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New research report identifies gaps in employers’ health and retirement benefit offerings and business practices
LOS ANGELES, Aug. 16, 2022 /PRNewswire/ — Eighty-one percent of employers feel responsible for helping employees maintain their long-term health and well-being, 72 percent cite one or more major concerns about employees’ mental health, and 47 percent have found it difficult to recruit new employees, according to Emerging From the COVID-19 Pandemic: The Employer’s Perspectivea new survey report from nonprofit Transamerica Institute® and its Transamerica Center for Retirement Studies® (TCRS).
“In the wake of the pandemic, employers have been navigating complex issues in a rapidly changing environment, especially in managing the needs of their workforce. However, they can be doing even more to support their employees,” said Catherine CollinsonCEO and president of Transamerica Institute and TCRS.
Emerging From the COVID-19 Pandemic: The Employer’s Perspective examines the impacts of the pandemic on employers and their health and welfare benefits, retirement benefits, and business practices. It is based on a survey of more than 1,800 for-profit company employers conducted in late 2021 and offers comparisons by company size, including small (less than 100 employees), medium (100 to 499 employees), and large companies (500 or more employees). It also includes relevant comparisons from TCRS’ most recent survey of workers.
“A robust compensation and benefits package is a win-win situation in the workplace. It can help employers attract and retain talent while providing employees income, work-life balance, and the ability to save for retirement while protecting their health, well-being , and financial situation,” said Collinson. Almost two-thirds of employers (64 percent) believe health insurance, retirement benefits, and/or other benefits to be very important in their ability to attract and retain employees.
Despite this emphasis on employee benefits, there is still a sizeable shortfall when comparing the percentage of employers that offer specific benefits with the percentage of workers who value them as important.
“As employers evaluate their benefits offering, they have an opportunity to further support the physical and mental health and the financial well-being of their employees,” said Collinson.
“Employer-sponsored retirement plans, including 401(k)s and similar plans, have proven to be the most effective way to facilitate long-term …
Full story available on Benzinga.com
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