Benefits Administration Statistics 2024 - Everything You Need to Know

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Best Benefits Administration Statistics

Best Benefits Administration Statistics

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Benefits Administration Benefits Statistics

Employment of compensation and benefits managers is projected to grow 4 percent from 2020 to 2030, slower than the average for all occupations. ^[0]
Companies rated highly on compensation and benefits saw 56% lower attrition. ^[1]
32% of workers are looking to change jobs in 2019, citing low pay or a lack of benefits (15%) and poor company culture (10%). ^[1]
72% of employees said having more work benefits would increase job satisfaction. ^[1]
25% of employees reported leaving a previous job because they felt underpaid 58% of workers said money is the main driver in choosing their work, followed by benefits and vacation packages. ^[1]
boomers 80% of workers would keep a job with benefits rather than take one that offered more pay and no benefits 72% of workers are satisfied, but 60% are still looking around for a new job with higher wages. ^[1]
78% of workers would likely remain with their employer because of the benefits it offers, up from 72% in 2016. ^[1]
More than 50% of employees said they have left jobs after hearing the siren calls of better benefits elsewhere 55% of employees would be somewhat likely to accept a job with lower compensation but a more robust benefits package. ^[1]
80% of employees who ranked their benefits satisfaction as extremely or very high also ranked job satisfaction as extremely or very high. ^[1]
79% of employees cited a competitive benefits plan as an influencer, and 77% cited cost. ^[1]
43% of employers increased benefits in order to stay competitive attracting and retaining talent. ^[1]
83% of employers say retaining employees is their top benefits objective. ^[1]
51% of employers plan to leverage benefits as a retention strategy in the next three to five years 83% of employers have changed their benefits strategy within the last three years. ^[1]
50% of adults would leave their current job for better benefits. ^[1]
Gen Xers are slightly more satisfied with their benefits than millennials (53% vs 52%). ^[1]
35% of millennials have turned down job offers because they were dissatisfied with the benefits, compared to 27% of all other age categories Employees who are very satisfied. ^[1]
w/ benefits are almost 4x more likely to be very satisfied with their jobs. ^[1]
75% of employers say that retaining and attracting quality employees were important outcomes of benefits. ^[1]
68% of employers say improving employee morale and satisfaction is an important consideration in employee benefits; 67% cite improving employee health. ^[1]
10% of employees said benefits are the most important factor that informs their decisions to take or reject job opportunities. ^[1]
37% of Gen X contemplate leaving to advance their careers, 5% lower than millennials 52% of employees who aren’t satisfied with their benefits want more of a benefit they already have. ^[1]
14% of employees want different benefits altogether. ^[1]
50% of employees cite benefits as an important reason they remain with their current employer. ^[1]
At companies where employees are offered no benefits, only 46% of employees would recommend their employers as great places to work. ^[1]
23% of full time employees do not receive any benefits from their employers. ^[1]
At companies offering 1 5 benefits, 53% would recommend their employers as great places to work. ^[1]
At companies offering 11 or more benefits, 66% would recommend their employers as great places to work. ^[1]
41% of employers ranked retention as their top employee benefits objective. ^[1]
Nearly 40% of employees say having a wide selection of benefits would make them feel more loyal to their employer. ^[1]
26% of job offers are rejected due to benefits/salary not meeting expectations. ^[1]
26% of small business employees would jump ship to a larger company if it meant better benefits offerings. ^[1]
72% of small business employees say an improvement in their benefits offerings would make them even happier. ^[1]
50% of small business employees say that having a benefits package is either extremely or very important to their happiness. ^[1]
Among small business employees, 33% saying they’re “satisfied” with the benefits they receive. ^[1]
50% of employees are satisfied with their benefits. ^[1]
73% of state and local employees say they would be more likely to leave their job if their healthcare benefits were cut. ^[1]
Almost 57% of employees would give up any and all offered benefits if it meant their salary increased. ^[1]
47% of employees feel underpaid, 44% are dissatisfied with benefits and 43% feel unsatisfied with their career path. ^[1]
63.13% of employees say higher wages are more important than health benefits, while 36.87% say better health care benefits are more important. ^[1]
62% of senior managers said they were open to negotiating pay and 59% said they were open to negotiating benefits and perks than they were a year ago. ^[1]
More than two thirds of workers said they’d prefer additional benefits over a pay raise, citing healthcare (36%) first, followed by flexible work hours (35%) and yearly holiday leave (34%) . ^[1]
Salaried workers (48%) are more satisfied than hourly workers (34%). ^[1]
Health related benefits and wellness benefits saw the greatest increases across employers over the last 12 months, with 20% indicating they increased offerings in those areas. ^[1]
Health related benefits offerings were increased by 20% of employers over the last 12 months, regardless of size, while wellness benefits were more likely to be increased by large employers. ^[1]
25% of employers with 500 or more employees increased wellness benefits since 2018, but only 13% of employers with fewer than 99 employees increased wellness benefits. ^[1]
20% of organizations reported increases to healthcare benefits offerings since 2018. ^[1]
20% of organizations indicated that their healthrelated benefits have increased in the past twelve months, despite estimated cost of employer sponsored health care benefits approaching $15,000 per employee next year. ^[1]
86% of employers believe health related benefits are very important or extremely important to their workforce, and only 3% have reported a decrease in benefits. ^[1]
70% of employers have indicated that their benefits have stayed the same. ^[1]
67% of organizations have not made changes in wellness benefits in the past year. ^[1]
28% of workers said it’s challenging evaluating the providers and plan options for benefits More than 40% of employees found dealing with multiple benefits vendors to be confusing. ^[1]
78% of employers offered workers live support services to help navigate their benefits. ^[1]
73% of full time employees want and expect to have 24/7 access to their benefits. ^[1]
About 90% of employees understood all their employer’s benefits when they took their current job, 86% have kept up to date with benefits changes, and 86% know where to get information on how to use their benefits. ^[1]
28% of employees are very confident they’re fully using their benefits. ^[1]
When employees were ased which three benefits would help them meet their financial goals, 56% cited a 401match or health insurance, 33% cited paid time off, 21% flexible wor hours and 15% woring remotely. ^[1]
81% of employers that offer benefits agree their company’s benefits offerings increase employee satisfaction. ^[1]
61% of employees are satisfied with their benefits compared with 46% in 2011. ^[1]
Over 50% of employees say they can’t access their benefits in the way they prefer and 21% say they can easily access their benefits. ^[1]
46% of employees that discuss benefits faceto face with an employer report being satisfied. ^[1]
81% of employees who can easily access their benefits said they feel loyal to their employer and 79% say they were proud to work for their organization. ^[1]
77% of employees who understand their benefits offering said they saw themselves staying at their organization for the foreseeable future. ^[1]
28% of employers made changes to their healthcare benefits, with 32% adding health insurance and 36% adding other healthcare benefits. ^[1]
59% of small business reps said their company offered healthcare benefits to full and part time workers, vs. 85% of overall employers. ^[1]
16% of employers said they think offering the best health benefits package is the biggest benefit. ^[1]
61% of benefits decision makers said their company is aware of potential healthcare policy changes at the federal level. ^[1]
19% of employees did not feel confident they understood everything they signed up for after their most recent benefits enrollment. ^[1]
93% of employees choose the same benefits each year rather than making changes during open enrollment periods. ^[1]
56% of employees spent less than a half hour researching their benefits options during the last open enrollment, including 19% who didn’t do any research at all. ^[1]
31% of employees indicate their employer or benefits company provides no education or advice on benefits. ^[1]
53% of small businesses are helping workers make better benefits decisions and 44% are increasing employee financial education over the next five years. ^[1]
Comprehensive benefits ranked higher in importance among Americans (58%) than affordability of plans (42%). ^[1]
Americans said the most important benefits are prescription drug coverage (51%), preventive healthcare (47%) and emergency services (47%). ^[1]
68% of employees said they think work perks are just as important as health coverage, life insurance, and other traditional benefits . ^[1]
paid family sick leave (54%) and flexible scheduling benefits (47%). ^[1]
Workers said that signing up for benefits made them feel stressed (21%), confused (22%) and anxious (20%). ^[1]
96% of employees said they were content with the enrollment and shopping experience for benefits. ^[1]
Employee satisfaction with benefits rose to 95% in 2018 from 92% in 2016, while employer satisfaction with benefit offerings rose to 99% a 22% increase from 77% in 2016. ^[1]
52% of employees are willing to bear more of the cost of their benefits in order to have a broader array of offerings that suit their personal needs. ^[1]
More than 60% of women say better health, dental and vision benefits would be taken into heavy consideration by women applicants compared to only 47% of men. ^[1]
80% of employees would choose additional benefits over a pay raise. ^[1]
Dissatisfaction stems from employees’ need for additional benefits (57%). ^[1]
, the desire for benefits they currently don’t have (24%), benefits they can’t use (22%). ^[1]
The cost of health care benefits is projected to rise 7.8% in 2017, an increase from 7.3% in 2016. ^[1]
Employers spent on average 70% more on healthcare benefits than retirement benefits in 2015. ^[1]
Employers’ cost to provide employee benefits, measured as a percentage of pay, increased 24% between 2001 and 2015. ^[1]
The total cost of employer provided benefits rose from 14.8% of pay in 2001 to 18.3% of pay in 2015, a jump of 24%. ^[1]
In 2002, healthcare costs for active employees comprised about 42% of benefits, while retirement benefits made up the remaining 58%. ^[1]
But in 2015, healthcare benefits accounted for 64% and the retirement share accounted for 37%. ^[1]
Large employers predict a 5% hike in medical and pharmacy benefits costs in 2018 for the fifth straight year in a row. ^[1]
Overall cost increases of healthcare benefits will hold steady at 6% in 2017. ^[1]
42% of employees would like their employers to provide more information about mental health benefits, accommodations and resources. ^[1]
20% of those who never participate 30% of workers said their employer was helping their goal of getting fit and staying healthy through a benefits program. ^[1]
87% of employers say they should be involved in encouraging workers to make healthier lifestyle changes, but only 54% of workers agree 68% of employees say their organization offers healthcare benefits. ^[1]
With a 49% adoption rate, PPOs are the most popular type of SMB benefits plan. ^[1]
There’s been a 138% increase in the share of employers offering at least three voluntary benefits since 2016. ^[1]
88% of employers offer benefits to more employees than required by the ACA ). ^[1]
