Why Employee Benefits Matter
Smart employers realize that benefit options matter to their employees. The majority of employees (80 percent) believe their overall benefits package influences their engagement with their job and their company, according to the 2014 Aflac WorkForces Report.
Employees rank benefits higher than employers generally do. For instance, 77 percent of employees report that benefits are important to job satisfaction, compared to only 52 percent of employers.
Employees also report that benefits are important with respect to workplace well-being and their employer’s reputation. Employees also said that benefits are important to work-related decisions, such as whether to stay at the job or refer a friend to work for their employer.
Finally, employees from small businesses also said that good benefit options can help those businesses attract and retain employees:
- 47 percent said that improving benefits packages is one thing employers can do to keep them in their job;
- 87 percent said that a well-communicated benefits package would make them less likely to leave their jobs; and
- 57 percent said they’re likely to accept jobs with slightly lower compensation but better benefits.
Communication was one area where employees signaled a strong need for improvement. For instance, only nine percent of those surveyed believe their HR departments have communicated extremely effectively about health care reform and subsequent changes to benefit packages.
As health care reform continues to move along, employers will be making many key decisions in upcoming years. The survey results indicate a need to engage employees in how benefit decisions will impact them.