Employee Benefits Market Check Survey: Employer Perspectives Towards Benefit Offerings

Over the past four years, it has become increasingly evident that a robust employee benefit package is more valued by employees than ever. Whether influenced by the global pandemic, inflation, skyrocketing pharmaceutical costs, or a decline in well-being, to name a few, workers are demanding high-quality benefit offerings from their employers. Recognizing this trend, we sought to gauge employers’ perspectives about the impact of their employee benefit programs. We conducted a poll during a webcast on March 21 to understand employers’ points of view. The results are in the charts that follow.

*Results based on 258 employer respondents

Key Findings

A strong benefit offering has always been a key component of an individual’s compensation. The suite of benefits available is now as important a decision as salary for many entering the workforce. While it is encouraging that over three-fourths of companies feel their benefit package adequately meets the needs of their employees, it’s important to note that there can sometimes be a disconnect between the perspectives of leadership and employees. Companies may consider occasional employee surveys or focus groups to bridge this gap and ensure both sides are in sync.

Employers also recognize that maintaining a robust benefit program is challenging, with most respondents indicating it is more demanding than two years ago. In an increasingly complex world, employee needs and expectations are rising. Whether financial and mental health support, caregiving, family-building, or enhancing the medical plan, workers want assistance and look to their employer as the solution provider. These evolving demands and increased legislative and regulatory scrutiny will continue to push employers to add, revise, and improve their benefit packages. Those who rise to the challenge create an advantage in securing and retaining talent, ultimately contributing to the long-term success and sustainability of the business.

Should you have any questions regarding any of this information or want to review your benefit offering or industry-specific findings, please contact your local Assurex Global adviser.