Survey: More Than Two-Thirds of Employees Look to Voluntary Benefits as a Deciding Factor For Whether They Work For and Stay With an Employer
Research uncovers knowledge gap between voluntary benefits available from employers and employees’ awareness of voluntary benefit programs
Corestream, the leading platform for connecting employees with personalized voluntary benefits, announced survey findings revealing the growing importance of voluntary benefits on employee retention and engagement. Voluntary benefits are benefits which are offered in addition to medical, dental and vision coverage. Findings from a nationwide survey underscore a knowledge gap between employers, among which 77.5% reported offering voluntary benefits, and employees, almost half of whom (49.3%) do not know what voluntary benefits are. Corestream surveyed an independent third-party panel of 152 employees and 151 HR professionals in companies of at least 5,000 people.
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“Pandemic-driven decentralization of the workforce and increased economic uncertainty have created new lifestyle challenges for many people,” said Neil Vaswani, CEO and co-founder of Corestream. “For employees across industries, the line between their personal and professional worlds has blurred to an unprecedented level since COVID-19. This has created new challenges but also opportunities for employers to engage their workforce. Employers are also being forced to re-evaluate aspects of their businesses to drive greater efficiency while better supporting the wellbeing of their employees.”
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Voluntary Benefits Improve Retention and Employee Engagement — And They Want More of Them
Employees and HR professionals agree that offering voluntary benefits is a great way to attract and retain talent. Overwhelming evidence demonstrates that employees will take advantage of voluntary benefits if they are provided by their employer.
- The majority of employees (68.4%) said voluntary benefits positively influence their desire to work for and stay with their employer. Nearly half of HR professionals (45.7%) said voluntary benefits attract new talent, 58.9% said they retain talent and 43% said they help with employee engagement.
- Almost 70% of employees reported that if their employer offered financial assistance and financial wellness voluntary benefits, such as low-interest loans, student loan debt refinancing and retailer discount plans, they would take advantage of them.
- Nearly 3 out of 4 employees (71.1%) reported that they would like their employers to offer more voluntary benefits.
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