Workplace benefits might not be enough for employees

How many times have you heard someone say that their pay is good, their job is great, but it’s all about the benefits and they are amazing? Employee benefits are usually one of the main ways that people save for retirement, receive life and health insurance, or invest in the stock market.

According to a recent report from Guardian, Guardian Workplace Benefits Study, 74 percent of middle-income employees depend on their workplace benefits for their financial security, but only one in four find their employer’s communications helpful in choosing what’s right for them.

As the benefits package landscape continues to shift towards employees paying more of the costs, Guardian emphasizes the importance of employees understanding their choices and needs, “Especially when voluntary or less traditional benefits are offered, such as critical illness or accident insurance.”

The infographic below reveals the disconnect between employees’ reliance on workplace benefits and the effectiveness of employers’ benefit communications, with four out of five employees saying that benefits are the deciding factor in taking a new job or staying at their current one. What’s even more interesting is how employees aren’t purchasing benefits such as disability insurance, life insurance or retirement account outside of the workplace benefits package.

Click to enlarge Guardian’s infographic below. To view the original infographic, go here.