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By: Kerry Pipes | 166 Reads | |
The Great Resignation and “quiet quitting” movements are forcing employers to provide more comprehensive and competitive benefits packages to retain their best employees, according to a new survey by Forbes Advisor.
The study found that 40% of workers would leave their current job to find employment that offers better benefits. The survey also found that 62% of businesses have changed their benefit offerings in the past year.
Here, according to the study, are the most important benefits for American workers:
- Employer-covered healthcare: 67% of employees and 68% of employers believe this to be the most important benefit.
- Life insurance: 45% of employees and 43% of employers named this a top benefit.
- Pension and retirement plans: 34% of employees and 34% of employers agree that planning for the future is vital.
- Mandatory paid time off: Employees value mandatory paid time off more highly than employers are aware: 31% of employees named this a top benefit, but it didn’t reach the top five benefits among employers.
- Mental health assistance: 33% of employers named this a top benefit while only 23% of employees listed it.
Other key findings from the report:
- Forty percent of employers say they believe workers leave their job to find employment that offers better benefits.
- More than half of American workers (54%) report being content with the benefits their current employer offers.
- One in 10 workers would take a pay cut to have access to better benefits.
- More than 30% of 18–41-year-olds are most concerned with having pet insurance available as a benefit.
- Nearly 40% of 42–57-year-olds are most likely to want mandatory paid time off from their employer.
- More than 80% of employees older than 42 are looking for roles that include employer-covered healthcare.
Forbes Advisor commissioned the survey of 1,000 employed Americans and 1,000 business owners. It was conducted by market research company OnePoll.