Monday, June 11, 2012

75% of employees would accept a job with a more robust benefits package, take a cut in pay

Employee Benefit Adviser

By Marli D. Riggs

June 7, 2012

Aflac (Photo credit: Wikipedia)

Almost half (49%) of U.S. workers are at least somewhat likely to look for a job this year, but there is undeniable evidence linking benefits offerings and employee loyalty, according to the 2012 Aflac WorkForces report.

NEW YORK, NY - JANUARY 25:  Employment seekers...
NEW YORK, NY - JANUARY 25: Employment seekers attend the 'JobExpo' employment fair at the Radisson Martinique on Broadway hotel on January 25, 2012 in New York City. While the nation's unemployment rate has dropped to 8.5 percent, unemployment remains a key topic in this year's election. (Image credit: Getty Images via @daylife)

Employees who are extremely or very satisfied with their benefits program are nine times more likely to stay with their employer, compared to those workers who are dissatisfied with their benefits program. Similarly, when asked what their current employer could do to keep them in their jobs, 49% responded, “improve my benefits package.”

Workers are even willing to take a decrease in pay for a better benefits package….

… The study found that on average, 10% of companies across the U.S. are decreasing all their ancillary benefits options. Many others are decreasing a portion of their benefits options, leaving employees with fewer choices for coverage and protection.

… 57% of respondents say that having a comprehensive overall benefits package will play an important role in a decision to leave a current employer. This reinforces the fact that companies with underperforming or non-comprehensive benefits programs may be in danger of losing important members of their workforce. …

Workers most likely to leave their employers are considering doing so because of financial concerns. Nearly half (49%) believe their families will not be financially secure in the event of an unexpected emergency, and 17% of those looking for a new job believe that the financial condition of their household will worsen in the next 12 months. …
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