What You Need to Know
- Workers and HR executives agree on the importance of reevaluating financial benefits.
- The survey finds that 61% of employees are paying more attention to financial benefits than they did a year ago, including 69% of millennials.
- Morgan Stanley suggests offerings like retirement planning, equity compensation and student loan refinancing can help attract talent.
At a time when workers are leaving their jobs in record numbers — the so-called Great Resignation — a new study from Morgan Stanley at Work examines how holistic financial benefits, including wellness, can affect recruiting and employee retention.
A survey conducted by Wakefield Associates in late September drew responses from 1,000 U.S. employed adults and 600 human resources executives.
Big majorities of both workers and employers in the survey said their companies should be more involved in helping employees understand how to maximize financial benefits amid the pandemic.
Ninety-one percent of employee respondents said they would feel more invested in staying with their employer if they were offered financial benefits that met their needs.
In fact, 90% of employees said their company should prioritize reevaluating its financial benefits package in 2022.