Survey Highlights Financial Instability,
Compensation, Brand and Flexibility Values as Core Needs Across the
Workforce
ATLANTA, July 16,
2024 /PRNewswire/ -- Today, OneDigital, a leading
insurance brokerage, financial services and HR consulting firm,
released the findings of its 2024 Employee Value Perception Study,
highlighting that the various factors driving employee happiness
vary significantly depending on life and career stage. Drawing on
the responses of 2,000 US-based employees, the study unveiled the
value of factors including the importance of direct management,
meaningful work, and advancement opportunities and how they varied
among different employee populations.
OneDigital Employee Value Perception Study
Underlines Benefits Satisfaction Gap at Various Life Stages
The report underlines the disconnect between what employers
think their people desire and what is uniquely valued by today's
employees.
"One of the biggest challenges for employers is often overlooked
– employees' lives and values are dynamic, affecting their
perception of employer support in health, success, and financial
wellness," said Faviana Copeland, VP
of Growth Strategy at OneDigital. "Employers recognize the
importance of investing in their workforce, but this study shows a
gap between values and current support benchmarks. To truly
understand employees, employers must amplify their voices to gain a
holistic view of their feelings across key life factors and how
they align with the employer's rewards philosophy. With the latest
insights, leaders can more effectively assess their workforce
investments and develop a value-based benefits package that
maximizes employee satisfaction and meets their unique needs."
Findings show a concerning trend of financial instability,
particularly among executives. The survey reveals that one in four
(25%) employees are currently contemplating borrowing from their
retirement savings, a statistic that jumps to 37% among executives.
Additionally, nearly half (48%) of all employees are anxious about
potential accidents derailing their financial futures, a concern
that spikes to around 65% among single individuals, particularly
single parents.
The survey also uncovered that a 'one-size-fits-all' mentality
for benefits is no longer a fit for workers across the board. From
age to family circumstances, the differences in life stages and
journeys create a need for unique offerings to make employees feel
valued and satisfied. Additional key findings include:
Financial Insecurity Persists Despite
Responsible Financial Behaviors: Alarmingly, 56% of employees
feel ill-equipped to handle major unexpected expenses. Despite
widespread awareness of financial responsibility, nearly 63% of
employees consistently save from their monthly paychecks, and 35%
expressed a strong desire for financial guidance from their
employer.
Compensation Drives Job Satisfaction: In
a comprehensive trade-off analysis, participants from various life
and career stages consistently ranked "being well paid" as the most
critical factor influencing their job satisfaction. This preference
surpassed other factors such as "access to healthcare coverage" and
"financial security benefits." This shift in priorities marks a
departure from the pandemic era when health benefits were at the
forefront.
Flexibility and Brand Outranks Benefits:
The decision to leave or stay with an employer was heavily
influenced by an employer's willingness to offer flexibility in
work location and hours and the company's brand or reputation.
Location/schedule flexibility was particularly important as a value
driver among employees with six to 12 years of experience, who
considered it more important than health benefits.
To read the full report please visit: 2024 Employee Value
Perception Study
About the Employee Value Survey
*The 2024 OneDigital Employee Value Perception Study surveyed
more than 2,000 full-time U.S. employees between the ages of 26
years to 64 years at various career stages, from entry-level with
fewer than 3 years of experience to executives with more than 15
years of relevant experience. The study also examined employees'
benefits value perceptions in the areas of health, success and
financial security at five life stages: single parents, dual-income
households with children and without children, single employees
under the age of 45 years, and single employees over the age of 45
years. The study is available upon request.
About OneDigital
OneDigital is a steward of business growth and people
potential. Our insurance, financial services and HR platform
provide personalized, tech-enabled solutions for a contemporary
work-life experience. Nationally recognized for our culture of
caring, OneDigital's teams enable employers and individuals to do
their best work and live their best lives. More than 100,000
employers and millions of individuals rely on our teams for counsel
and access to fully integrated worksite products and services and
the retirement and wealth management services provided through
OneDigital Investment Advisors. Founded in 2000 and headquartered
in Atlanta, OneDigital maintains
offices in most major markets across the nation.
To learn more, visit onedigital.com.
Media Contact: Chelsea
McKenna, Chelsea.mckenna@onedigital.com
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SOURCE OneDigital