On Workers’ Wish List: More Time off and Flexibility
Half of Workers Stressed About Money
More than any other perk, workers want generous paid time off and flexibility from their employers. This, according to a recent online poll of the most popular non-insurance benefits among 1,512 US working adults conducted by employee benefits provider Unum
Time off is most important to older workers.
- – Nearly half (49%) of Baby Boomers rank this as the top benefit they want.
- – Gen Xers and Millennials also want time off, with 41% and 37% of them respectively ranking it as the No. 1 perk.
- – Most US workers in their second year get 10 days off, according to the Bureau of Labor Statistics. Most European workers get 20 days off.
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Younger workers want help with student loans.
- – The youngest generation of workers – Gen Z – want student loan repayment help more than anything else.
- – Millennials rank student loan repayment as their second most important benefit.
- – Only 8% of companies offer student loan repayment benefits, according to SHRM’s 2019 Employee Benefits Survey.
- – Unum launched a Student Debt Relief Program that allows employees to trade up to five days of paid time off for a payment against student debt. The program, which is managed by Fidelity Investments, is also available for parents who have educational loans for their children.
Workers worry about money.
- – Half (50%) of workers have experienced stress or anxiety about their finances in the past year.
- – These numbers are even higher among Gen Z (76%) and Millennials (62%).
- – Even 35% of those with a household income of more than $150,000 have felt financial anxiety.
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Beef up your benefits.
When considering a full benefits package, including common insurance, retirement and non-traditional benefits, 41% of workers said they’re likely to look for a new job with better benefits. This number is even higher among Millennials (57%) and Gen Zers (65%).
“With today’s unemployment rate hitting a low of 3.6%, benefits matter,” said Rob Hecker, vice president of HR Global Total Rewards at Unum. “If workers aren’t getting what they want from their employer, they’ll look for better benefits elsewhere.”
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