Most U.S. workers believe their companies’ employees benefits can be substantially improved, according to a new report.
Guardian Life Insurance Company of America, New York, published this finding in a national survey of 1,071 employee benefits decision-makers, including benefits executives, business owners, human resources professionals and financial management professionals. The Guardian Workplace Benefits Study polled benefits professionals at U.S. business with at least five full-time employees.
When asked to attach a value to their employee benefits on a scale of 1 to 10, where 10 is the highest value and 1 the lowest, more than 6 in 10 workers (64%) rate their benefits in the moderate (6-10) range, the average score being 6.8 in Guardian’s Benefits Value Index.
Just 20% of the respondents give their benefits packages a high (9-10) BVI rating. Sixteen percent of those polled rated their benefits in the low (1-5) range.
To arrive at a BVI rating, Guardian asked employees about the degree to which they agree their company offers benefits that meet personal needs, are affordable, positively impact their personal health, wellness and financial securities and help them make the right choices for their current personal and/or family situation.
On average, the survey states, about half of workers (49%) say they are highly satisfied with their benefits package while four in ten employers (42%) believe their workers are highly satisfied. Additionally, more than 1 in 10 employees (12%), report that satisfaction with their benefits package has worsened in the past year, compared to just 5% of employers who say so.