Half of U.S. employees unsatisfied with benefits offering: survey

More than three-quarters (78 per cent) of American employers believe their employees are satisfied with the current benefits offering, but just 52 per cent of employees report being satisfied, according to a survey by business research organization LIMRA.

When broken down by generation, the survey, which polled more than 1,000 U.S. employers and 2,500 employees, found generation X employees are the most satisfied with their benefits (53 per cent) followed by millennials (52 per cent). Just 49 per cent of baby boomers said they’re satisfied with their benefits.

Read: Sanofi survey finds drop in employee satisfaction with health benefits

Employers and employees are more aligned in ranking employee benefits as significantly important, with 23 per cent and 20 per cent, respectively, strongly agreeing. A third (34 per cent) of employees, however, are more lukewarm about the role benefits play in their financial security, simply agreeing that they’re important, compared to 42 per cent of employers. 

Nearly half (48 per cent) of millennials consider educational benefits to be important, compared to 34 per cent of generation X and 20 per cent of baby boomers. And 40 per cent of millennials value paid parental leave, compared to just 20 per cent of generation X and 10 per cent of baby boomers.

On the other hand, older generations place a greater importance on disability insurance, with about half of generation X and 63 per cent of baby boomers calling it one of the most valuable benefits offered by their employer. This is compared to about a third of millennials that said the same.

All generations agree that health insurance, retirement savings plans, paid vacation time and life insurance are important.

Read: Lowe’s, Chipotle enhance parental benefits, offer $1,000 bonus to employees

The survey also found smaller companies are more likely than large companies to say disability insurance is an important benefit. While only 39 per cent of companies with more than 1,000 employees said disability insurance is an important benefit, half of companies with fewer than 99 employees said the same.