A brand new survey performed by Intuit QuickBooks, in collaboration with Allstate Well being Options, underscores the numerous impression that worker advantages packages have on workforce productiveness, satisfaction, and retention throughout small and huge companies. Based on the 2024 Intuit QuickBooks Allstate Well being Options Advantages Survey, 78% of staff would take into account discovering a brand new job if their present advantages package deal was insufficient, highlighting the important function that healthcare advantages play in worker decision-making.
Key Survey Findings
- Healthcare Advantages and Job Choices: Over two-thirds of staff surveyed ranked healthcare advantages because the second most necessary issue, solely behind wage, when contemplating a job provide. This locations immense stress on companies to supply aggressive advantages packages as a way to retain high expertise.
- Financial Pressures on Advantages Prices: The survey, which engaged 1,000 staff enrolled of their firm’s medical health insurance plans, revealed that 23% of staff discover it difficult to afford their employer-provided advantages. A good portion of employees (62% at smaller corporations and 66% at bigger corporations) consider that their month-to-month contributions are too excessive, particularly within the face of rising inflation and rates of interest.
- Influence on Lengthy-Time period Monetary Targets: The examine discovered that 71% of employees at small corporations and 63% at bigger corporations have struggled to save lots of for long-term objectives, resembling emergencies or retirement, because of medical prices. This concern was notably pronounced amongst ladies, with over 1 / 4 reporting vital monetary setbacks, in comparison with 18% of males.
- Need for Complete Advantages: Practically 60% of staff expressed a need for a spread of advantages choices, together with HMOs, PPOs, and FSAs. Moreover, 50% of staff at small corporations and 61% at bigger corporations need the power so as to add supplemental advantages resembling dental, imaginative and prescient, psychological well being, and even pet insurance coverage.
- Job Satisfaction and Productiveness Linked to Advantages: The survey highlighted a robust connection between advantages packages and total job satisfaction, with greater than 90% of staff at each small and huge corporations linking their job satisfaction to their advantages. Moreover, a considerable majority indicated that insufficient medical protection might negatively have an effect on their productiveness at work.
Business Insights
Laurent Sellier, Senior Vice President of Intuit QuickBooks Payroll Options, emphasised the significance of providing aggressive advantages within the present financial local weather.
“With the traditionally low unemployment charges within the US, companies can’t afford to lose staff in at the moment’s aggressive market,” Sellier says. “Our analysis reveals that staff are putting larger worth on well being advantages in the case of their job satisfaction, however many are discovering it troublesome to handle advantages prices in at the moment’s financial local weather. For that cause, sustaining aggressive advantages packages at an inexpensive worth is significant to worker retention.”
David Essary, President at Allstate Advantages and Allstate Well being Options, echoed these sentiments, saying, “We perceive that staff search complete and versatile advantages that help their well-being. Our partnership with Intuit QuickBooks ensures seamless, related, embedded insurance coverage that enhances worker satisfaction and retention whereas serving to companies appeal to high expertise.”
Concerning the Survey
The 2024 Intuit QuickBooks Allstate Advantages Survey was performed by Wakefield Analysis amongst 1,000 employed adults, together with 500 from corporations with 5 to 100 staff and 500 from corporations with greater than 100 staff. The survey centered on these at the moment enrolled of their firm’s medical health insurance plan and was performed between Might 24 and Might 31, 2024.
