Examining employee’s preferences for voluntary benefitsNew reports from Eastbridge Consulting Group examine differences by demographic segments including employer size, industry, generation, occupation, income and family composition.
AVON, Conn., July 7, 2022 /PRNewswire/ — Employees’ wants and needs for benefits vary widely by where they work, their jobs and their ages — and even whether or not they have children at home — according to a pair of new reports from Eastbridge Consulting Group.
The MarketVision™ — The Employee Viewpoint reports use data from a survey of 2,000 employees nationwide to track their benefits preferences and expectations, and includes a detailed analysis of how employee ownership and attitudes vary by demographic segments. The data is presented in two reports: one focused on employer size and industry, and one examining generation, occupation, income, and the presence of children in the household.
For each category, the report examines ownership of products through employers, the number of voluntary products owned, preferred payment methods, types of voluntary products owned and reasons for buying them, future interest in buying voluntary products, noninsurance benefits employers offer, benefits communication and enrollment communication methods, satisfaction with the voluntary enrollment experience, and the importance of online administrative services and capabilities.
A Need For Variety
For example, the reports show employees in small companies are more likely to want to talk to someone in person to learn about voluntary benefits, while employees in the largest companies have a stronger preference for paying for their voluntary benefits through payroll deduction. The youngest employees (Generation Z) are the least likely to have core health coverage, and employees in management/professional occupations are the most satisfied with their benefits enrollment experience.
“An effective employee benefit program continues to be far from one-size-fits all,” said Nick Rockwell, Eastbridge president. “The expanding diversity in the U.S. workforce makes it more important than ever for employers to offer a wide variety of benefits, communication and enrollment options tailored to the needs of their employees.”
Information about purchasing the MarketVision™ — The Employee Viewpoint reports is available on Eastbridge’s website. Those interested can email [email protected] or call (860) 676-9633.
About Eastbridge Consulting Group
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada.