New National Survey Reveals Employers are Not Meeting Employee Benefit Expectations

Scotch Plains, NJ: Employee Benefits Day, observed this year on April 6th, is traditionally a time when the hard work done by employers to provide meaningful benefits to their workforce is celebrated. The current state of the job market and the U.S. economy have prompted a shift in employee priorities, however, and it stands to reason that employers should reevaluate the benefits they are offering. According to a new exclusive survey among 2,000 full-time employed Americans conducted by global research company Wired Research and commissioned by Jazmarc Services, employers are falling short in providing their employees with the benefits they want.

The new survey results are part of the inaugural 2024 Employee Benefits Report, a deep dive into the current state of employee benefits in the United States. Key insights from the work reveal some powerful takeaways:

• Employers are not delivering the benefits employees want: A majority of employees consider benefits to be important; far fewer report that their employer offers them:
o Short-term disability (84% important vs. 67% offered)
o Long-term disability (82% important vs. 64% offered)
o Long-term care (78% important vs. 56% offered)
o Term life insurance (75% important vs. 62% offered)
o Whole/permanent life insurance (75% important vs. 56% offered)

• Employees are more likely to prioritize "old-school" benefits. Employees place greater importance on benefits like disability, long-term care, and life insurance than they do newer benefits like remote work (67%) and student loan repayment (46%).

• Millions more employees across the country would use employer-provided benefits if given the chance: About 2 in 3 of those not offered insurance would use them if their employer made them available:
o Long-Term Disability (67%)
o Short-Term Disability (66%)
o Long-Term Care (64%)
o Term Life (60%)
o Whole/Permanent Life (58%)

• Benefits directly impact retention: Nearly all employees report that the benefits offered by their employer would have an impact on:
o Staying at their current job (96%)
o Accepting a job offer (95%)
o Looking at other job opportunities (93%)

• When they aren't offered benefits, employees don't feel like they are a priority: About 1 in 2 employees report that if the benefits they consider important are not provided, they would think their employer:
o Doesn't value its employees (55%)
o Wants to do the bare minimum while getting the most from employees (50%)
o Prioritizes the bottom line over employee satisfaction (45%)

According to Danielle Sherman, founder and CEO of Wired Research, this research comes at a time when employers across the country are getting rid of vital benefits to cut costs. She says "The research has revealed that employees are hungry for benefits that may sometimes get deprioritized. When an employer doesn't offer benefits like disability, long-term care or life insurance, they are putting employee satisfaction at risk, which directly impacts retention."

And Joshua Marcus, founder of Jazmarc Services, agrees. He says, "The research highlights the shifting priorities of employees and their benefits expectations. Employee Benefits Day is the perfect time for employers to think about how they can better meet their employees' needs today and in the long-term."

For more information about the research and to get a copy of the 2024 Employee Benefits Report, visit Jazmarc Services at www.jazmarcllc.com where you can create an account and download. Alternatively, reach out to Wired Research at info@wiredresearch.com.

Wired Research
NEW JERSEY

ABOUT JAZMARC SERVICES
Jazmarc Services, a premier insurance planning brokerage, has been providing exceptional insurance services to clients across the country for nearly 15 years. With specialists in every area of insurance, from life, long-term care and disability to commercial and small business, Jazmarc Services is equipped to find the just-right solution to meet all insurance needs for individuals and corporations, alike. For more information about Jazmarc Services please visit www.jazmarcllc.com.

ABOUT WIRED RESEARCH
Wired Research is a leading insights consultancy, partnering with some of the country's biggest and boldest brands to uncover and tackle the most important challenges and capture the greatest opportunities for change. For more information about Wired Research please visit www.wiredresearch.com.