By Pension and Benefits Editorial Staff
While attracting and retaining are the top two reasons for employers offering benefits, most employers do not ask their employees what types of benefits they would like to see offered, according to recent research from LIMRA. The study found that only 18 percent of employers survey their employees regularly to find out what benefits they are interested in, while 34 percent never ask.
This lack of insight into what employees want is leading to some disconnects between what employers offer and what employees value, according to LIMRA. The study found that even though 70 percent of employers believe their current benefits offerings meet the needs of their employees, only 53 percent of workers with benefits are satisfied.
The study finds gaps when it comes to retirement savings plans, life insurance, critical illness coverage, and long-term care insurance. Eighty-one percent of employees value retirement plans, but only 60 percent of employers offer it. While 60 percent of employees say it is important to have life insurance available to them at work, only 48 percent of employers offer it. When looking at critical illness coverage, 44 percent of employees view it as important but just 24 percent of employers offer this benefit. Only 21 percent of employers offer long-term care insurance, but almost half (46 percent) of employees feel the benefit is important.
In addition, employers have shown a fair amount of interest in adding non-traditional benefits—such as wellness programs, tuition assistance, and identity theft protection—but LIMRA research finds most employees—regardless of age—still value insurance and retirement-related benefits more than other benefits, like wellness programs and tuition assistance.
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