A brand new survey performed by Intuit QuickBooks, in collaboration with Allstate Well being Options, underscores the numerous influence that worker advantages packages have on workforce productiveness, satisfaction, and retention throughout small and enormous companies. Based on the 2024 Intuit QuickBooks Allstate Well being Options Advantages Survey, 78% of workers would think about discovering a brand new job if their present advantages bundle was insufficient, highlighting the crucial position that healthcare advantages play in worker decision-making.
Key Survey Findings
- Healthcare Advantages and Job Choices: Over two-thirds of workers surveyed ranked healthcare advantages because the second most vital issue, solely behind wage, when contemplating a job provide. This locations immense stress on companies to supply aggressive advantages packages so as to retain high expertise.
- Financial Pressures on Advantages Prices: The survey, which engaged 1,000 workers enrolled of their firm’s medical health insurance plans, revealed that 23% of workers discover it difficult to afford their employer-provided advantages. A good portion of staff (62% at smaller corporations and 66% at bigger corporations) consider that their month-to-month contributions are too excessive, particularly within the face of rising inflation and rates of interest.
- Affect on Lengthy-Time period Monetary Objectives: The examine discovered that 71% of staff at small corporations and 63% at bigger corporations have struggled to save lots of for long-term objectives, resembling emergencies or retirement, attributable to medical prices. This challenge was notably pronounced amongst girls, with over 1 / 4 reporting important monetary setbacks, in comparison with 18% of males.
- Need for Complete Advantages: Almost 60% of workers expressed a want for a spread of advantages choices, together with HMOs, PPOs, and FSAs. Moreover, 50% of workers at small corporations and 61% at bigger corporations need the power so as to add supplemental advantages resembling dental, imaginative and prescient, psychological well being, and even pet insurance coverage.
- Job Satisfaction and Productiveness Linked to Advantages: The survey highlighted a robust connection between advantages packages and total job satisfaction, with greater than 90% of workers at each small and enormous corporations linking their job satisfaction to their advantages. Moreover, a considerable majority indicated that insufficient medical protection might negatively have an effect on their productiveness at work.
Trade Insights
Laurent Sellier, Senior Vice President of Intuit QuickBooks Payroll Options, emphasised the significance of providing aggressive advantages within the present financial local weather.
“With the traditionally low unemployment charges within the US, companies can’t afford to lose workers in immediately’s aggressive market,” Sellier says. “Our analysis exhibits that workers are putting increased worth on well being advantages in relation to their job satisfaction, however many are discovering it troublesome to handle advantages prices in immediately’s financial local weather. For that cause, sustaining aggressive advantages packages at an reasonably priced worth is important to worker retention.”
David Essary, President at Allstate Advantages and Allstate Well being Options, echoed these sentiments, saying, “We perceive that workers search complete and versatile advantages that help their well-being. Our partnership with Intuit QuickBooks ensures seamless, related, embedded insurance coverage that enhances worker satisfaction and retention whereas serving to companies entice high expertise.”
In regards to the Survey
The 2024 Intuit QuickBooks Allstate Advantages Survey was performed by Wakefield Analysis amongst 1,000 employed adults, together with 500 from corporations with 5 to 100 workers and 500 from corporations with greater than 100 workers. The survey centered on these at present enrolled of their firm’s medical health insurance plan and was performed between Might 24 and Might 31, 2024.