New Data Demonstrates Need for Compelling, Flexible Benefits to Recruit and Retain Talent; Finds Employees Want Options that Aren’t Offered
The survey, which polled over 1,000 Americans who transitioned from working onsite to remotely (at least part-time) because of the pandemic, finds more than half (56%) of respondents are not satisfied with their employer’s efforts to make appropriate employee benefits changes to support the current work environment.
It further reveals that flexible work schedules are highly valued: flexible schedules was most frequently ranked in the top 3 most important of the employee benefits tested*. Decreased commuting time (51%) or decreased commuting costs (42%) were most often ranked in the top 3 reasons why some prefer to continue working remotely.
The findings provide important insights for employers and benefit leaders including the following:
Benefits and Satisfaction
- Nearly three quarters (72%) of respondents whose employer expanded at least one of the tested benefits during COVID say they are satisfied with the overall level of support they received, compared with 44% of those who received no expanded benefits.
- Satisfied employees are more likely than dissatisfied employees to have received expanded benefits in the following areas: work schedule flexibility, mental health benefits, childcare benefits and/or a home office stipend.
Return to Work
- About three quarters (77%) of respondents do not want to return to working onsite full time. However, 74% indicate they have returned to the workplace or will do so in the next year.
- Respondents who want to continue working remote full time are significantly more likely than those who prefer a model hybrid to say their productivity increases when working remotely (41% versus 27%).
- While commuter benefits can help mitigate some of the challenges of returning onsite, 62% of respondents do not have access to commuter benefits or do not know whether they have access.
Health Savings Accounts
- HSAs continue to be a valued benefit during the pandemic, as 46% of HSA participants indicate they have increased contributions and 40% say they have increased healthcare spending in the past year.
- More than three quarters (77%) believe having an HSA has provided peace of mind during COVID-19.
- Families with children living at home are more likely to have and use an HSA. More than half (51%) increased spending from their HSA for healthcare expenses, 55% increased contributions and 50% took advantage of contribution deadline extensions.
- Among benefits tested, 52% of HSA participants ranked HSAs among the top 3 most important benefits; among non-participants, only 18% ranked HSAs among the top 3.
“HealthEquity is working to provide organizations and benefits leaders with a greater understanding of shifting employee expectations to help navigate open enrollment, Return to Work and the Great Resignation,” said
*Tested benefits refer to the employer benefits we asked research participants about specifically in the market research study—ex. increased flexibility for the FSA, the DCRA, expanded mental health benefits, etc.
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Source: HealthEquity, Inc.