Survey Reveals Employers Prioritize Holistic Wellness Over Price When Selecting Employee Benefits
06 Mars 2024 - 2:00PM
Low unemployment, shifting employee priorities and the
work-from-anywhere marketplace pose new staffing challenges for
employers, according to a recent national survey of employee
benefits brokers and advisors. Conducted by IdentityForce, a
TransUnion brand, the annual survey — now in its sixth year —
revealed employers are most concerned with:
- Rising healthcare costs
- Physical and mental health of employees
- Talent shortage
Concerns about the digital safety of employees also stood out as
key concern, cited by more than half of the surveyed benefits
advisors. It was the only concern that earned more than double the
responses from the previous year.
“We’re seeing the confluence of several market realities in
these findings,” said Lindsey Downing, Senior Vice President,
TransUnion Consumer Interactive. “The competitive employee
marketplace is elevating the need for differentiation to attract
and retain the kind of talent who can help the organization compete
and succeed. This survey reveals that benefits programs that
promote four factors of holistic wellness — financial, physical,
mental and digital — are perceived as high value to modern
employees, while delivering value to today’s employers.”
Employer interest in holistic wellness
grows
Across the four facets of holistic wellness, mental health
support was the most requested benefit cited by survey
participants. A full 91% of respondents listed it among the top
five benefits requested by their employer clients.
Telemedicine/counseling was the second most requested benefit,
cited by 67% of respondents and nearly doubling in demand from
2022. More than half (59%) of all respondents selected wellness
programs/wellness stipends, making that category the third most
requested benefit.
Rounding out the four facets of holistic wellness, financial and
digital wellness benefits also secured spots in the most-requested
benefits list. Financial wellness coaching/financial advice was the
fourth most requested benefit with 52% of brokers and advisors
placing it in the top five. An overwhelming majority (80%) of
respondents said their clients now ask for recommendations on
identity theft protection vendors to support employee digital
wellness. That result is up 15% from 2021 and 3% from 2022.
Employer interest in financial and digital wellness benefits
coincides with two significant U.S. consumer research findings
around the fears of Americans. Six in ten Americans reported to PwC
that they feel stressed about their finances; another 74% of
Americans told TransUnion they fear having their personal
identities stolen.
“Employers are beginning to see how social media scams,
e-commerce risks and digital identity vulnerabilities extend beyond
an employee’s personal life to affect their work life,” said Dennis
Connor, Vice President of Voluntary Benefits at Tompkins Insurance
Agencies. “As life and work continue to merge, the smartest
employers are addressing that fusion with offerings that meet the
needs of the whole employee.”
Employers seek relevance over affordability
Notably, the price of employee benefits seems to be dropping in
importance for employers, at least as compared to overall value.
During the previous three years, price per employee was the top
benefit consideration for employers. This year, however, price per
employee fell 22%, landing in third place. Value to employees, on
the other hand, climbed 8% to claim the top spot.
“This finding is a wake-up call for HR stakeholders,” said
Connor. “It’s an indicator of the immense pressure employers feel
to win talent through relevancy. Benefits are only compelling when
they are compatible with an employee’s personal goals. Top talent
no longer settles for one-size-fits-all compensation. They want to
feel seen, heard and appreciated for their distinctive
contributions and their whole selves. Progressive, personalized
benefits are a strategic way to deliver on that demand.”
Anyone interested in reviewing this year’s findings can get a
copy of IdentityForce’s 2024 Employee Benefits Survey Report by
clicking here.
Research methodology
In November 2023, TransUnion conducted an online survey of 87 of
its employee benefit advisor customers from across the United
States. Of those advisors, more than half (56%) support
organizations with fewer than 1,000 employees (38% up to 499, and
18% between 500–999).
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with
over 13,000 associates operating in more than 30 countries. We make
trust possible by ensuring each person is reliably represented in
the marketplace. We do this with a Tru™ picture of each person: an
actionable view of consumers, stewarded with care. Through our
acquisitions and technology investments we have developed
innovative solutions that extend beyond our strong foundation in
core credit into areas such as marketing, fraud, risk and advanced
analytics. As a result, consumers and businesses can transact with
confidence and achieve great things. We call this Information for
Good® — and it leads to economic opportunity, great experiences and
personal empowerment for millions of people around the world.
http://www.transunion.com/business
About IdentityForce
IdentityForce, a TransUnion brand, offers proven identity,
privacy and credit security solutions. We combine advanced
detection technology, timely alerts, identity recovery services and
24/7 support with over 40 years of experience to get the job done.
We are trusted by millions of people, global 1000 organizations and
the U.S. government to protect what matters most.
Contact |
Dave BlumbergTransUnion |
E-mail |
dblumberg@transunion.com |
Telephone |
312-972-6646 |
TransUnion (NYSE:TRU)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
TransUnion (NYSE:TRU)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024