44% of parents with employer sponsored health insurance have had a child experience a major injury 10 years after an injury, the average worker received 88% of the earnings and income benefits that an uninjured worker would have received. ^[1]
59% of companies offer a general wellness program 10% of employees are not sure if their employer offers wellness benefits. ^[1]
33% of organizations said they are very likely to offer wellness benefits. ^[1]
59% of employees said that health and wellness benefits are important for increasing loyalty 36% of employers said wellness benefits and financial planning programs are valuable to their employees. ^[1]
90% of benefits consultants say that their clients are shifting to a total well being approach over physical health programs. ^[1]
73% of benefits consultants are prioritizing wellness/well being as a business objective. ^[1]
30% of workers say their company provides gym passes, workout facilities or wellness benefits, but. ^[1]
33% of employers say they are very likely to offer wellness benefits 54% of benefits professionals cite employee morale as their most improved metric from implementing wellness programs. ^[1]
59% of employers said the best way to structure financial wellness programs is to integrate the offering with the rest of the employee benefits package. ^[1]
Organizations that update their benefits programs are 60% more likely to offer wellbeing initiatives. ^[1]
The number of employers using private exchanges for employee benefits rose 144% between June 2015 through the end of December 2016. ^[1]
their parents’ generation 68% of workers believe social security will be much less when they retire than it is now and government medical benefits (66%). ^[1]
Health insurance is very important to 78% of state and local employees, retirement benefits are important to 73% and salary is important to 71%. ^[1]
44% of state and local employees are very satisfied with their retirement benefits and another 41% are somewhat satisfied. ^[1]
Paid paternity leave (10%) and paid maternity leave (12%). ^[1]
52% of organizations said they allow immediate use of vacation time benefits, while 63% allow for immediate use of pooled vacation, sick and personal time. ^[1]
The most desirable PTO benefits are paid holidays (91%), sick leave (88%), and paid vacation days (87%). ^[1]
Among companies that don’t offer paid family leave, 18% said they plan to include it in their benefits offerings in 2017, 33% hope to make it available in 2018 and 41% said that adding the benefits could take from 3. ^[1]
87% of men vs 75% of women said their employer’s maternity benefits are sufficient. ^[1]
Employers are starting to support part time workers with maternity and child care benefits, including unpaid leave (52%), adoption or surrogacy stipends (34%) and childcare support (23%). ^[1]
Corporate profit is also projected to rebound strongly over the next five years as COVID 19 fades, which will likely make the outsourcing of HR and benefits administration services more affordable for larger clients. ^[2]
When employees do their own benefits administration online, it results in a 15% time savings by HR staff. ^[3]
( frevvo A survey of HR executives by IBM found that 46% believe AI will transform their talent acquisition capability and 49% believe it will transform their payroll and benefits administration. ^[3]
A majority of employers have increased their spending on benefits related technology in the past ten years, with more than 50% expecting further increases in the next three years. ^[3]
20% of employees say they don’t keep up with benefits correspondence . ^[3]
( SHRM Roughly one third of workers are only somewhat satisfied with the benefits offered by their current employer, and 20% are not satisfied. ^[3]
( G2 Over 70% of employees feel that the importance of new benefits will continue to grow over time. ^[3]
An online portal for selecting benefits (36% of respondents). ^[3]
An online tool that helps you make decisions about your benefits (35%). ^[3]
The truth is that every number & statistic related to employee benefits, health, insurance has an automatic 1,000% distortion factor because of vast variations of uses of basic vocabulary & terms. ^[4]
Another survey of employers that have in house benefits managers reports that 79% of employers use TPAs. ^[4]
A true study would show that probably 80% of the health benefits market uses some form of self funding, and a majority use some form of TPA. ^[4]

Benefits Administration Usage Statistics

Employer usage of telemedicine has gone up 171% since 2014. ^[1]

Benefits Administration Market Statistics

The market size of the Benefit Administration Services industry is expected to increase 3.4% in 2024. ^[5]
The market size of the Benefit Administration Services industry in the US has declined 0.4% per year on average between 2017 and 2024. ^[5]
30% of workers have increased confidence in the job market over the past 12 months, while 58% say they feel about the same and 12% report feeling worse 26% intend to look for a better job in the next 12 months. ^[1]
Of employees who are actually paid at market, 6.4% believe they are paid below, 30% equal to, and 6% above. ^[1]
Of employees who are actually paid below market, 83% believe they are paid below, 14% equal to, and 3% above. ^[1]
80% of organizations have an annual salary increase budget to stay market competitive and reward individual performance (77%). ^[1]
75% of people who think they are paid at or above the market rate report being satisfied with their job 59% of workers who believe they are paid below market still report job satisfaction. ^[1]
47% of employees believe fair and market competitive compensation would improve their work situations 28% of HR leaders identified ensuring rewards competitiveness as a top priority 10% of organizations froze salaries in 2016. ^[1]
63% of employers say they feel they have to pay workers more because the market is getting more competitive for talent. ^[1]
97% of employers said they were satisfied with their experience using a private marketplace. ^[1]
86% of employers say the marketplace has helped them control benefit costs. ^[1]
85% of employees using exchange marketplaces reported that they are “more aware” of the cost of medical care compared to. ^[1]
A third of businesses are looking to expand internationally this year and 62% say they have chosen flexible working because it accelerates speed to market in new countries. ^[1]
A true study would show that probably 80% of the health benefits market uses some form of self funding, and a majority use some form of TPA. ^[4]

Benefits Administration Software Statistics

54.6% of workplace wellness programs are described as metricsdriven 7.6% of employers are planning on investing in health analytics software in the next year and 16% of programs already make real time analytics data available to leadership. ^[1]
( SentricHR Current HR Technologies 47% of companies have HR software that is over seven years old. ^[3]

Benefits Administration Adoption Statistics

With a 49% adoption rate, PPOs are the most popular type of SMB benefits plan. ^[1]
37% of Midwestern employees selected an HDHP, the highest adoption rate in the country. ^[1]
HDHP adoption also increased 30% among retail employees over the past year HMOs account for 37% of enrollment choices in education. ^[1]
, adoption leave (28%), parental leave (27%), foster child leave (21%) and surrogacy leave (12%). ^[1]
81% of employers allow employees to return to work gradually after the birth of a child or adoption, up from 73% in 2012. ^[1]
Employers are starting to support part time workers with maternity and child care benefits, including unpaid leave (52%), adoption or surrogacy stipends (34%) and childcare support (23%). ^[1]

Benefits Administration Latest Statistics

And with health care costs expected to increase anywhere from four to 10 percent in 2021, you’ll want to make sure that growing part of your budget is spent. ^[6]
VA released Percent Change in Veteran Population by State from 2000 to 2020The Department of Veterans Affairs provides official estimates and projections of the Veteran population using the Veteran Population Projection Model. ^[7]
The “Percent Change in Veteran Population” data table shows the change in the Veteran population from 2000 to 2020 by state. ^[7]
During this period, the average decrease in the Veteran population is 25% at the state level. ^[7]
Quality is also increasing as quality ratings were up 4 percent in the past year, reversing a four. ^[8]
VBA’s quality assurance program is designed to provide quality estimates within a 5% margin of error with a 95% confidence level for every 12 months of reviews. ^[8]
Social Security Administration, Master Beneficiary Record and Supplemental Security Record, 100 percent data. ^[9]
$66bn business Number of Businesses 342,664 poll Average Industry Profit Margin x.x% Purchase this report or a membership to unlock the average company profit margin for this industry. ^[10]
Regulatory compliance services Health insurance and workers’ compensation claims administration 00.5% increase 0. ^[10]
Companies rated highly on employee training saw 53% lower attrition. ^[1]
Companies rated highly on flexible work arrangements saw 137% higher headcount growth. ^[1]
82.39% of employees say a lack of progression would influence the decision to leave their jobs. ^[1]
Households that bring in less than $30,000 a year were most likely to look for a new job over the next 12 months, with nearly two out of five (37%). ^[1]
33% of Millennials reported they were going to kick start their job search over the next 12 months, compared with 21% of Gen X and 20% of Baby Boomers. ^[1]
61% of full time workers who changed jobs in the past two years said that a 9% pay boost could persuade them to quit their job, while 30% said being underpaid would probably cause them to look for another job. ^[1]
89% of employers think employees leave because of money, when only 12% actually do. ^[1]
43% of workers would be willing to leave their companies for a 10% salary increase, and weak company cultures are to blame. ^[1]
70% of Gen Z and Millennial employees would stay at their job for another year if given rewards amounting to only $150 over one year. ^[1]
70% of staff members would be at least somewhat likely to leave their current organizations and take a job with one that is known for investing in employee development and learning. ^[1]
73% of employees say they’d stay at their company if there were more skill. ^[1]
36% of Gen Z, 25% of Millennials, 20% of Gen X, and 21% of Baby Boomers view investment in employee training as a top factor when considering a new job. ^[1]
Among employees who left their previous job, 34% said finding a new job with more career development opportunities spurred them on. ^[1]
25% of employees cited a bigger paycheck as the top reason for quitting their job, but 27% said the opportunity to do more meaningful work is why they accepted a new position. ^[1]
Women were 11% more likely than men to say flexible work options drove them to a new job, and millennials were 9% more likely to leave a job for more money than. ^[1]
More than 35% of 18 34 year olds ranked compensation as the top motivating factor to leave their job. ^[1]
In companies without flexible work options, women are 20% more likely to look for a new job in the next three years and men are 30% more likely to do so. ^[1]
33% of employees said flexible working options were critical to their remaining in employment. ^[1]
83% of employees say health insurance is very or extremely important in deciding whether to stay in or change jobs. ^[1]
45% of employers have raised pay rates in order to stay competitive attracting and retaining talent. ^[1]
36% of employers offered more flexible work arrangements in order to stay competitive attracting and retaining talent. ^[1]
58% of business leaders said their technology offerings are a factor in candidates’ decisions to work for them and 51% said outdated technology hampers their ability to compete for talent. ^[1]
61% of U.S. adults look for career development opportunities when considering employment opportunities. ^[1]
Development opportunities were a top attraction for 23% of Gen Z vs. 17% of millennials at the same age in 2013. ^[1]
51% of employees would quit their job if training was not offered. ^[1]
More than 80% of employees would quit their jobs for better development opportunities. ^[1]
Offering career training and development would keep 86% of millennials from leaving their current position. ^[1]
