Amid the “Great Resignation” of 2021, a new study finds more than four in five employees and nine in 10 employers believe their companies should be more involved in helping employees understand how to maximize financial benefits amid the pandemic.
Morgan Stanley at Work recently shared the findings of its inaugural State of the Workplace Financial Benefits Study, exploring the attitudes and mindsets of employees and employers concerning workplace financial benefits.
The study reveals the power that holistic financial benefits, including wellness, can have in recruiting and retaining top talent:
- Employees link financial benefits to retention. More than nine in 10 employees (91%) say they’d feel more invested in staying with their employer if offered financial benefits that met their needs.
- Employees believe these financial benefits should be a priority—and employers plan to make it happen. In fact, 90% of employees say their company should prioritize re-evaluating its financial benefits package in 2022. Meanwhile, 95% of HR executives say their company’s re-evaluation of their financial benefit package for 2022 is a priority.
- Employers see that there is more work to do. HR executives feel there is room for improvement to stay competitive, with 79% citing that lack of financial benefits will result in attrition.
- Employees are paying more attention to their financial benefits. In fact, 61% of employees are now paying more attention to the financial benefits offered compared to a year ago. This is particularly true among Millennials, where 69% are more focused on reviewing these benefits.
95% of HR executives say their company’s re-evaluation of their financial benefit package for 2022 is a priority
Morgan Stanley at Work’s State of the Workplace Study
“The pandemic-fueled uncertainty has led many employers to focus more attention on how to deliver financial benefits that meet their employees’ needs,” said Brian McDonald, Head of Morgan Stanley at Work. “Employees are now looking for employers to offer a full spectrum of financial benefits tools, and guidance to help them along the right path financially. As a result, those companies that offer a robust benefits package that includes retirement planning, equity compensation, student loan refinancing plans, and overall financial wellness benefits will differentiate themselves in the face of unprecedented competition for great talent.”
Additional findings are available in Morgan Stanley at Work’s State of the Workplace Study. The data comes from a survey of 1,000 U.S. employed adults and 600 HR executives conducted between September 21-28, 2021 by Wakefield Research.
SEE ALSO:
• Sponsors Feeling More Responsible Now for Employee Financial Wellness
• Financial Wellness Programs Score High with Employees
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
