A brand new survey performed by Intuit QuickBooks, in collaboration with Allstate Well being Options, underscores the numerous impression that worker advantages packages have on workforce productiveness, satisfaction, and retention throughout small and huge companies. In accordance with the 2024 Intuit QuickBooks Allstate Well being Options Advantages Survey, 78% of staff would think about discovering a brand new job if their present advantages package deal was insufficient, highlighting the vital position that healthcare advantages play in worker decision-making.
Key Survey Findings
- Healthcare Advantages and Job Choices: Over two-thirds of staff surveyed ranked healthcare advantages because the second most vital issue, solely behind wage, when contemplating a job provide. This locations immense stress on companies to supply aggressive advantages packages with the intention to retain prime expertise.
- Financial Pressures on Advantages Prices: The survey, which engaged 1,000 staff enrolled of their firm’s medical insurance plans, revealed that 23% of staff discover it difficult to afford their employer-provided advantages. A good portion of employees (62% at smaller firms and 66% at bigger firms) imagine that their month-to-month contributions are too excessive, particularly within the face of rising inflation and rates of interest.
- Influence on Lengthy-Time period Monetary Objectives: The examine discovered that 71% of employees at small firms and 63% at bigger firms have struggled to save lots of for long-term objectives, comparable to emergencies or retirement, resulting from medical prices. This concern was significantly pronounced amongst girls, with over 1 / 4 reporting important monetary setbacks, in comparison with 18% of males.
- Need for Complete Advantages: Practically 60% of staff expressed a need for a spread of advantages choices, together with HMOs, PPOs, and FSAs. Moreover, 50% of staff at small firms and 61% at bigger firms need the power so as to add supplemental advantages comparable to dental, imaginative and prescient, psychological well being, and even pet insurance coverage.
- Job Satisfaction and Productiveness Linked to Advantages: The survey highlighted a powerful connection between advantages packages and general job satisfaction, with greater than 90% of staff at each small and huge firms linking their job satisfaction to their advantages. Moreover, a considerable majority indicated that insufficient medical protection may negatively have an effect on their productiveness at work.
Trade Insights
Laurent Sellier, Senior Vice President of Intuit QuickBooks Payroll Options, emphasised the significance of providing aggressive advantages within the present financial local weather.
“With the traditionally low unemployment charges within the US, companies can’t afford to lose staff in right now’s aggressive market,” Sellier says. “Our analysis reveals that staff are inserting larger worth on well being advantages relating to their job satisfaction, however many are discovering it troublesome to handle advantages prices in right now’s financial local weather. For that cause, sustaining aggressive advantages packages at an inexpensive worth is important to worker retention.”
David Essary, President at Allstate Advantages and Allstate Well being Options, echoed these sentiments, saying, “We perceive that staff search complete and versatile advantages that help their well-being. Our partnership with Intuit QuickBooks ensures seamless, related, embedded insurance coverage that enhances worker satisfaction and retention whereas serving to companies entice prime expertise.”
Concerning the Survey
The 2024 Intuit QuickBooks Allstate Advantages Survey was performed by Wakefield Analysis amongst 1,000 employed adults, together with 500 from firms with 5 to 100 staff and 500 from firms with greater than 100 staff. The survey centered on these at present enrolled of their firm’s medical insurance plan and was performed between Might 24 and Might 31, 2024.