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January 15, 2013 at 08:35 AM
Fewer employers and employees at any time since 2008 are reporting severe negative economic effects, but both groups exhibit declining optimism about how they will be doing financially a year from now, according to a new report.
Prudential Financial published this finding in “Sharpening the Focus on Benefits Strategy,” the first in a series of research briefs stemming from “The Seventh Annual Study of Employee Benefits: Today & Beyond.” The research was conducted via the Internet in July 2012, and consisted of three surveys of plan sponsors, plan participants and broker/consultant audiences.
The report reveals that 14 percent of both employers and employees cite severe negative economic effects, down significantly from 2010 results of 27 percent for employers and 22 percent for employees. Conversely, employers who say their financial position will be better or improving in one year dropped to 54 percent this year from 70 percent in 2010; employees report a drop to 38 percent from 44 percent.
The employers surveyed report a 17 percent increase over 2010 results in making benefits strategies a main focus. With shifting ownership and cost of benefits to employees, employers’ top strategies are, in priority order:
• Expanding wellness, preventive, and work/life balance initiatives
• Improving the effectiveness of benefits communications
• Cost-sharing with employees
