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Employees Demand Better Financial Benefits: Morgan Stanley

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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. 

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At the same time, 95% of HR executives reported their company’s reevaluation of their financial benefit package is a priority for 2022. They also acknowledged that there is room for improvement to stay competitive, with 79% saying lack of financial benefits would result in attrition.

And for any employer that may still need convincing, the survey found that 61% of employees are now paying more attention to the financial benefits offered than they did a year ago, including 69% of millennials.

“Employees are now looking for employers to offer a full spectrum of financial benefits, tools and guidance to help them along the right path financially,” Brian McDonald, head of Morgan Stanley at Work, said in a statement. 

“As a result, those companies that offer a robust benefits package that includes retirement planning, equity compensation, student loan refinancing plans and overall financial wellness benefits will differentiate themselves in the face of unprecedented competition for great talent.”