If a job lacks growth opportunities and avenues for leadership development, 67% of millennials would leave that position. ^[1]
Money is the number one motivator for 67% of job seekers and employees looking elsewhere for career opportunities 43% of employees said they would leave their current jobs for another that paid better. ^[1]
Half of employees would sacrifice their salary, as much as 29% of it, to work a job they enjoy. ^[1]
79% of employees would not accept a job with a higher salary from a company that failed to act in response to a report of sexual harassment. ^[1]
76% of employees wouldn’t join a company offering a higher salary that sells users’ data without users’ knowledge. ^[1]
58% of managers extend counteroffers to workers who say they’re leaving; these workers, on average, leave in less than two years later. ^[1]
42% of adults said they’d jump ship for a flexible work option 70% of millennials have considered leaving a job for another boasting flexible work options, but just 50% of older workers have felt the same pull. ^[1]
Almost 80% of millennials said they would be more loyal to an employer offering flexible work options, while just over 70% of older workers said they same. ^[1]
75% of employees reported they’re more likely to stay with their employer because of their benefit program. ^[1]
One in three millennial workers, and 27% of other employees, has turned down a job offer due to insufficient or lackluster health insurance. ^[1]
Health coverage is the reason 56% of employees remain on their current job. ^[1]
68% of employers believe health benefit plans affect their reputations and can raise employee morale and satisfaction. ^[1]
If offered financial programs at work, 89% of Gen Xers would participate in them. ^[1]
68% of employees did not choose salary as the most important factor to inform their decisions to take or reject job opportunities. ^[1]
Reasons employees value their work and are loyal to their employer include the work they perform (55%), salary (50%) and immediate supervisor (39%). ^[1]
Almost 40% of employees chose interests and passion as the most important factor that informs their decisions to take or reject job opportunities. ^[1]
45% of employees said they consider a prospective company’s work life balance a crucial factor when researching a job. ^[1]
Baby Boomers are most likely to be satisfied in their current role (48%) and least likely to consider leaving (77%). ^[1]
75% of Gen Z college grads are more likely to work for a company that offers opportunities to work abroad. ^[1]
24% of Gen Xers say the desire for financial stability motivates them to stay in a job. ^[1]
12% of businesses are happy with current levels of employee engagement. ^[1]
55% of businesses think that stronger engagement would improve their ability to either retain, recruit or carry out succession planning. ^[1]
Workers who have a good work life balance are 10% more likely to stay at their companies than those who don’t. ^[1]
45% of employees said they are very or extremely satisfied with their work. ^[1]
46% of millennial fathers feel resentful about their employer’s approach to work. ^[1]
37% of parents said that changing company culture to make work life balance more acceptable should be a priority for employers. ^[1]
, 20% are “disappointed,” 13% are “happy,” 3% are “angry.”. ^[1]
42% of employed cancer patients and survivors feel they need to stay at their current workplace because they need health insurance. ^[1]
35% of employed cancer patients and survivors are afraid to change their work status because it would limit their health insurance options. ^[1]
53% of employees said that financial planning programs are important for increasing loyalty 53% of employees would like their employers to offer tools that provide suggestions on how they can improve their financial situation. ^[1]
60% of employees said they would be more loyal to a company that helped cover prenatal care, family planning and abortion care. ^[1]
45% of job seekers said it’s become harder to find a job this year, despite low unemployment numbers. ^[1]
say pensions incentivize public workers to have long public service careers, while 94% say offering a pension is a good tool for attracting and retaining employees. ^[1]
89% of state and local employees plan to stay with their current employer until they are eligible for retirement or can no longer work. ^[1]
58% of state and local employees say that switching them out of a pension into an individual retirement plan would make them more likely to leave their job. ^[1]
92% of state and local employees say eliminating pensions for the public workforce will weaken governments’ ability to attract and retain qualified workers. ^[1]
74% of Millennial state and local employees say a pension benefit is a major reason they chose a public sector job, while 85% say they plan to stay with their current employer until they are eligible for retirement or can no longer work. ^[1]
85% of Millennial state and local employees say they plan to stay with their current employer until they are eligible for retirement or can no longer work. ^[1]
84% of Millennial state and local employees say a pension benefit is a major reason why they stay in their jobs. ^[1]
74% of Millennial state and local employees say they will stay in their job as long as possible to ensure financial security in retirement. ^[1]
74% of Millennial state and local employees say a pension benefit is a major reason they chose a public sector job. ^[1]
29% of workers say their pay didn’t meet their needs when they worked their ideal schedule, 52% said their pay did meet their needs and. ^[1]
19% said their pay exceeded their needs 25% of women and 34% of men are salaried. ^[1]
13% of workers say they’re paid an hourly wage but are not paid for hours worked outside their schedules. ^[1]
The typical “costof living” increase accounted for 26% of workers who reported getting a raise. ^[1]
Women were more likely to report no change in pay with 53% reporting no raise compared with 47% of men. ^[1]
13% of women found a better paying job compared to 10% of men 49% of professionals feel they are paid fairly at their jobs. ^[1]
The portion of compensation subject to performance rises from 5% for low level workers to 25% for executives. ^[1]
26% of employers indicated higher healthcare costs were a primary factor for keeping salary increases in check. ^[1]
41% of employees said a higher salary would improve their job satisfaction. ^[1]
25% of workers say they are very well paid and. ^[1]
48% say they are somewhat well paid 55% of full time employees rank fair compensation as the first or second most valuable employer attribute, closely followed by fair treatment (54%) and ethical standards (38%). ^[1]
Money is a major pain point for 80% of workers. ^[1]
About 50% of female workers and 35% of male workers said not earning enough money is the top reason they’re unhappy with their employers. ^[1]
37% of workers said they aren’t comfortable discussing pay with managers. ^[1]
About 30% of workers said they must turn to credit cards to pay unexpected expenses, and 11% must borrow from relatives. ^[1]
Employees are willing to take a 13% reduction in pay in order to receive daily versus weekly pay. ^[1]
Nearly half of employees have expressed concerns that their current pay did not line up with that of other employees in similar roles 46% of professionals feel they are underpaid at their jobs. ^[1]
5% of professionals feel they are overpaid at their jobs. ^[1]
90% of employees would forgo 23% of their earnings – an average of $21,000 a year – for more meaningful work. ^[1]
When measured by total earnings across the most recent 15 years for all workers who worked in at least one year, women workers’ earnings were 49% of men’s earnings. ^[1]
71% of employees won’t tolerate companies paying women and minority employees less than others for doing the same job. ^[1]
About 70% of HR managers and senior execs expect employee pay raises to stay at 3% or less on average. ^[1]
More than 40% of employers gave raises of 10% or more for some jobs within their organization. ^[1]
More than 60% of employers plan to raise wages in 2019, with 70% saying increase will range from .5% to 3%. ^[1]
Nearly 60% of Americans would take a job they love over a job they hate, even if the preferred position paid half the amount of salary they would earn at the job they dislike. ^[1]
Cities with the most workers who feel underpaid San Diego (62%), Austin (54%), Houston (53%), Nashville (53%) and Philadelphia (52%). ^[1]
Cities with the fewest professionals who report being underpaid Miami (33%), Dallas (37%), New York (37%), Los Angeles (39%). ^[1]
52% of workers ages 55 and older think they are compensated fairly, 44% ages 1834 and 51% ages 35 54 feel the same. ^[1]
31% of U.S. employees don’t believe their employers pay fairly when factoring in age or race, and 48% believe men are paid more than women. ^[1]
49% of women were more apt to feel underpaid compared to men (44%). ^[1]
Men are paid 18% less when they’re viewed as warm, agreeable, caring and sympathetic. ^[1]
Men are more likely to leave for being underpaid compared to women (39% vs. 33%). ^[1]
Employees with a bachelors degree or higher, as well as those earning more than $100,000 per year were most likely to say they’re being paid fairly (50% and 57%). ^[1]
U.S. employers project to give exempt, non management employees average pay increases of 3.1% in 2019, compared to 3% in 2018. ^[1]
Average merit salary increases aren’t expected to reach beyond 2.9% in 2019. ^[1]
The average total budget increase, including merit and promotional budgets, is expected to be 3.4%. ^[1]
78% of organizations are concerned with talent retention, 73% with talent attraction and just over half a need to pay for performance. ^[1]
Workers’ wages, in relation to inflation, dropped by 1.8%. ^[1]
With the rapidly rising Consumer Price Index, U.S. workers earned 1.4% less this year than they did in 2017. ^[1]
About half of employers have a separate budget for promotional increase, which rings in at an average of 1.2% of payroll, with an average promotion salary increase at 7.8% of base pay. ^[1]
88% of employers use performance as a driver of base salary adjustments A little less than half of employees would accept a smaller salary to work for an environmentally friendly and socially responsible employer. ^[1]
More than 10% of employees would take a salary decrease of $5,000 $10,000 each year and 3% would accept a decrease of more than $10,000 to work at an environmentally friendly and socially responsible employer. ^[1]
52% of organizations reported a need to deliver “pay for performance”. ^[1]
Nonexempt hourly employees can expect larger pay increases next year with 3% in 2019 vs. 2.9% in 2018. ^[1]
Only 3% of companies plan to freeze salaries next year. ^[1]
Pay raises have hovered around 3% for the past decade, with 2008 showing the last significant increase in pay at 3.8%. ^[1]
Star performers receive the highest possible ratings and were granted an average increase of 4.6% in 2018, 70% higher than the 2.7% increase granted to those receiving an average rating. ^[1]
U.S. workers’ wages grew on average 3% over last year, an increase of $0.80 per hour, raising the average hourly wage to $27.46. ^[1]
Wage growth for newcomers to the workforce dipped by .1%, while wages increased by 4.5% for workers age 55 and older. ^[1]
Job switchers age 55 and older are seeing higher wages, up 6.3% 1.5% higher than workers ages 35 to 54 Wages for fulltime workers who switched jobs grew by 4.9% on average yearover. ^[1]
Wage growth for job holders was 4.3% on average yearover. ^[1]
33% of organizations are offering higher salaries than they were last year. ^[1]
Base pay is expected to rise 3.0 percent in 2017, up slightly from 2.8 percent in 2016. ^[1]
Workers saw a 2.9% raise in base pay in 2017. ^[1]
76% of business leaders plan to raise wages. ^[1]
48% of employers reported plans for increasing wages in 2018 compared to 58% in 2017. ^[1]
In 2018, workers are projected to see a 3% increase in base pay 51% of senior managers said they expect year end bonus levels to be at least somewhat higher than 2016. ^[1]
Employers plan to spend only 12.5% of payroll on bonuses, the lowest increase since 2010. ^[1]
70% of decision makers say they plan to offer bonuses in 2017. ^[1]
19% of U.S. workers are satisfied with their current salaries. ^[1]
US businesses are planning to boost pay by around 3% on average in 2017, the same as 2016. ^[1]
Workers’ wages on average rose only 2% in 2016. ^[1]
