Essential benefits

More than two-thirds of employees said that health care benefits are second only to salary when considering a job offer, and 78 percent said they would find a new job if their benefits package was inadequate, according to recent research from Intuit QuickBooks and Allstate Health Solutions. The 2024 Intuit QuickBooks Allstate Health Solutions Benefit Survey noted that the survey results emphasize the important role health care benefits play when it comes to an employer’s ability to retain and hire employees.

With macroeconomic challenges such as rising interest rates and inflation, employees face more challenges when it comes to managing their health benefits costs. The survey found that 23 percent of employees surveyed across small and large companies said they struggle to afford their employer-provided benefits, and most workers (62 percent at smaller and 66 percent at larger companies) think their monthly contributions are too high.

“With the historically low unemployment rates in the United States, businesses can't afford to lose employees in today's competitive market,” said Laurent Sellier, senior vice president at Intuit QuickBooks Payroll Solutions. “Our research shows that employees are placing higher value on health benefits when it comes to their job satisfaction, but many are finding it difficult to manage benefits costs in today’s economic climate. For that reason, maintaining competitive benefits packages at an affordable price is vital to employee retention.”

The survey also found the following:

• Medical costs impact ability to save long term. Most workers at small (71 percent) and large companies (63 percent) have struggled to save long term for emergencies or retirement because of medical costs. More than a quarter of women at small and large companies report medical costs have significantly impacted their ability to meet long-term financial goals, compared to 18 percent of men.
• Range and choice of benefits matter. Nearly 60 percent of employees want a range of benefits options to choose from, including health maintenance organizations (HMOs), preferred provider organizations (PPOs), and flexible spending accounts (FSAs). According to the survey, 50 percent at small and 61 percent at larger companies want the choice of adding supplemental benefits, including dental, vision, mental health, pet insurance, and more.
• Job satisfaction and productivity are tied to benefits. More than nine out of 10 employees at small and large companies connect their overall job satisfaction to their benefits, and a substantial majority say inadequate coverage of medical needs could impact their ability to be productive while on the job, as noted by 68 percent of employees at smaller companies and 72 percent at larger businesses.

SOURCE: https://digitalasset.intuit.com/render/content/dam/intuit/sbseg/en_us/Blog/product-qbo/IntuitQB-2024AllstateHealthSolutionsBenefitsSurvey-FINAL.pdf

From WCI's HR Answers Now ©2024 CCH Incorporated and its affiliates. All rights reserved.

WCI offers cost-saving healthcare benefit plans for employers of all sizes. Cost savings make it possible to either reduce employer costs and/or reduce employee contributions.