The COVID-19 pandemic is causing many workers to reevaluate the importance of benefits offered by their employers, according to a recently released study.
A survey conducted by Voya Financial Inc. found that 68% of respondents said they expect workplace benefits to play a more important role in their future job selection than in the past. And 60% said the pandemic had made them think more carefully about the benefits package offered by their current employer.
“Employees are increasingly seeing the value their workplace benefits can provide when they think holistically about their financial picture, and they are looking to their employers for solutions — and the pandemic has only increased this value by shining a spotlight on the convergence of health and wealth,” said Rob Grubka, Voya’s CEO of health solutions. “Many have experienced first-hand how an unexpected illness or expensive visit to the hospital can have a significant impact on the financial well-being of their household.”
While the survey did not imply a connection, working Americans, and especially professionals, are resigning their jobs in much higher numbers than before the pandemic, and a desire for more comprehensive benefits, along with higher pay and remote work accommodations, could be a motivating factor.
Around 81% of those queried said they’re looking for employer support that would improve their overall financial stability, while 75% said they would want help from their employer in navigating an unexpected life event, such as an accident or serious illness.
Still, Voya’s study found that relatively few respondents were eager to review their annual enrollment benefits. Voya officials said this could be because employees are intimidated by the process, or feel they don’t know how best to maximize returns from their contributions.