Employees Prioritize Better Health Benefits Over Higher Pay, Survey Finds

“While it’s encouraging to see employee interest in these solutions as open enrollment approaches, now is the time for employers to help their employees understand the true value these employer-sponsored resources can provide, which can make a difference in retirement readiness,” said Christin Kuretich, vice president of supplemental products at Voya. “Many people may not realize that optional benefits, for example, can also help mitigate the financial impact of a covered event like an illness or accident and can potentially reduce the need to tap into a retirement account for any out-of-pocket medical or other expenses. With that in mind, these benefits can be tailored to meet individual needs.”

The research also found that three-quarters of working Americans strongly or somewhat agree that they want support to maximize their workplace benefits, whether it’s retirement savings, health savings accounts, health insurance or optional workplace benefits. Half of employees are more likely to stay with their current employer if they have access to digital tools and guidance to help them make decisions related to their retirement plan and benefits.

“Personalized digital coaching experiences designed to help employees make more informed decisions with a synchronized view of their entire financial lives are becoming increasingly important to meet the evolving needs of individuals and their households,” Kuretich said. “This is critical not only during open enrollment, but also throughout the year to educate employees about their benefits, ensuring they are fully equipped to effectively leverage their workplace benefits and savings.”