Nearly two-thirds (63 per cent) of employees say their current benefits package makes them at least somewhat more likely to remain with their employer, according to a new survey by LIMRA.
It found 61 per cent of employees who receive more than six benefits reported being satisfied with their benefits package, whereas only a third of employees with just one to three benefits said the same. Two-thirds of employees cited a reason other than salary as the top factor when they consider a potential employer, including insurance, retirement and medical benefits.
For the most widely used benefits — such as medical, dental and vision — a third of employees said they’re uncertain whether their employer offers them. For non-medical benefits, awareness was even lower. Half of employees said they’re uncertain whether their employer offers many common non-medical benefits, such as mental-health benefits, telemedicine and tuition assistance.
While 40 per cent of respondents said their employer communicates about workplace benefits “very well” or “extremely well,” roughly a quarter said their employer communicates poorly.
In addition, nearly half of employees reported open enrolment is the only time they hear about their benefits and roughly 70 per cent said they’d prefer to receive benefits information at least a few times or “frequently” throughout the year.