5 Stats to Understand the Connection Between Employee Benefits and Engagement
March 14, 2024 | Winston
Finding ways to engage employees can be challenging, especially if disengagement is due to personal factors or issues that are not easily solved within the organization or job role. Yet, employers must understand how critical engagement is. According to an article by Haiilo, companies with high engagement are 21% more profitable. Despite this, many employees are still considering leaving their jobs due to a lack of engagement.
A robust benefits package is an excellent way to engage your workforce and develop a greater company culture. But don’t take our word for it; check out five stats to understand the connection between employee benefits and engagement.
1. According to a 2022 MetLife Study, 73% of employees say that a wider benefit offering would keep them at their present employer for longer.
Employees want more access to benefits and are willing to leave to find them. However, with more benefits comes more benefits administration. That’s why enlisting the help of benefits administration partner like our team at Winston is essential for easily managing HR and benefits teams’ many duties.
2. 77% of employees think that wellness programs at work improve the company culture, according to an article by Forbes.
Wellness benefits, such as mental and physical health benefits, healthy food stipends, and flexible spending accounts (FSAs), are an excellent way to increase engagement and enhance company culture. When employees feel cared for by their employer, they’re more likely to have a positive experience with the company’s culture, which, in turn, enhances engagement.
3. According to SHRM, 88% of employees prefer jobs with better benefits and lower pay versus jobs with worse benefits and higher pay.
More compensation isn’t always what employees crave from their employer. Within the ever-changing job market, more employees are finding value in reliable benefits packages than ever before. By providing your team with benefits that support your employees in multiple facets of their lives, you can help increase employee engagement and loyalty.
4. Based on information in an article by United Insurance, over 75% of millennials declare that benefits customization is important for increasing loyalty to their employer, while 67% of Baby Boomers share this sentiment.
When managing a diverse workforce, it’s important that your benefits package meets the individual and sometimes differing needs of your workers. The benefits that may be valuable for one age demographic may not be for another, and it’s the role of HR to understand which benefits are essential to each generation—interested in learning more about how Winston can help you manage a multigenerational workforce? Check out this short video!
5. Aflac reports that 80% of organizations believe their employees are highly satisfied with their benefits; however, only 58% of employees report high satisfaction.
Employers could think their benefits packages are fulfilling the needs of their workers, but employees may disagree. If you’re wondering how your offerings are measuring up to the standards of your employees, consider reviewing data analytics from past open enrollments or conducting employee surveys. If you’re using a platform like our HRally® software, then that data is already something you have on hand and can utilize to understand the needs of your workers.
You can increase retention, engagement, productivity, and more by providing employees with a comprehensive and competitive benefits package that suits their personal and professional needs. Yet, how you communicate these benefits to your employees is equally important. Enlist the help of a benefits administration partner like our team at Winston to help devise an effective plan for benefits communications, complete with call center support, digital tools, and more. Interested in engaging your team through effective communications? Check out our benefits communications services.
Disclaimer: This content is strictly informational and should not be used as specific advice on insurance products, legal, accounting, and/or tax related matters. Insureds should always contact the appropriate licensed professional for their insurance, legal, accounting, or tax needs.
