Annual Study Shows Wide Majority of Employees Want Workplace Support for Financial Challenges
23 Mayo 2024 - 10:00AM
Business Wire
- Data from Morgan Stanley at Work indicates workplace benefits
remain key driver of engagement and retention for employees
- While HR leaders are improving their offerings, opportunities
remain to close gaps in addressing employee needs
Morgan Stanley at Work today issued new data from its fourth
annual State of the Workplace Financial Benefits Study. Findings
underscore the strategic importance of workplace financial benefits
in driving financial outcomes for both companies and employees amid
a shifting economic backdrop:
- Employees want employers to help with their financial
challenges: Most (91%) HR leaders suspect employees are facing
financial hardships, up from 86% in 2021. And nearly half of
employees (46%) agree they have experienced financial crises or
issues with financial management in the past year, with roughly 4
out of 5 (81%) saying they want their employers to be more involved
in helping them through specific financial challenges.
- Financial benefits continue to drive retention and
engagement: Roughly 9 in 10 HR leaders (87%) believe
comprehensive financial benefits are a key factor for employees in
deciding to stay or leave for another job—an 8% increase since
2021. Employees concur, with 71% very or extremely interested in
accepting a new job if the company provides the financial benefits
they need.
- Benefits awareness is needed: Despite the desire for
greater financial support at work, a third (32%) of employees say
they have never thought to reach out to their companies for help,
and 85% believe their company needs to do a better job explaining
how to maximize the financial benefits offered. Most (96%) of HR
leaders agree.
- HR leaders believe more work needs to be done: While a
majority of HR executives (54%) feel their company is making some
progress in offering financial benefits to employees—a 10-point
increase since last year—they also feel it’s not enough to meet
demand. In fact, about 4 out of 5 (82%) say employees have asked
for specific financial benefits their company does not offer,
indicating the importance of more comprehensive solutions.
- AI stands poised to affect workplace financial benefits:
More than 8 in 10 (82%) employees who work at companies offering
financial benefits expect AI to transform their benefits
experience, and nearly all HR executives (98%) agree.
“Since we first fielded this study in 2021, each year has seen
employees and employers face dramatic shifts in economic climate.
Yet a clear constant throughout our research has been the theme
that financial benefits are a strategic priority,” said Scott
Whatley, Head of Morgan Stanley at Work. “To better support
employees, employers need comprehensive solutions that are both
scalable and can also cater to the high touch, complex needs of
executives—and HR leaders agree more can be done, including
exploring emerging technologies. With so much in motion, the
choices companies make in terms of the quality and scope of their
offering will continue to have an outsize business impact.”
“On the heels of building a dynamic, world-class wealth
management ecosystem, we are able serve corporates and their
participants at all stages of their respective financial
journeys—from startups to multinationals, and from first-year
employees to executives,” said Brian McDonald, Head of Direct and
Institutional Businesses. “These findings underline that the need
for comprehensive workplace solutions—delivered at scale—remains a
top priority.”
Additional details are available in Morgan Stanley at Work’s
State of the Workplace Study here. As part of a series of findings
from Morgan Stanley at Work’s fourth annual study, the business
will also publish its findings on equity benefits and retirement
benefits in the coming weeks.
Methodology: The data from the Morgan Stanley at Work
Employees Survey and HR Leaders Survey comes from a survey of 1,000
U.S.-employed adults and 600 HR leaders for companies. The survey
was conducted on behalf of Morgan Stanley at Work using an email
invitation and an online survey between February 5 and February 12,
2024, by Wakefield Research (www.wakefieldresearch.com).
About Morgan Stanley at Work Morgan Stanley at Work
provides workplace financial benefits that build financial
confidence and foster loyalty—helping companies attract and retain
top talent. Our end-to-end solutions support your organization at
any stage of growth through a powerful combination of modern
technology, insightful guidance, and dedicated service; they
include Equity, Retirement, Deferred Compensation, Executive
Services, and Saving and Giving solutions. And while we’re
fulfilling your company’s benefits needs, we’re also enhancing your
employees’ financial well-being. Each benefit solution also
includes our engaging Financial Wellness program, which provides
employees with knowledge, tools, and support to help them make the
most of their benefits and achieve their life goals.
About Morgan Stanley Wealth Management Morgan
Stanley Wealth Management is a leading financial services firm that
provides access to a wide range of products and services to
individuals, businesses, and institutions, including brokerage and
investment advisory services, financial and wealth planning, cash
management and lending products and services, annuities and
insurance, retirement, and trust services.
About Morgan Stanley Morgan Stanley (NYSE: MS) is a
leading global financial services firm providing a wide range of
investment banking, securities, wealth management and investment
management services. With offices in 41 countries, the Firm’s
employees serve clients worldwide including corporations,
governments, institutions and individuals. For further information
about Morgan Stanley, please visit
https://www.morganstanley.com/.
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Media Relations: Jeanne Joe Perrone,
Jeanne.Perrone@morganstanley.com Lindsey Madnick,
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