59% of employers say they do not plan to make any changes to their executive compensation strategies. ^[1]
99% of employers plan to give annual wage increases, averaging 3.0%; executives can expect increases averaging 3.1%. ^[1]
The average 2017 total salary increase budget is 3.0%, the same as it has been for the past 3 years. ^[1]
Base salary increases are being awarded to 89% of employees in 2017 18.6% of companies plan to award merit increases of up to 2.5% in 2017; 45.1% plan on 2.51% to 5%; 2.1% plan on 5.01% to 10%; 1.6% plan on 10%. ^[1]
Nearly two thirds of workers are accepting a promotion without an increase in pay 39% of HR managers said promoting employees without a raise is common in their organization. ^[1]
72% of men and 55% of women said they’re receptive to a promotion without a pay increase. ^[1]
said they’ll take a new title without a pay hike, compared to 61% of workers ages 35 54 and 53% of those 55+. ^[1]
Promotional increases were awarded to 7.9% of employees in 2016. ^[1]
Of the promotional increases received, the size of the average pay was 8.4%. ^[1]
29.2% of employers did not award merit increases in 2016. ^[1]
49.2% of employers did not offer general increases in 2017 86.9% of employers did not reward employees who failed to meet the requirements of their jobs in 2016, and 57.2% didn’t reward employees needing improvement. ^[1]
Exempt workers will receive 4.5% on average, or 73% more than the 2.6% raises average performers can expect in 2018; below average performers can expect increases of about 1.0%. ^[1]
53% of workers say they would prefer a salary increase over any other perk. ^[1]
78% of American workers are living paycheck to paycheck. ^[1]
16% of workers claim their jobs don’t offer them the opportunity to add money to their savings. ^[1]
38% of U.S. hourly workers who make $20 or less per hour say they’re struggling to make ends meet. ^[1]
37.3% of employees say it would be very difficult to meet their current financial obligations if their next paycheck were delayed for a week, while 33.78% say it would be somewhat difficult. ^[1]
59.66% of employees say they are very certain. ^[1]
their payroll withholding and net amount of their paycheck are correct each payday, while 27.38% are somewhat certain. ^[1]
The probability of employees being able to save increases by 2% for every additional dollar earned, up to a wage of $20/hr 57% of workers report they are very or somewhat stressed about their financial situation. ^[1]
59% of employees worry about their future financial state 48% of middle income earners worry about their household’s financial situation at least once a week. ^[1]
37% of employees said they felt “not very” or “not at all” financially secure. ^[1]
50% of global workers often worry about their future financial state, and two thirds said they felt their future financial state would be worse off relative to that of their parents’ generation. ^[1]
71% of workers have accepted a job when they knew their skill set and experience were worth more than what they were getting paid. ^[1]
77% of executives say that wages are the most important job factor for employees, beating out health insurance by nearly 28% 10% of workers earning $100,000 or more live paycheck to paycheck. ^[1]
36% of employees say that “appreciation is best demonstrated with money”. ^[1]
44% of workers said they would leave their current job for one that pays more. ^[1]
81% of employees would consider leaving their current role for the right offer 60% of current undergrads expect jobs to start at $60,000 annually; 10% expect starting salaries of $100,000 a year. ^[1]
54% of college seniors said they expect $50,000+, a 12% increase from 2016; on average, entry level employees can expect to earn approximately $45,361. ^[1]
40% of people aware of the pay gap still underestimate its magnitude. ^[1]
Racism, sexism or both do not affect today’s workplace according to 70% of people who are not black, yet 64% of black women say they’ve faced those forces at some point during their careers. ^[1]
44% of men expect to eventually make $100,000, compared to 20% of women. ^[1]
61% of professional recruiters believe men earn more than women for the same jobs. ^[1]
Men are offered higher salaries than women for the same work 63% of the time. ^[1]
Companies pay women on average 4% to as much at 45% less than men in the same jobs. ^[1]
54% of women found out they were being paid less than a male peer in the same role, compared to 19% of men who learned they were paid less than a colleague. ^[1]
Women in education technology received 10% less than men doing similar work, and women in the health and finance industries were paid 7% less than their male peers. ^[1]
The wage gap between men and women was 8% in the San Francisco Bay area and 11% in Seattle, which had the highest gender gap 60% of women feel underpaid. ^[1]
45% of workers said they rarely or never get the money they deserve. ^[1]
About 50% of employees said they wouldn’t accept $125 in exchange for telling five of their peers what they earn. ^[1]
89% of employees said they believe that if they ask coworkers about their salaries, they will get asked about theirs. ^[1]
45% of U.S. workers know their colleagues’ pay rates, and 46% admit they shared or talked about their wages with colleagues Less than 19% of U.S. workers are comfortable talking about compensation with their managers or supervisors. ^[1]
When asked what their top priority would be if they became boss, 27% of Gen Z said they would increase employee pay while 35% of Gen Z and 32% of Millennials said they were likely share pay information with coworkers. ^[1]
23% of female workers don’t feel like they are paid fairly compared to their counterparts. ^[1]
40% of employees have discussed salary with a coworker before, and 49% of female workers would leave a job if they learned a male counterpart was making 25% more. ^[1]
25% of workers felt they were adequately paid. ^[1]
Women working full time, on average, make 79 cents to the man’s dollar 55% of professionals tried negotiating a higher salary with their last job offer, a 16 point increase from 2018. ^[1]
68% of male employees tried negotiating pay, compared to 45% of women. ^[1]
65% of professionals ages 1834 asked for higher salaries versus 55% of those ages 35 54 and 38% of those 55+. ^[1]
70% of senior managers expected some back and forth negotiating from candidates. ^[1]
Men (56%) are more comfortable negotiating salary than women (38%). ^[1]
Women candidates who declined to discuss their past pay history were paid 1.8% less than women who did. ^[1]
Men candidates who declined to discuss their past earnings were paid 1.2% higher than men who did. ^[1]
The median annual income of women age 65 and older is 42% lower than men More than 21% of men were dissatisfied with their earnings, compared with 16% of women 53.1% of women and 52.9% of men plan to ask for a raise. ^[1]
60% of workers said they want a raise simply because they feel their performance merits one. ^[1]
63% of top performing companies don’t plan to conduct audits of their pay practices to look for ethnicity and gender gaps. ^[1]
82% of employers said there should be transparency of pay in the U.S. ^[1]
80% of women agree they would switch employers if they felt another company had greater gender equality. ^[1]
Women of color are 19% less likely to receive a raise than white men and men of color are 25% less likely. ^[1]
70% of workers received a wage increase with 39% receiving the amount they asked for and 31% receiving less. ^[1]
The most common justification for not granting workers a raise was budget restraints (49%). ^[1]
57% of employees who believed the rationale they were given when not getting a raise and 42% of employees who did receive the raise they requested were planning to leave their job. ^[1]
Indeed) 44% of workers said their employers could improve their happiness by awarding a pay raise of 25%, and 33% said their happiness would improve with a 10% raise. ^[1]
46% of Millennials have asked for a raise in the last two years. ^[1]
80% of Millennials who asked for a raise got one. ^[1]
51% of workers have not asked for a raise 41% of women never ask their current employers for a raise. ^[1]
Employers deny women a raise more often than men, at 42% versus 33%. ^[1]
Older working women with college degrees are twice as likely as collegeeducated men to be in low paying jobs (22% vs 11%). ^[1]
For pay negotiations, 41.5% of workers said their company told them what they would make 4.4% of workers reported they were offered a pay rate higher than what they’d asked for. ^[1]
14.6% of candidates provided a salary range and the employer offered them a salary within that range. ^[1]
15.3% of workers said their final salary offer was less than what they requested. ^[1]
21% of workers said they don’t negotiate after receiving a job offer. ^[1]
39% of job finalists tried to negotiate a higher salary than the one offered. ^[1]
Employers said they were more comfortable negotiating a higher salary with a new employer (54%) than they were asking for a raise in their current job (49%). ^[1]
56% of workers said they don’t negotiate pay. ^[1]
51% of workers don’t negotiate pay because they are uncomfortable asking for more money; 47% fear the employer will rescind the job offer if they do so; and 36% don’t want to appear greedy. ^[1]
45% of workers age 35+ typically negotiate the first offer, which is higher than workers. ^[1]
47% of men say they negotiate first offers vs. 42% of women. ^[1]
29% of job seekers negotiated their salary at their current or most recent job. ^[1]
71% of workers don’t ask for more money in their current or most recent jobs. ^[1]
84% of workers who negotiate a higher wage are successful 39% of managers said asking for a 5% raise is asking for too much money Employees earn a 5.2% pay increase on average when changing jobs. ^[1]
A 10% increase in base pay increases the odds an employee will stay at the company by 1.5 percent. ^[1]
60% of hiring managers report job seekers are asking for more money compared to six months ago. ^[1]
In healthcare, this rises to 66% 72% of candidates want to hear about salary range during job interviews. ^[1]
97% of employees want to be recognized and rewarded for contributions beyond the organization’s financial results and activity metrics. ^[1]
44% of workers felt skilled employees were unrecognized for their work. ^[1]
Almost all HR certifications lead to a pay raise of some sort, with increases ranging from 2.9% to 28%. ^[1]
60% of organizations said they’re very concerned about worker retention in 2018, but 73% expect wage increases to remain at or under 3% as they were in 2017. ^[1]
67% of managers think employees are fairly paid, while only 21% of employees think their pay is adequate. ^[1]
Minimum wage violations are causing affected workers to lose out on an estimated $15 billion in wages. ^[1]
41% of the wages states order employers to pay workers aren’t recovered. ^[1]
One of the most common recruiting methods is offering competitive salaries (43%). ^[1]
75% of executives believe that in the next decade, in order to recruit and retain talent, compensation alone will not be enough. ^[1]
71% of employers raised salaries in 2017; 43% did so by more than 3%. ^[1]
62% of managers boosted a salary offer to woo a specific candidate. ^[1]
48% of hiring decision makers note salary and compensation is the most influential factor for a candidate decision on where to work. ^[1]
45% of hiring decision makers note that salary is the top reason for employees changing jobs. ^[1]
77% of Millennials would be willing to take a salary cut in exchange for long term job security. ^[1]
90% of millennials would choose to stay in a job for the next 10 years if they knew they’d get annual raises and upward career mobility. ^[1]
58% of workers say they’d start a job with a lower salary if that meant working for a great boss. ^[1]
90% of workers would prefer bonuses or extra time off rather than the company sponsored event 61% of employers are planning on presenting workers with holiday bonuses. ^[1]
36% of millennial workers plan to take a pay cut to work fewer hours. ^[1]
71% of workers say the ability to provide for themselves and their families is what motivates them to do their job, followed by money (63%), and the ability to make a difference (38%). ^[1]
Millennials’ annual hourly earnings are growing at a rate nearly double the national rate (5.8% vs 3%). ^[1]
