Seventy-four percent of middle-income employees derive the majority of their financial security from the benefits they receive at the workplace, according to the 2014 Guardian Workplace Benefits StudySM. Despite the importance of benefits, only one in four employees finds their company’s communications helpful in choosing what’s right for them.
Workplace benefits are essential to most Americans’ financial security and employers have a responsibility to improve their employee communications and participation programs to ensure their workforce is adequately covered
Guardian research shows that American workers depend on workplace benefits for financial security but most need more direction to maximize their options
“As Americans get ready to sign up for their workplace benefit coverage this open enrollment season, it’s important to recognize how benefits contribute to the overall financial well-being of most workers. At the same time, the benefits landscape is changing with employers shifting more costs to employees, so employees must fully understand their choices and needs – especially when voluntary or less traditional benefits are offered, such as critical illness or accident insurance,” said Phyllis Falotico, Head of Group Marketing at Guardian. “Workplace benefits are essential to most Americans’ financial security and employers have a responsibility to improve their employee communications and participation programs to ensure their workforce is adequately covered.”
The infographic attached above reveals that four out of five employees say that benefits are the deciding factor in taking a new job or staying with their current company. Few employees purchase benefits, such as disability insurance, life insurance or retirement accounts, outside of the workplace benefits package. Employees’ reliance on workplace benefits underscores how valued these options are for creating the foundation for a robust financial plan.
It also builds employee loyalty, when employees are able to plan for their futures while in good service to you.