the open enrollment process in the autumn, and that digital assistance, budget calculators, and other innovative tools can help employers better communicate with employees about issues like health insurance