OneDigital Employee Value Perception Study Underlines Benefits Satisfaction Gap at Various Life Stages

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Jul 16, 2024, 09:00 ET

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.

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, [email protected]

SOURCE OneDigital