Seventy percent of respondents to a new survey say that better employer-sponsored benefits would be enough to entice them to make the jump to another job.
The survey 1,500 full-time workers, Benefits 2.0, examined the effect of benefits at three levels — workers, employers and the broader US economy — to provide insights “into the evolving landscape of employee priorities and needs.” It was sponsored by Nuveen, the investment manager of TIAA.
“By getting creative and looking to fill real-world gaps faced by workers across demographic groups, organizations can build a more competitive talent function, access productivity and innovation gains and even save on costs,” Vaibhav Sahgal, principal for policy and insights at Economist Impact, the company behind the survey, said in a statement. “Benefits should be seen as strategic business investments, with the return on investment measurably linked to specific business goals.”
A weak benefits package can sink a deal with a prospective employee or drive current workers out the door, according to the research. But a one-size-fits-all approach to benefits won’t work either, the authors noted.
Offering a retirement plan or pension ranked high as a lucrative incentive, especially among younger and minority respondents.
“By offering comprehensive retirement plans and clearly communicating retirement benefits with workers, especially younger cohorts, employers can create a sense of financial security
and stability that will resonate deeply with a younger and more diverse workforce,” survey report authors noted.
Tuition assistance and training programs are especially welcomed by younger workers, yet less than half of American employers offer those benefits, according to the survey.
Employers must make a significant investment in benefits packages to recruit and retain workers, although “money is left on the table when these go unused,” the authors said.
