Besides health insurance and a 401(k) plan, other benefits that employees value highly are generous paid time off and flexible or remote work, according to a new survey.
But for the first time, an annual study by employee benefits provider Unum found that the younger generations are not on the same page with their older peers when it comes to what they value most in their benefits package.
Although the generations differ in their top priorities, when opened to the top five, there is one common denominator – emergency savings.
Emergency Savings
Sixty-four percent of employees surveyed said they don’t have access to an emergency savings option through their employer. This benefit ranks third for boomers (25%), third for Gen X (32%) and second for Gen Z (37%). Emergency savings plans can help prepare your employees for unexpected expenses without dipping into retirement funds or using credit cards.
Employer sponsored emergency savings accounts help workers save for financial emergencies by automatically deducting an amount from each paycheck and depositing it into a separate account. If they need to cover a bill or cash gets tight, they can draw from this fund to bridge the financial gap.
The Worker Wish List
Here are the top non-insurance benefits workers crave:
1. Generous paid time off program
2. Flexible/remote work options
3. Paid family leave (Childcare or caring for an adult family member)
4. Mental health resources/support
5. Emergency Savings
6. Professional Development
7. Financial planning resources
8. Fitness or healthy lifestyle incentives
9. ID theft prevention
10. Student loan repayment benefits
11. Pet friendly offices
12. Sabbatical leave
A Final Word
There are so many benefit options available that it’s important to opt for the ones that your employees actually want. Most noninsurance benefits are very low to no cost for employers to offer employees. Consider polling your workers about which benefits they would like and talk with one of our Advisors to get a strategy for implementation.