NEW
YORK, Feb. 27, 2024 /PRNewswire/ -- While
employers have made progress on employee wellbeing initiatives
during the past few years, employee expectations about these
benefits also continue to rise, according to Buck, a Gallagher
company.
Buck's biennial 2024 Wellbeing and Voluntary Benefits
Survey tracks employee wellbeing and explores how U.S.
employers rate the mental and emotional, financial, social and
physical health of their workforce.
The survey found an increased focus on wellbeing in the
workplace, with employers more aware of employees' struggles with
physical, mental, social and financial health. Almost
three-quarters (74%) of organizations have increased their
commitment to wellbeing programs and the top reasons cited for
expanded resources are talent attraction/retention (66%), followed
by increased job satisfaction (65%) and support for mental health
(59%).
Employees also want more resources to support their wellbeing
journey and very few ranked themselves as fully "healthy." The data
does show some improvements in employees' self-perceptions of their
overall wellbeing, but a concerning 1 in 5 respondents report
worsening mental, physical, and financial health. Employees rank
their financial wellbeing the lowest and 92% want more related
resources.
"We're seeing that employees now expect their employer to offer
even more support for their wellbeing, and this need underscores
the importance of employer-sponsored benefit programs," said
Tom Kelly a principal in the Health
and Benefits Practice at Gallagher, and co-author of the report. "A
troublesome 2 in 3 employees would change their jobs for better
benefits, and 46% of workers are actively considering a job change
in 2024, compared to only 35% in 2022. Younger workers are
significantly more likely to pursue a job change, coming in at 53%
for Gen Z."
Key findings
Employee responses point to the growing importance of wellbeing
programs:
- Only 66% of employees rate themselves financially healthy, the
lowest across all dimensions of wellbeing, while 55% say they are
doing the same or worse financially compared to a year ago.
- 56% say inflation and/or rising costs will delay or impact
their ability to obtain healthcare in the coming year.
- 1 in 4 employees report they aren't satisfied with their jobs
or aren't able to be productive, indicating job dissatisfaction may
be more common than employers realize.
- Wellbeing and benefits are highly correlated with an employee's
intent to stay with their employer.
Employers recognize the importance of voluntary benefits and 86%
agree these programs are key to their wellbeing strategy. However,
the findings show a continued struggle to build awareness among
employees.
- 74% of employers say they've increased their commitment to
wellbeing, but only 50% of employees say they've seen an increase
in support.
- 55% of employees want a better understanding of their benefits
and 80% want to talk to someone about their benefits, indicating
that an over-reliance on digital tools by employers may need to be
rethought.
"Among the top factors influencing employee job satisfaction and
engagement are an employer's commitment to supporting wellbeing and
a benefits package that meets their personal needs," said
Ruth Hunt, a principal in
Gallagher's Communications practice, and co-author of the report.
"The data clearly shows that voluntary benefits can play a key role
in workforce retention, especially in a market where big pay bumps
are cooling. And organizations likely need to revisit their
communication strategies to enhance employee education and increase
use of benefits, to drive desired outcomes and results."
To download a copy of the 2024 Wellbeing and Voluntary Benefits
Survey report, visit:
https://buck.com/report-2024-wellbeing-and-voluntary-benefits-survey/
Buck, a Gallagher company, will be hosting a webinar, "Do your
wellbeing programs live up to employee expectations?", on
Wednesday, February 28, 2024, from 1
– 2 p.m. ET to review the findings
and implications for employers. Register for the
webinar here.
Survey methodology
The fifth edition of our survey collected responses from 255
employer participants and 698 employees in November 2023. Both the employer and employee
samples are representative of large U.S. employers. The employer
sample is representative of Bureau of Labor Statistics U.S.
business data in terms of number of employees, industry, and
regions of the U.S. The employee sample is representative of the
U.S. workforce in terms of gender, race and age.
About Buck
Buck, a Gallagher company, is an integrated HR, pensions, and
employee benefits consulting, technology, and administration
services firm. Founded more than 100 years ago as an actuarial
consultancy, we've evolved to serve organizations and trustees
across the health, wealth, and career spectrum.
With the ultimate goal of securing the futures of our clients'
employees and members, we develop tech-enabled programs that engage
individuals and drive organizational performance. Our award-winning
engagement solutions and people-first approach empower the world's
most forward-thinking organizations to protect the physical and
financial wellbeing of their employees and members and improve how
their people work and live. For more information, visit
www.buck.com.
About Arthur J. Gallagher
& Co.
Arthur J. Gallagher & Co.
(NYSE: AJG), a global insurance brokerage, risk management and
consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides
these services in approximately 130 countries around the world
through its owned operations and a network of correspondent brokers
and consultants.
Media contact:
Lumina Communications for Buck
Michael Gallo
973-715-8833
Buck@luminapr.com
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SOURCE Buck