On a scale of one to 10, employees give an average score of 7.1 on how much they value their workplace benefits. That compares to 6.8 in 2012, according to a Guardian study conducted in September 2013.
Eighty percent of employees surveyed get all health insurance, disability insurance, and retirement savings through their employer. Seventy-nine percent say that their benefits are crucial to staying with a job.
The study uncovers a growing disconnect between employers and their workers. Employers are seeking opportunities to shift more costs and responsibilities to employees at a time when these benefits are becoming more critical to their workers’ financial security and well-being. In fact, 47% of employers are planning to ask employees to bear more of their benefits cost in 2014 in anticipation of the enactment of the Affordable Care Act.
Just over half of employers surveyed say they’ve been successful in preparing for a post-health care reform era of benefits, but only 22% say they are well prepared to discuss these changes with employees.
While the responsibility of benefit costs may be shifting, it’s still essential for companies to make sure that employees have expert financial planning advice and a clear understanding of which workplace benefits are best for them. Increasingly employers are seeking assistance in these areas from experts outside the company. For more information, visit www.GuardianLife.com.