Among IT professionals who plan to leave, 75% are looking for a higher salary Black men’s average hourly earnings were 80% of that of white men’s in 1979. ^[1]
By 2016, the pay gap widened to 70% on the dollar. ^[1]
54% of employees have had a paycheck problem while being paid. ^[1]
29% of hourly and 41% of salaried workers are completely satisfied with pay. ^[1]
Salaried workers (65%) are more satisfied than hourly workers (50%). ^[1]
Salaried workers (45%) are more satisfied with opportunities for promotion than hourly workers (35%) Salaried workers (55%) are more satisfied with recognition for accomplishments at work than hourly workers (46%). ^[1]
15% of salaried workers have been shortchanged on a paycheck; 16% reported being paid late; 23% said they have been paid early 80% of companies are paying salespeople inaccurate commission rates. ^[1]
18% of employers don’t report commission results to salespeople; 47% are slow to process commission payments, sometimes taking four or more weeks. ^[1]
The annual media base pay in the U.S. grew only .9% year over year in January 2018 to $51,364. ^[1]
66% of employees said they’d rather receive two tickets to a concert of their choice than three times the value of those tickets paid into their paycheck over the course of a year; 34% of employees chose the money. ^[1]
35% of employees chose a small token gift like cake, ice cream or chocolate, while 65% chose receiving 10 times its monetary value in additional salary. ^[1]
The industry with the biggest wage gain was medical technology, in which the median salary rose 4.1% to $54,747. ^[1]
The median salary for H 1B visa holders is higher than the median wage for U.S. workers in similar jobs, who earned a median wage of $75,036 in 2016 44% of CIOs say salary demands is the top barrier to securing the best IT job candidates. ^[1]
79% of professionals found a heavy workload to be less stressful than not having enough work to do, and 74% would prefer a heavier workload and more pay to less work and less pay. ^[1]
a 3% ROE advantage 22% of state and local employees say their salaries are very competitive, and 80% say they could earn a higher salary in the private sector. ^[1]
27% of state and local employees say their total compensation is very competitive, but only 19% say it would be competitive if their compensation lacked a pension. ^[1]
80% of Millennial state and local employees say they could earn a higher salary in the private sector. ^[1]
24% of state and local employees are very satisfied with their salary and another 38% are somewhat satisfied. ^[1]
27% of Millennial state and local employees say a compensation package without a pension is very competitive. ^[1]
58% of organizations report offering general wellness programs in 2019. ^[1]
31% of organizations offered onsite health screening programs in 2019. ^[1]
13% of employers offered onsite stress management programs in 2019, 11% offered meditation/mindfulness/contemplative programs designed to help employees manage stress, and 13% offered onsite massage therapy. ^[1]
In 2019, 20% of organizations offered one health care plan, while 79% offered two or more types of health care plans. ^[1]
98% of organizations that employ fewer than 100 people provided a health care plan to employees. ^[1]
In 2019, 39% of organizations provided an employer contribution to HSAs. ^[1]
The percentage of organizations offering HRAs remained steady at about 20% over the past five years. ^[1]
83% of employers share the cost of health insurance premiums with employees. ^[1]
58% of organizations offer wellness programs. ^[1]
56% of organizations offer Health Savings Accounts. ^[1]
34% of employees feel “extremely satisfied” with the benefit options their employers offer, up from just 22% in 2012. ^[1]
Employers have cited employee engagement strategies including intranets and newsletters (78%), events and meetings (67%), and contributions to FSAs/HSAs/HRAs (65%). ^[1]
54% of employers have cited using employee engagement incentives like reduced insurance premiums, cash and gifts. ^[1]
68% of employers believe their employees have enough options available to help them meet their health care financial obligations, down from 73% last year. ^[1]
67% of millennials, 62% of gen x and 61% of baby boomers believe their employer’s benefit plans are competitive with those offered by other organizations. ^[1]
70% of millennials, 71% of gen x and 75% of baby boomers say they review their benefit elections every year and make changes if needed. ^[1]
Employee burnout is costly, as burnout is estimated to be attributed to 120,000 deaths per year and $190 billion in healthcare spending. ^[1]
28% of employers cited cost as an obstacle to offering health insurance. ^[1]
1% of employers currently offering health insurance said they won’t be providing it in two. ^[1]
39% of employers anticipate health insurance quality improving in the next one to three years. ^[1]
39% of employees have a full understanding of their health insurance policy. ^[1]
their medical bills 62% of employees said their employer does not act as a resource for healthcare. ^[1]
75% of Gen S and 85% of baby boomers say they have a good understanding of employer benefit and savings plans and the role those plans play in their overall financial well. ^[1]
67% of employees report that their employers offered health insurance in 2017, up from 63% in 2013. ^[1]
80% of “best in class” employers offer health insurance. ^[1]
71% of adults with employer provided coverage are satisfied with their current health insurance plan, while 19% are dissatisfied and 9% say they have neither favorable nor unfavorable opinions. ^[1]
52% of adults with employer provided coverage say their premiums and deductibles are reasonable, while 41% say their premiums are unreasonable and 36% say their deductibles are unreasonable. ^[1]
71% of Americans are satisfied with their current employer sponsored health plan. ^[1]
56% of Americans said their health plan is the reason they’ve stayed at their current job. ^[1]
71% of Americans worry that healthcare costs will continue to increase. ^[1]
46% of Americans said their health plan was either a deciding factor, or a positive influence, in the decision to take their current job. ^[1]
About 27% of workers said they would like overall support for their mental health 91% of Gen Z and 85% of Millennial employees say employers should have a mental health work policy in place. ^[1]
77% of Gen Z and 78% of Millennial employees say discussing mental health openly at work is important to them. ^[1]
About 25% of workers want resources to help them sleep better and be more resilient, and another two in five want assistance with burnout on the job. ^[1]
59% of employees reported high levels of wellbeing when their employers provided access to health enabling communities compared to those without such communities (28%). ^[1]
Since 2016, the amount of employers that use health related mobile apps rose 46%. ^[1]
About 75% of employers reported health related mobile apps assisted the increase in worker participation. ^[1]
The amount of organizations reporting their well being programs included the use of fitness or activity devices rose by almost 40%. ^[1]
37% of those 64 years old and under are connected to their plan on social media vs 7% of Medicare enrollees; of those who are connected, 65% of Medicare enrollees and 78% of the younger respondents say the connections are helpful. ^[1]
41% of employees feel the open enrollment process at their company is extremely confusing. ^[1]
73% of employees feel confident about health insurance details like deductible size, but only 53% know their outof pocket maximums and just 47% know their employer’s contributions. ^[1]
85% of employees feel more engaged in their health care decisions 63% of employees are not willing to spend at least an hour a day on health. ^[1]
Just 6% of employees can successfully define four basic health insurance concepts plan premium, deductible, coinsurance and outof. ^[1]
they feel pressured not to use (8%). ^[1]
38% of full time employees don’t have a health insurance plan through their employer. ^[1]
25% of employees lack health coverage 44% of millennials name health insurance as the most important benefit they receive. ^[1]
Employees now pay for about 43% of health care expenses. ^[1]
62% of employers offer health care services such as diagnosis, treatment or prescriptions provided by phone or video, which is up 28% from last year. ^[1]
3% of large self insured employers contract directly with an accountable care organization for healthcare services. ^[1]
From 2016 to 2017, health care costs increased for 79% of organizations, with an 11% increase on average. ^[1]
38% of workers would pay more each month for a better healthcare plan, and 46% would be willing to spend more money for lower, more predictable healthcare costs. ^[1]
76% of employers are concerned about healthcare affordability, and 86% of that are trying to reduce costs. ^[1]
97% of organizations are very or somewhat concerned about controlling healthcare costs. ^[1]
Of that $25,826, employers pay $14,793, or 57% a 4% decrease from 2001. ^[1]
Healthcare costs for active workers doubled from 2001 to 2015, from 5.7% to 11.5%. ^[1]
Healthcare expenses are expected to rise by 5.5% in 2018, up from a 4.6% increase in 2017. ^[1]
Healthcare is costly across all industries, spanning from 10.4% of pay in the retail industry to 12.7% of pay in the oil, gas and electric industry. ^[1]
Healthcare costs for active employees more than doubled, rising from 5.7% in 2001 to 11.5% of pay in 2015. ^[1]
The average health care rate increase for midsize and large companies was 3.9% in 2017; the average healthcare cost increases for midsize and large companies will be 4.% after plan design changes and vendor negotiations in 2018. ^[1]
The employee share of total costs rose 5% from $3,378 to $3,550, while the employer’s share rose less than 1%, from $6,350 to $6,401 on employer sponsored health plans. ^[1]
12.8% of all plans are selffunded, up from 12.5% in 2016, while 60.9% of all large employer plans are self. ^[1]
The average deductible for employer sponsored health plans increased by 13% in 2016. ^[1]
63% of employees with employersponsored insurance say they are concerned this open enrollment season about their plans’ outof pocket medical costs increasing in 2018. ^[1]
Premium renewal rates for employer sponsored health insurance rose an average of 6.6%. ^[1]
Average employee premiums for family coverage rose 3%, up to $1,272 from $1,236. ^[1]
Annual employer sponsored health insurance premiums for family coverage rose by an average of 3% this year to $18,764. ^[1]
While premium increases slowed, employee contributions (32%) have been growing faster than employers’ (14%). ^[1]
The average premium for single coverage increased by 4% to an annual total cost of $6,690. ^[1]
50% of firms with fewer than 50 employees provide coverage, down from 59% in 2012. ^[1]
Of the small firms that don’t offer health coverage, 44% cite the reason as the high cost, and 17% cited their small size as the cause. ^[1]
Average outof pocket costs for employees are projected to be $2,570, 17% of the total health care cost. ^[1]
More employers are offering supplemental health coverage, up 20% since 2015, to help workers pay for expenses not covered by their HDHP. ^[1]
28% of employees with health insurance through work facing an outof pocket expense of $5,000 or more would use their personal savings to pay rather than other means, including an HSA (8%) or supplemental group insurance (7%). ^[1]
Increases in employee contributions to the cost of premiums (48%) and higher cost sharing through plan design changes (48%). ^[1]
Some of the tactics employers expect to adopt to help control costs by 2019 include cost transparency tools (24%) and healthcare decision support (19%). ^[1]
34% of companies now offer healthcare coverage to part. ^[1]
Among employers with 50 or more workers, about 17% offer comprehensive health promotion programs. ^[1]
90% of employees described their organization’s well being program as one of the top perks of employment. ^[1]
19% of Baby Boomers want a gym membership or onsite fitness center compared to 22% of Gen X and 23% of Millennials 19% of Baby Boomers want fitness or healthy lifestyle incentives. ^[1]
36% of employees want a gym membership or onsite fitness center, 18% want fitness goal incentives, 14% want health coaching, 28% want onsite healthy snacks. ^[1]
26% of U.S. workers favored incentives that reward healthy behavior, while 22% said the same of programs with fitness facilities (23%). ^[1]
