70% of US workers would be willing to switch jobs for better benefits according to an Economist Impact study

New findings from Economist Impact reveal that seven in ten full-time workers would be willing to switch jobs for better benefits. The study underscores the significance of benefit plans in building talent competitiveness and suggests that the copy-cat approach is a mistake; by offering a more comprehensive and personalised selection of benefits, companies can get ahead of their competition.
http://economistimpact.com/benefits-2.0

The Economist Impact research programme, titled "Benefits 2.0", examines the impact of benefits at three levels: for workers, employers and the broader US economy. The survey of 1,500 full-time workers, supported by economic modelling and consultations with industry experts, provides insights into the evolving landscape of employee priorities and needs. Benefits 2.0 is sponsored by Nuveen, the investment manager of TIAA.

Top findings from the research highlight how organisations can optimise benefits provision:

1. View benefits as a driver of competitive advantage
   Businesses stand to gain significantly by shifting toward seeing benefits provision as an investment in competitive advantage instead of a cost driver. Benefits account for a third of compensation in the US, but weak benefits can be deal breakers. Even though workers are less vocal about benefits packages than wages, benefits often drive career decisions, with nearly half saying they would take a new job for its education or wellness benefits, for instance.
   The research found that workers have widespread concerns about the adequacy and quality of benefits they currently receive. For instance, just half of full-time workers feel confident that they can afford the healthcare their family needs, and nearly 6 in 10 (57%) are not confident that they will be able to retire on time.

2. Evolve benefits plans to meet diverse worker needs
   One-size-fits-all is not cutting it, and building a deeper understanding of demographic variations in workers' benefit preferences is the first, key step for talent retention and recruitment.
   In an era when benefit priorities and needs vary substantially across demographic groups, many workers are falling through the gaps. For instance, nearly half of younger workers rank education and training as most important to them, yet less than half of US businesses offer tuition assistance. Meanwhile, 87% of older workers rank retirement among their top three benefits; however, only 32% of these workers have access to automatic retirement contributions from employers.
   By understanding diverse needs, access challenges and benefit usage, organisations can better identify gaps where their efforts fall short.

3. Benefits don't have to be baffling
   Two-thirds of workers believe their organisations do not effectively promote, explain or innovate their benefits offerings, leading to underutilisation. Businesses make a significant investment in benefits packages, but money is left on the table when these go unused.
   Common challenges reported by workers include unclear communication about benefits packages, limited opportunities to provide input or feedback, and discouragement about the relevance or usability of certain benefits. Addressing these concerns is key to ensuring workers can take advantage of their benefits.

Vaibhav Sahgal, principal for policy and insights at Economist Impact, said: "By getting creative and looking to fill real-world gaps faced by workers across demographic groups, organisations can build a more competitive talent function, access productivity and innovation gains and even save on costs. Benefits should be seen as strategic business investments, with the return on investment measurably linked to specific business goals."

Brendan McCarthy, Head of Retirement Investing at Nuveen, said: "This research demonstrates that there are three key considerations for employers when it comes to their benefits lineup. First, benefits play an essential role in recruitment and retention so they should be seen as investments, not cost-drivers. Second, the priorities of workers are as diverse as the workforce, making it vital to provide a range of options. Lastly, benefits offered are only as powerful as the way they are understood by the workers, highlighting the importance of clear communication and education."

Notes for journalists:
Visit http://economistimpact.com/benefits-2.0 to view the research and report.

Press enquiries:
[email protected]

About Economist Impact

Economist Impact combines the rigour of a think-tank with the creativity of a media brand to engage a globally influential audience. We believe that evidence-based insights can open debate, broaden perspectives and catalyse progress. The services offered by Economist Impact previously existed within The Economist Group as separate entities, including EIU Thought Leadership, EIU Public Policy, Economist Events, El Studios and SignalNoise.

Our track record spans 75 years across 205 countries. Along with creative storytelling, events expertise, design-thinking solutions and market-leading media products, we produce framework design, benchmarking, economic and social impact analysis, forecasting and scenario modelling, making Economist Impact's offering unique in the marketplace. Visit www.economistimpact.com for more information.

Public link

Please use the above public link if you want to share this noodl on another website.