Pension & Benefits News Benefits increase in importance due to pandemic
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Thursday, September 24, 2020

Benefits increase in importance due to pandemic

By Pension and Benefits Editorial Staff

Amid the COVID-19 pandemic and economic fallout, workers see increased value in their employer-provided benefits packages, according to recent research from Prudential Financial. The study noted that employees overwhelmingly said their benefits programs make up a key part of their compensation (77 percent, up from 67 percent a year ago) and are a big reason they would stay at a job (73 percent, up from 59 percent).

The survey found that:

  • 75 percent agreed that, “Due to the pandemic, I feel that access to benefits through an employer is now more important than ever before.”
  • 75 percent agreed that, “Given the current environment, it makes me realize that benefits are a much more important part of a job.”
  • By more than a 2-to-1 margin, respondents said they would “be willing to take a chance on a new job right now if it offered better benefits” (52 percent agree vs. 24 percent disagree, with 24 percent neutral).

“While we’re pleased to see workers increasingly recognize the value of a comprehensive, cohesive workplace benefits package, we also cannot ignore that this stems from the financial, physical and mental stressors of the pandemic,” said Leston Welsh, head of business segments for Prudential Group Insurance. “Given the uncertainty of the current environment, it’s more important than ever for employers to educate and encourage their employees to choose the solutions that will help safeguard their financial security—over the near and long term.”

SOURCE: www.prudential.com

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