42% of employees said their employer offered a health and wellness program. ^[1]
41% of employees would take a 10% pay cut for a company that cared more about employee wellness 20% of companies don’t offer health and wellness programs. ^[1]
66% of HR managers say their organization’s health and wellness offerings have increased in the past five years. ^[1]
89% of employees think their organizations support their health and wellness goals. ^[1]
Substance use disorders concern 84% of employers and. ^[1]
nearly 90% of employers say they plan to address the stigma of mental health. ^[1]
35% of employees said employers would spend more on wellness programs in 2018, while just 15% stated they would decrease spending 31% of employees take part in employer sponsored wellness programs. ^[1]
38% of employees said they’re less than financially well, including 44% of those in the survey under age 40. ^[1]
53% of employees said they had skipped important healthcare needs in order to save money. ^[1]
26% of employees at companies offering 78 health and wellness program categories strongly felt their employer takes a genuine interest in their wellbeing, compared with only 3% of employees whose employer offered 1. ^[1]
35% of employees at companies offering 78 health and wellness program categories said they were extremely likely to recommend their employer, compared to 14% of employees at companies offering 1. ^[1]
35% of employees frequently participating in wellness programs believed their employer promotes positive relationships among colleagues, yet only 23% of employees who don’t participate felt that way. ^[1]
29% of employees who frequently participate in health and wellness programs believe they are much better than coworkers at meeting or exceeding job requirements and deadlines, compared with. ^[1]
44% of professionals said they eat healthier when they work from home. ^[1]
SMBs are contributing nearly 25% more than legally required to their employees’ monthly premiums, covering on average 73% of the total cost. ^[1]
Employees in high deductible health plans grew by more than 60%, from roughly 50% in 2017 to 81% in 2018. ^[1]
HDHPs are most prevalent in the Midwest, where 70% of employers offer them alongside traditional health plans, up from 46% in 2016. ^[1]
The average employer HAS contribution has increased 10% year over year. ^[1]
Employees who select HDHPs earn 17% more than employees who choose preferred provider organization plans 29% of all insured employees were enrolled in HDHPs in 2016; up 9% since 2014. ^[1]
20% more employers are offering at least one HDHP compared to 2016. ^[1]
70% of employers offer PPO plans; 67% offer FSAs; 59% offer HSAs; 53% offer HDHPs. ^[1]
14% of the U.S. population is enrolled in a CDHP and 14% is enrolled in an HDHP 50% of employees are not knowledgeable about HDHPs. ^[1]
The number of education industry employers offering HDHPs doubled to 44% over the past year 61% of manufacturers adopted HDHPs in 2017. ^[1]
43% of employees with HSAs did not contribute any of their own money to them. ^[1]
73% of employers are offering an HSA paired with a high deductible health plan. ^[1]
62% of employers are giving employees a head start by contributing seed money. ^[1]
83% of employers are expecting to offer HSAs associated with a high deductible health plan by 2019. ^[1]
Compared with Gen X and boomers, millennials were more likely to ask for a generic form of medicine (47%), manage healthcare expenses through a budget (35%) and check their plans to ensure coverage (57%). ^[1]
42% of employers are unsure of the prevalence of prescription drug addiction and substance abuse within their organizations. ^[1]
65% of HR departments said the opioid epidemic has had some financial impact on their companies 59% of employees report that their employers offered dental insurance in 2017, up from 54% in 2013. ^[1]
99% of organizations offer dental plans 82% of employees cite dental insurance as a very important employee benefit; 54% consider it a “must. ^[1]
54% of employees say they’d like their employer to provide a list of local innetwork dentists, and 34% would appreciate ratings or rankings of in. ^[1]
22% of employers offer a health savings account in 2017. ^[1]
Employers are increasingly offering health savings accounts , which increased by 125% from 2016. ^[1]
25% of small employers and 61% of large employers offered an HSA eligible health plan in 2016. ^[1]
By 2019, 34% of employers with 10499 employees and 72% of employers with 500+ employees said they would be very likely to offer an HSA. ^[1]
The average peremployee cost of HSA eligible plans is 13% less than that of a traditional PPO. ^[1]
55% of organizations offered HSAs in 2017, and 36% provided an employer contribution to the HSA 53% of large employers offer HSA plans, 6% position it as a full replacement for traditional medical coverage. ^[1]
47% of employers said their employees weren’t aware of the tax advantages of HSAs, flexible spending accounts and similar savings vehicles. ^[1]
65% of employees have $1,000 or less to pay unexpected outof. ^[1]
29% of employers say they are now collaborating with outside organizations to find opportunities to reduce employee costs. ^[1]
58% of workers would not be able to cover unexpected outofpocket medical costs of $1,000 or more, and 31% would not be able to cover an unexpected outof pocket medical bill greater than $500. ^[1]
5% of the employer insured population generates 50% of healthcare costs, while 15% generates 80% of healthcare costs. ^[1]
84% of workers want help in getting disability insurance, compared with 71% of employers. ^[1]
Although high use of preventive services cost 39% more than low preventive use during a six year period, employers spend 86% less on major restorative services. ^[1]
49% of employees report that their employers offered vision insurance in 2017, up from 44% in 2013. ^[1]
34% of employees surveyed say they have disability insurance. ^[1]
Among employed Americans who do not have shortor long term disability insurance provided by their employer, 43% say the reason is because their employer does not offer it. ^[1]
50% of employees report that their employers offered life insurance in 2017, up from 47% in 2013. ^[1]
81% of workers want help getting life insurance, while just 68% of employers think they should provide that help. ^[1]
45% of employed Americans report not having voluntary group life insurance provided by their employer. ^[1]
45% of employed Americans claim to have voluntary group life insurance provided by their employer. ^[1]
45% of employees who do not have voluntary group life insurance provided by their employer say their employer doesn’t offer it. ^[1]
Among those who don’t have voluntary group insurance provided by their employer, only 9% said they had other obligations, and 14% did not see the value in it. ^[1]
83% of insurance brokers report that employers look to them to manage health care spending. ^[1]
81.9% of employees would feel comfortable asking their supervisor for time off for a physical medical issue, and just 16.9% would feel comfortable requesting time off for a mental health issue. ^[1]
74% of working adults say their manager does encourage them to take time off when they need to take care of their health and wellness 59% of employees had actually experienced a struggle with mental health in the workplace. ^[1]
49% of employees feared their supervisor would judge them or treat them differently for needing time off for therapy. ^[1]
96% of employers will use telehealth services. ^[1]
78% of employers currently use telemedicine consultations, with another 16% planning to or considering to by 2019. ^[1]
56% of employers plan to offer telehealth for behavioral health services. ^[1]
36% of large companies will offer high touch concierge services in 2018, up from 28% in 2017. ^[1]
The use of Accountable Care Organizations could increase 100% by 2020, and 54% of employers will provide onsite or near site health centers in 2018. ^[1]
66% of Culture of Health employers believe wellness programs foster employee productivity compared to 18% of their counterparts. ^[1]
61% of companies plan to increase their wellness budget over the next three years. ^[1]
95% of Culture of Health employers take advantage of these tools, just 55% of nonCoH companies do 99% of Culture of Health companies offer incentives, averaging $585 per year vs. 89% of non CoH companies offering an average incentive of $485 per year. ^[1]
Culture of Health employers believe their programs have made employees more confident in their health care navigation skills . ^[1]
39% of employers throughout the world are now offering wellness or well. ^[1]
The percentage of employers offering wellness programs rose to 66% over last year’s rate of 55%. ^[1]
78% of employers believe wellness programs have positively affected employees. ^[1]
56% of employers believe their wellness programs have encouraged employees to live a healthier lifestyle, but only 32% of employees agree 46% of employees say they would participate in health and wellness programs only if offered incentives. ^[1]
40% of workers said their employer offers a wellness program. ^[1]
62% of employers say they provide wellness programs, but only 40% of employees say their organizations offer them. ^[1]
70% of employers are investing in wellness programs. ^[1]
73% of employees say they are interested in wellness programs. ^[1]
18% of employers are looking to enhance wellness and preventative health programs. ^[1]
59% of employees say they exercise on a regular basis. ^[1]
22% of U.S. workers who regularly work out four or more days a week say they lost weight at their present job 41% of workers don’t work out regularly or at all, and 47% of this group say they gained weight at their current job. ^[1]
19% of this group don’t take advantage of them. ^[1]
44% of state and local employees are very satisfied with their work life balance and another 38% are somewhat satisfied. ^[1]
41% of employed Americans want a work environment where employees are encouraged to have a work. ^[1]
According to employers, the main goals of wellness programs are reducing health costs (60% of companies), investing in culture (43%), and improving employee experience and satisfaction (37%). ^[1]
Of those who missed work due to stress, 35% missed 35 days a month, 38% missed six days or more, and 14% stayed away for between 21. ^[1]
50% of all U.S. employees have experienced a mental health problem themselves or with a family member in the past year, yet employees waited an average of three weeks to see a service provider in their initial search for help. ^[1]
More than 76% of employees are confident their managers were properly trained on how to identify employees who may be having a mental health issue, while only 16% of HR professionals agreed. ^[1]
55% of employees said their employer didn’t have a specific mental health policy or program in place. ^[1]
72% of workers with mental health issues said their condition lowered their productivity. ^[1]
In mentally healthy organizations, 52% of employees enjoyed flexible work arrangements, 75% reported open door and relaxed work environments, and 69% were offered professional development opportunities. ^[1]
Two thirds of workers believe their job is having a significant impact on their mental and behavioral health 95% of employees want healthcare packages that include mental health. ^[1]
80% of employees believe employers have a responsibility to keep employees mentally and physically. ^[1]
40% of employees said their company or manager recognizing them was okay and nearly one if five said horrible. ^[1]
90% of workers say when they receive recognition it motivates them to work harder. ^[1]
23% of workers strongly agreed the recognition they receive is meaningful. ^[1]
58% of workers say their manager relationship would improve with more recognition 91% of workers strongly or somewhat agree recognizing their colleagues makes them feel happier at work. ^[1]
91% of workers strongly or somewhat agree a strong recognition culture makes a company attractive to work for. ^[1]
60% of employees believe that when they do a good job, people in their organization will recognize those contributions, versus 77% of employers. ^[1]
56% of organizations have a formal, written strategic plan for well being and report better outcomes on medical trends and health improvement than organizations that lack such plans. ^[1]
