If your employer offers a generous benefits package, be grateful. Your company understands that providing health insurance, retirement savings and wellness programs improves employee satisfaction and loyalty. Which benefit is your favorite may depend on your life stage and needs, but a recent survey by One Medical Group reveals which benefits professionals value most.
Top Benefits According to Employees
Medical insurance tops the list and is followed by life insurance. The 401(k) plan comes in third. The survey also found that many companies don't offer matching for 401(k) contributions; encourage your company to participate in this key benefit or discuss your retirement accounts with your insurance representative as you maximize your savings.
Benefit Package Goals
Because companies constantly evaluate the bottom line, they may cut benefits or shift more financial responsibility to employees. Managing costs isn't what most employees want from their benefits package, though.
Two-thirds of respondents want benefits to prioritize health, and employee retention and future planning are top goals employees would like benefits to address. Some employers offer specialized coverages to meet different workforce needs, including options for higher-limit protections like High Value DOL (Difference in Limits) Insurance.
The Road to Wellness
Fewer than 30 percent of respondents think their benefits provide adequate wellness programs. Nearly half want more focus on wellness, including weight management and smoking cessation programs.
Make your preferences known and join coworkers to promote stronger workplace wellness offerings.
Receive Enough Benefits
The majority of respondents believe their benefits compare favorably with other employers, but almost 40 percent feel their benefits are decreasing. If your company still offers competitive benefits, be sure to take advantage of them.
If you're seeing reduced benefits or gaps in coverage, consider supplemental options and discuss voluntary plans such as Voluntary Services Insurance with your advisor to fill protection gaps.
Communication is Important
The survey shows almost three out of four employees understand the ins and outs of their benefits, but one-fourth still have questions about coverage, cost and availability. Talk to your human resources manager or talk to an agent to become familiar with all the benefits available to you.
Overall, many professionals feel their benefits package is adequate, but there is always room for improvement. Discuss your options and preferences with HR or your insurance representative to get the most from your benefits.
Frequently Asked Questions
Which employee benefit do most people value most?
The survey indicates medical insurance is the top-valued benefit, followed by life insurance and retirement plans like 401(k)s.
What should I do if my employer reduces benefits?
Review available voluntary or supplemental coverage, discuss gaps with HR, and consider purchasing additional protection through an agent.
How can employees influence benefits offerings?
Provide feedback to HR, join employee wellness committees, or collectively request priorities like stronger health and retirement support.
Why are wellness programs important?
Wellness programs can improve employee health, reduce absenteeism and lower long-term employer healthcare costs when effectively implemented.