Employees express need for more diverse, personalized benefits while employers cite cost as primary challenge in providing benefits.
SALT LAKE CITY, UT / ACCESSWIRE / April 30, 2024 / PeopleKeep's 2024 Employee Benefits Survey found discrepancies between employee expectations and employer offerings, highlighting the need for employers to invest their money more wisely when it comes to employee benefits.
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The benefits software provider, which is now part of the Remodel Health organization, surveyed more than 1,000 employers and employees who provided feedback on 12 common employer-sponsored benefits.
The five benefits most important to employees included health benefits (92%), dental insurance (91%), paid time off (90%), retirement benefits (89%), and vision insurance (81%).
"The benefits a company offers can show how much they appreciate their employees," said one employee.
While most employees polled rated most benefits as important, only 47% felt the benefits their employers offered fit their specific needs, and nearly two-thirds agreed that there were gaps in their benefits packages.
When it came to employers, more than half of those surveyed (56%) said cost was the biggest hurdle when offering benefits. This could be why a portion (11%) didn't offer any benefits to their employees. To address this issue, employers can reallocate their resources more strategically.
"These days, in order to keep quality workers, you must keep your benefits package competitive with your competitors, or your employees who have a lot of experience will leave the organization," said one employer who was polled.
Additional findings from the report included:
- Employees want more than salaries alone. Most employees (81%) said an employer's benefits package is an important factor in whether or not they accept a job.
- Employee benefit participation rates. Employers saw the most employee participation in health benefits (76%), retirement benefits (76%), and paid time off (75%).
- The least important employee benefit. Commuter benefits were the least important to employees. Additionally, 52% of employees with commuter benefits said they "rarely" or "never" use them.
- Employers want to do more for their employees in 2025. Most employers (89%) planned to enrich their current benefits or add more of them in the new year.
"This PeopleKeep survey underscores the need for flexible, personalized benefits," said Austin Lehman, CEO of Remodel Health. "We are dedicated to closing the gap between employee expectations and employer offerings with solutions like ICHRA and QSEHRA, ensuring that our benefits meet diverse needs while remaining economically viable for employers."
Employers looking for a cost-effective way to offer a health benefit can utilize health reimbursement arrangements (HRAs), which are popular alternatives to traditional group policies. HRAs are IRS-approved, employer-funded health benefits that allow employers to reimburse employees for individual health insurance premiums rather than buying the coverage for them.
View the full 2024 Employee Benefits Report.
About PeopleKeep
PeopleKeep empowers employers to enrich their compensation packages with health benefits their employees will love. Our user-friendly HRA administration software helps thousands of organizations care for their teams effectively.
Contact Information
Katherine Torres
VP of Marketing
pr@peoplekeep.com
801-462-4346
SOURCE: PeopleKeep
View the original press release on newswire.com.