57% of people say that if their employer proactively supported their mental wellbeing, it would help them to feel more loyal, be more productive and take less time off work. ^[1]
50% of employees would most appreciate access to faceto face counseling to help support any mental health issues they are dealing with. ^[1]
23% of workers say they have access to a dedicated wellness room in their place of work. ^[1]
16% of employers were willing to not know the anticipated ROI, while 34% felt they could offer the benefit without knowing the ROI. ^[1]
71% of employers believe their culture focuses on improving overall well. ^[1]
47% of wellness programs address employees’ social health, compared to 37% in 2015; 68% address behavioral health, up from 65% in 2015. ^[1]
The most common wellness benefit is providing resources and information (71% of companies). ^[1]
73% of employees are interested in workplace wellness programs. ^[1]
The number of insurance plans that offer wellness incentives rose to 58% from 50% between 2016 and 2017 19% of employers offer gym/fitness membership. ^[1]
81% of employers believe their wellbeing initiatives meet their employees’ needs, while only 66% of employees agree 84% of employers plan to improve employees’ physical well being over the next three years, up from the current level of 27%. ^[1]
74% of businesses with holistic wellness programs said employee satisfaction increased. ^[1]
78% of the businesses say employee wellbeing is a critical part of their business plans. ^[1]
27% of employers are now offering healthy lifestyle and wellness incentives. ^[1]
66% of companies will offer medical decision support and second opinion services in 2018. ^[1]
18% of employers currently offer financial planning programs. ^[1]
84% of companies polled now include employee financial security in their wellness programs. ^[1]
84% of companies say they now have financial security programs — such as access to debt management tools or student loan counseling. ^[1]
83% of employers offer financial wellness programs, up from 20% two years earlier. ^[1]
14% of employers say they plan to offer financial wellness programs in the next one or two years. ^[1]
81% of employees say they prefer that financial wellness be offered as a bundled program rather than as stand. ^[1]
Only 7% of employees identify healthcare as an important building block of financial wellness, yet 53% have skipped or postponed at least one healthcare need to save money. ^[1]
23% of employers are planning to add a financial wellness program in 2018. ^[1]
44% of employers believe that a financial wellness program is becoming a “must have” benefit in order for them to be competitive. ^[1]
76% of millennials, 68% of gen x and 57% of baby boomers say they’ve used the services their employer provides to assist them with their personal finances. ^[1]
37% of employers expressed concern over the potential cost of implementing a financial wellness program. ^[1]
71% of companies expect to offer tools and resources to support emergency savings, debt management and budgeting 75% of employers offer wellness initiatives primarily to improve overall worker health and well. ^[1]
77% of organizations indicated their wellness program was somewhat or very effective in reducing healthcare costs. ^[1]
88% of organizations rated their wellness initiatives as somewhat or very effective in improving employees’ health 92% of workplaces offering wellness programs and tracking wellness ROI report their initiatives as very or somewhat successful. ^[1]
19% of organizations have added a smoking surcharge to the cost of health care premiums. ^[1]
22% of survey participants currently have mindfulness programs and 21% are thinking about introducing one in 2017. ^[1]
their pre exchange experience 61% of employees rank their health as more important than their wealth or career 47% of employees expect their workplace to become more focused on employee health in the next few years. ^[1]
57% of employers offer retirement investment advice. ^[1]
36% of employers offer non retirement financial advice. ^[1]
18% of organizations offer credit counseling services. ^[1]
Only 21% of employers offered a traditional defined benefit pension plan that was open to all employees in 2019. ^[1]
42% of employers automatically enroll new employees into a defined contribution retirement savings plan. ^[1]
93% of organizations offer traditional 401K plans, and 74% match employee 401K contributions at some level. ^[1]
66% of workers would like more help from employers in reaching their retirement goals, but only 52% of employers believe that to be the case. ^[1]
The most popular retirement benefit among older Americans is the traditional pension, collected by 56% of households 65 and older. ^[1]
69% say a firm’s pension scheme is an important factor when looking for a new job 47% of businesses believe that recent pension freedoms have led to employees being more engaged. ^[1]
Employees aged 50+ are almost twice as likely as those under 34 to be engaged in their pension (87% vs 48%). ^[1]
Workers on a higher wage (87%) are significantly more engaged in their pension than those on lower wages (33%). ^[1]
70% of employees of more than ten years are engaged with their pension. ^[1]
53% of workers ages 60+ say they are postponing retirement, with 57% of men putting retirement on hold compared to 48% of women. ^[1]
40% of workers don’t think they’ll be able to retire until 70 or older. ^[1]
36% of employers say their employees are only a little bit or not at all prepared for retirement once they reach retirement age. ^[1]
24% of employees do not know how much they will need to save for retirement, and women are much more likely to be unsure of how much to save than men (31% vs. 17%). ^[1]
20% of workers think they’ll need to save less than $500,000 in order to retire, 31% said $500,000 to less than $1 million, 14% said $1 million to less than $2 million, 5% said $2 million to less than $3 million, and. ^[1]
7% said $3 million or more 23% of workers ages 55+ and. ^[1]
40% of ages 18 34 said they don’t participate in a 401, IRA or other retirement plan. ^[1]
67% of workers in the South and 69% in the Midwest contribute to retirement accounts, compared to 73% in the Northeast and 71% in the West. ^[1]
66% of “best in class” employers offer 401plans. ^[1]
Employers’ 401k contributions rose to 4.7% of workers’ wages in 2016, up from 3.9% in 2015. ^[1]
70% of employers added Roth features to their 401k plans, up from 54% in 2014 86% of people want to retire at or before 65, but only 37% believe this to be an option. ^[1]
20% of people believe they will never be able to retire due to poor financial planning. ^[1]
68% of workers want comprehensive financial planning to help them plan for healthcare costs in retirement and figure out how much they need to save for their post. ^[1]
80% of defined contribution plan participants say they would be very or somewhat interested in an investment option that guarantees income for life when they retire. ^[1]
35% of workers that make under $25,000 a year were confident they would have a secure retirement. ^[1]
17% of American workers say they are very confident in their ability to live comfortably throughout retirement. ^[1]
68% of workers expect income from working to be either a major or a minor source of income in retirement, but. ^[1]
just 26% of retirees say that this income is a major or minor source. ^[1]
36% of workers expect Social Security to be a major source of retirement income, but 67% of retirees report that Social Security is a major source of income in retirement. ^[1]
46% of workers reported they were very or somewhat confident in Medicare this year, down from 52% in 2017, while 45% were very or somewhat confident in Social Security, down from 51% in 2017. ^[1]
81% of workers say they expect that a workplace retirement savings plan will be a major or minor source of income, but only 52% of retirees report that a savings plan is a significant source of income for them. ^[1]
76% of workers with a defined contribution plan are at least somewhat confident in their ability to live comfortably in retirement vs. 46% of those without a defined contribution plan. ^[1]
45% of employers said that they would relish their employees working into their eighties. ^[1]
50% of employees over 55 and 59% of those ages 18 34 believe their employers should be doing more to guarantee their financial stability in retirement. ^[1]
88% of employees say bosses should provide help saving for retirement, compared with 84% of employers 53% of employees reported they receive absolutely no advice on their retirement investments. ^[1]
57% of employees report that their employers offered a retirement savings plan in 2017, up from 53% in 2013. ^[1]
78% of employers want to improve their efforts to educate employees about retirement plans, with 64% planning to offer guidance on how to draw down balances after employees retire. ^[1]
15% of employer ay they are atified with their worker’ current aving rate in program uch a 401k. ^[1]
90% of men think their employer’s contribution to their retirement plan is good vs 77% of women. ^[1]
97% of auto enrolled employees don’t opt out of retirement programs. ^[1]
72% of employers believe that many of their employees expect to work past age 65 or do not plan to retire. ^[1]
63% of working adults say they plan to work past retirement age, but on a part time basis; 11% say they will work full time. ^[1]
70% of workers cite travel as a retirement dream, 57% want to spend more time with family and friends, while 50% are looking forward to hobbies. ^[1]
35% of employers measure the retirement readiness of their participants annually, and 88% only measure basic plan statistics. ^[1]
15% of pre retirees say their retirement savings are ahead of schedule, and 51% saying they’re behind schedule. ^[1]
39% of employers offer pre retirees flexible schedules, 31% enable them to shift from full time to part time, 27% allow them to take on positions that are less stressful or demanding. ^[1]
45% of those who are not saving for retirement say they either have no money left over or are actually behind on bills at the end of each month; 23% of savers say the same. ^[1]
42% of those who are not saving for retirement say keeping up with monthly expenses is a significant source of stress; 20% of savers agree. ^[1]
Employers with a metric tracking system had higher plan participation rates (63%) than those without (52%). ^[1]
Retirement plan participation has increased 19% in the past five years. ^[1]
47% of workers are confident they’ll have sufficient resources 25 years into retirement. ^[1]
57% of workers are confident they’ll have enough resources 15 years in retirement. ^[1]
50% for baby boomers 47% of Millennials are afraid they won’t be able to meet their families’ basic financial needs when they retire. ^[1]
76% of all workers are concerned that Social Security will not be there for them when they are ready to retire. ^[1]
79% of workers believe their generation will have a much harder time achieving financial security in retirement compared to their parents’ generation. ^[1]
30% of young workers sign themselves up for. ^[1]
401plans (over 50% of worers in their 30s, 40s, 50s, and early 60s voluntarily tae this step). ^[1]
18% of millennials are confident they will have a secure retirement. ^[1]
60% of Millennials would forgo some of their pay if it meant a more secure retirement. ^[1]
74% of consumers say an HSA is part of their retirement strategy. ^[1]
Millennial parents contribute a median of 10% of their annual income to their retirement savings vs. Gen X parents with a median of 8% and Baby Boomer parents. ^[1]
say they save more than 10% of their annual income. ^[1]
84% of employed parents say they’re currently contributing a percentage of their annual income to their retirement savings vs. 69% of nonparents. ^[1]
Parents are also more likely than nonparents to describe saving for retirement as a priority (60% vs. 49%). ^[1]
20% of employers said they were considering accelerating contributions to defined benefit plans. ^[1]
98% of organizations offer defined contribution plans. ^[1]
80% of employers offer HSAs and 12% are planning or considering adding them by next year. ^[1]
Of the 25% of employers who increased their matching contribution during the past five years, 51% did so to encourage employees’ savings and engagement, and 44% did it to offset defined contribution plan changes. ^[1]
73% of employers offer auto enrollment in defined contribution plans and 47% found the enhancement too costly. ^[1]
