Employees tend to select benefits that offer immediate gratification rather than those that could deliver value over the long term, according to a Mercer survey of 10,400 workers in 10 key markets around the world. An extra week of paid time off was among the top-three employee choices in seven of the 10 markets surveyed. Employees selected a salary increase over all benefit offerings listed in the survey (except in Canada where paid time off edged out a salary increase.)
U.S. employees are most willing to pay for disability coverage, life insurance, and auto insurance. Accident and hospital indemnity insurance are relatively popular while legal assistance and identity theft insurance rank near the bottom. But when looking at the results more closely, it’s clear that different benefits appeal to different employee segments:
• Disability insurance appeals more to those aged 55 to 64 and transportation industry employees.
• Retail discounts appeal most to young singles who are living independently and households with children.
• Hospital indemnity insurance appeals most to those 65 and older and senior managers.
• Auto insurance appeals most to those who work more than 50 hours a week and those in the high-tech industry.
• Homeowner insurance appeals most those with household incomes between $50,000 and $60,000.
• Pet insurance appeals most to those in professional services.
For more information, visit www.mercer.com/benefit-choice-research.
