A brand new survey carried out by Intuit QuickBooks, in collaboration with Allstate Well being Options, underscores the numerous impression that worker advantages packages have on workforce productiveness, satisfaction, and retention throughout small and enormous companies. In keeping with the 2024 Intuit QuickBooks Allstate Well being Options Advantages Survey, 78% of staff would take into account discovering a brand new job if their present advantages package deal was insufficient, highlighting the important function that healthcare advantages play in worker decision-making.
Key Survey Findings
- Healthcare Advantages and Job Selections: Over two-thirds of staff surveyed ranked healthcare advantages because the second most vital issue, solely behind wage, when contemplating a job supply. This locations immense strain on companies to supply aggressive advantages packages to be able to retain prime expertise.
- Financial Pressures on Advantages Prices: The survey, which engaged 1,000 staff enrolled of their firm’s medical insurance plans, revealed that 23% of staff discover it difficult to afford their employer-provided advantages. A good portion of staff (62% at smaller firms and 66% at bigger firms) imagine that their month-to-month contributions are too excessive, particularly within the face of rising inflation and rates of interest.
- Impression on Lengthy-Time period Monetary Targets: The examine discovered that 71% of staff at small firms and 63% at bigger firms have struggled to avoid wasting for long-term targets, comparable to emergencies or retirement, attributable to medical prices. This difficulty was notably pronounced amongst girls, with over 1 / 4 reporting vital monetary setbacks, in comparison with 18% of males.
- Want for Complete Advantages: Almost 60% of staff expressed a need for a variety of advantages choices, together with HMOs, PPOs, and FSAs. Moreover, 50% of staff at small firms and 61% at bigger firms need the flexibility so as to add supplemental advantages comparable to dental, imaginative and prescient, psychological well being, and even pet insurance coverage.
- Job Satisfaction and Productiveness Linked to Advantages: The survey highlighted a robust connection between advantages packages and general job satisfaction, with greater than 90% of staff at each small and enormous firms linking their job satisfaction to their advantages. Moreover, a considerable majority indicated that insufficient medical protection may negatively have an effect on their productiveness at work.
Business Insights
Laurent Sellier, Senior Vice President of Intuit QuickBooks Payroll Options, emphasised the significance of providing aggressive advantages within the present financial local weather.
“With the traditionally low unemployment charges within the US, companies can’t afford to lose staff in as we speak’s aggressive market,” Sellier says. “Our analysis exhibits that staff are inserting increased worth on well being advantages on the subject of their job satisfaction, however many are discovering it troublesome to handle advantages prices in as we speak’s financial local weather. For that motive, sustaining aggressive advantages packages at an inexpensive value is important to worker retention.”
David Essary, President at Allstate Advantages and Allstate Well being Options, echoed these sentiments, saying, “We perceive that staff search complete and versatile advantages that assist their well-being. Our partnership with Intuit QuickBooks ensures seamless, related, embedded insurance coverage that enhances worker satisfaction and retention whereas serving to companies entice prime expertise.”
Concerning the Survey
The 2024 Intuit QuickBooks Allstate Advantages Survey was carried out by Wakefield Analysis amongst 1,000 employed adults, together with 500 from firms with 5 to 100 staff and 500 from firms with greater than 100 staff. The survey centered on these at the moment enrolled of their firm’s medical insurance plan and was carried out between Could 24 and Could 31, 2024.
