The perceived value of benefits among today’s working Americans
The Guardian Workplace Benefits Study℠ establishes the benefits value index (BVI) as an industry metric to gauge the perceived value of employee benefits among today’s American workers. Our aim: to foster a better understanding of worker attitudes and the underlying drivers of benefits satisfaction, with the ultimate goal of helping companies better realize the power of benefits to increase productivity and worker engagement.
Every employer wants employees to make the most of their workplace benefits. However, this study shows that the majority of workers do not place a high value on benefits. So a key conclusion is that there is a tremendous opportunity to increase workers' satisfaction with their benefits and help them feel more confident about benefits decisions.
It is also evident that American workers have not fully recovered from the financial crisis of 2008. With a focus on making ends meet, their financial security gap has widened as they struggle to give longer-term financial needs the attention they deserve. So the imperative to help employees take advantage of benefits that increase financial protection is perhaps greater than ever before.
Putting workers "front and center" and treating them like customers in terms of what is offered to them, how they are communicated with and, most importantly, by giving them tools to make better financial decisions is key. This shift in philosophy will ultimately make employee benefits better understood and more successful — for workers and their companies.
The Guardian Workplace Benefits Study shows that an effective employee benefits experience can contribute to a workforce that ultimately is more confident, more satisfied and more engaged.