Across two thirds of businesses, only 5% or less of eligible workers have opted out of Auto Enrollment. ^[1]
91% of workers say it is important to know their retirement plan investments have been made with their best interests in consideration. ^[1]
77% of employees appreciate being able to tae a loan from their retirement plan in case of an emergency 29% of worers have taen a loan, early withdrawal, and/or hardship withdrawal from a 401or similar plan. ^[1]
Only 10% of women are very confident they’ll be able to retire comfortable. ^[1]
60% of working men and. ^[1]
44% of working women ranked saving for retirement as their top financial priority. ^[1]
Retirement security is becoming a much more important issue for all employees, jumping from 52% in 2013 to 78% in 2018. ^[1]
26% of workers say they will be able to retire before age 65, down from 29% in 2015. ^[1]
74% of workers believe their generation is likely to be much worse off in retirement than. ^[1]
50% of workers plan to retire from their main job but will keep working for some time before fully retiring 72% of plan sponsors are satisfied with their retirement advisors. ^[1]
87% of companies use an advisor or plan consultant. ^[1]
88% of companies said they have employees who put off retirement because they haven’t saved enough. ^[1]
69% of small business owners don’t feel fully prepared for retirement 59% of small business owners don’t think they can afford a retirement plan. ^[1]
44% of small business owners don’t see the need or benefit to offering a retirement plan 83% of millennials plan to work into retirement. ^[1]
64% of non profits are worried employees will delay retirement because they do not have enough money. ^[1]
About 60% of Americans age 60+ said people continuing to work past the previous retirement age has been a good thing for the economy, compared with 30% of Americans under 30 years old. ^[1]
Regarding the features of pensions, 99% of state and local employees say that receiving a monthly check is important and 98% say providing retirement income that lasts is important. ^[1]
72% of state and local employees are confident they will be financially secure in retirement. ^[1]
26% of organizations offer paid time off for volunteering. ^[1]
98% of organizations provide paid vacation and sick leave (95%) to some or all employees, most commonly provided through a shared PTO bank covering both options (62%). ^[1]
6% of employers offer unlimited employee leave. ^[1]
40% of employed Americans want a workplace where they are encouraged to use their allotted paid time off. ^[1]
52% of employees reported having unused vacation days at the end of the year compared to 54% in 2016 and 55% in 2015. ^[1]
61% of employees leave vacation time unused for fear of looking replaceable, 56% because their workload is too heavy, 56% because of a lack of coverage at work, and 53% due to the cost of travel. ^[1]
38% of employees said their company culture encouraged vacation. ^[1]
Paid vacation (45%) is the second most important benefit to employees after health care (53%), ahead of retirement plans (38%), flexible work options (25%), bonuses (14%), and sick leave (10%). ^[1]
62% of employees say their company discourages, sends mixed messages, or says nothing about vacation time. ^[1]
40% of employees say they are not sure or do not think their company wants them to use all the vacation time they earn, and 54% feel the same when it comes to talking about their vacation with colleagues when they return. ^[1]
70% of executive and senior leaders feel strongly that the company wants them to use all their time off, and that they should talk about their vacation experiences when they return (64%). ^[1]
10% of Americans have taken a workcation and 29% of all workers described the idea as appealing, while 70% called the concept unappealing. ^[1]
39% of Millennials, 28% of Gen X and 18% of Boomers say they find the idea of a workcation appealing. ^[1]
last year are more likely than average to say they check in with work frequently or at least occasionally when they are on vacation (75% to 40%). ^[1]
37% of Americans who used little or none of their vacation days said they found the idea of a workcation appealing, compared to 29% overall. ^[1]
84% of employees say it is important to travel with their time off, 87% of those who find workcations appealing say the same. ^[1]
Where the average employee is taking 17.2 days of vacation, 47% of that time just eight days is used for travel. ^[1]
23% of employees said they used none of their time off to travel. ^[1]
84% of employees say it is important to them they use their time off to travel. ^[1]
59% of mega travelers report being happy with their company, compared to 46% of homebodies. ^[1]
57% of mega travelers reported being happy with their job compared to 46% of homebodies. ^[1]
52% of mega travelers reported receiving a promotion in the last two years compared with 44% of Americans who use some or little to none of their time to travel. ^[1]
Employees who used little to none of their vacation time for travel were 5% less likely than those who use all or most of their vacation time for travel to report a raise or bonus in the last three years (81% to 86%). ^[1]
37% of employees do not use all of their PTO each year. ^[1]
58% of employees want paid family leave, 38% sabbatical leave, and 12% want dedicated volunteer hours. ^[1]
22% of workers were able to negotiate their vacation time and agreed that “The vacation policy is why I work here.”. ^[1]
32% of workers tried to negotiate for more time but were unsuccessful, and 21.3% were just happy to get hired. ^[1]
25% of employers said their employees can redirect unused PTO to colleagues who need it. ^[1]
Around 40% of those in business development, legal and the executive suite admitted that their work is never done, even during a vacation 58% of workers save vacation time for the summer months of June, July and August. ^[1]
Cities with the most workers saving time for vacation are Los Angeles (74%), New York and Detroit (71%), and Miami (69%). ^[1]
3% of employers have extended unlimited paid time off to all employees, 4% are considering it and 9% are considering offering unlimited PTO to only executives or exempt employees. ^[1]
Unlimited paid time off has been extended to all employees by 3% of employers. ^[1]
4% of employers are considering unlimited paid time off for employees, and 9% said they are considering offering unlimited PTO to only executives or exempt employees. ^[1]
81% of workers said that stress negatively affects their work, with symptoms ranging from fatigue and anxiety to physical ailments, causing them to miss work Gen Z and Millennials are more likely to call in sick multiple times a year. ^[1]
40% of employers that made the switch from vacation and sick time to PTO reported that employees were more present. ^[1]
43% of companies offered PTO in 2016, up from 28% in 2002. ^[1]
32% of workers say they feel pressured not to take time off 84% of the workforce currently has access to paid time off and 65% did not use all of their PTO allocation last year, with 18% blaming their workload. ^[1]
U.S. workers get an average of 11 days paid time off per year and typically don’t use five of these days per year 60% of employees who did take time off last year worked while they were on vacation. ^[1]
48% of employees said they do not get enough time off 74% of employees chose a raise when asked to choose between more PTO and a raise. ^[1]
Employees preferred 52 days of paid time off a year, a 38 hour work week and working remotely 11 days a month 39% of workers said they would accept a job without PTO. ^[1]
41% of employees have seen to their own wellness by taking mental health days. ^[1]
Among employees that told their supervisors they were taking time off for mental health, 92% said the boss was supportive about it. ^[1]
Stress levels were found to be higher among employees who do not get PTO and 51% of them say they are often or always stressed, with 58% describing it as unhealthy. ^[1]
Parents with children under 18 were almost twice as likely as non parents to take at least one mental health day per year. ^[1]
Top 3 reasons for misleading managers about taking time off are insomnia (15%), mental health reasons (13%) and physical health reasons (12%). ^[1]
68% of employees call in sick less than once a year and 12% call in once a year. ^[1]
More than one third of employees who have called in sick agreed that their work situation keeps them from being happy in other areas of their lives, and 40% of those who called in sick said they don’t trust their senior leaders. ^[1]
89% of employees come to work sick with 19% admitting to doing this more than once a month. ^[1]
11% of employees said they never come to work sick. ^[1]
12% of employees believe employers should not provide sick leave. ^[1]
22% of employees said employers should not provide maternity leave while 28% said employers should not provide paid paternity leave 24% of Gen X and Millennials want paid family leave compared to 19% of Gen Z. ^[1]
46% of employees said they would take a lower paying job with more flexible working arrangements. ^[1]
11% of ages 55+ get no PTO compared to 25% of 18 24 year olds. ^[1]
73% of older employees said they did not use all of their PTO last year and 77% admitting to working while they were on PTO. ^[1]
16% of American workers say they get no PTO at all compared to 14% of Australian workers and. ^[1]
just 8% of Canadian workers 74% of U.S. workers would take a raise over more time off, in Australia this drops to 69% and in Canada to 65% saying they would take more money over more time off. ^[1]
8% of employers say they plan on providing employees with more paid time off in 2018. ^[1]
Among employees who take a week or more of vacation, 70% say they’re driven to contribute to their organization’s success, as opposed to the 55% who don’t regularly take a week of vacation. ^[1]
Among employees who take a week or more of vacation, 65% say they feel strongly about working for their organization a year from now, compared to 51% who don’t take a week off in the summer. ^[1]
Among employees who take a week or more of vacation, 63% say they have a sense of belonging at their company, compared to 43% who skip at least a week of vacation time. ^[1]
90% of employees who plan vacations ahead of time are happy with their professional success; 87% are happy with their workplace. ^[1]
45% of employees say the ideal number of PTO days would be 20 or more; employees aged 18 to 29 say 16 to 20 days. ^[1]
84% of employees report their employers offered paid vacation time in 2017. ^[1]
Namely) 14% of the US workforce has access to employer sponsored paid family leave. ^[1]
55% of people think others probably take paid leave on false premises. ^[1]
85% of Americans say sick workers should receive paid leave. ^[1]
82% of Americans say women should receive paid leave after giving birth or adopting 7% of men are likely to use paid leave vs. 1% of women 9% of men are likely to use unpaid leave vs. 3% of women. ^[1]
Those who took leave after working with an HR manager had a lower leave duration than those who worked with their direct supervisor 26% of employees report their employers offered paid paternity leave in 2017. ^[1]
69% of Americans say men should receive paid paternity leave. ^[1]
51% of Americans say the federal government should mandate that employers cover paid family and medical leave, 48% say employers should be able to decide whether to offer that leave. ^[1]
5% of employers offer paid sabbaticals. ^[1]
58% of all workers and 64% of millennials. ^[1]
want paid family leave from their employers, ranking at the top of in demand perks like flexible and remote work options (55%), sabbaticals (38%), student loan repayment assistance (35%), pet friendly workplaces (15%) and pet insurance (15%). ^[1]
32% of employers offer paid family leave programs. ^[1]
35% of employees indicated maternity leave was offered at their organization, followed by paternity leave (29%). ^[1]
The percentage of employers offering paid maternity leave increased from 26% in 2016 to 35% in 2018. ^[1]
45% of employees report their employers offered paid maternity leave in 2017. ^[1]
30% of organizations are now providing more paid maternity leave than legally required, up from 26% in 2016. ^[1]
58% of private employers offer paid sick leave, up from 53% in 2016. ^[1]
Women who take paid leave are 93% more likely to be with the same company 9 to 12 months after a child’s birth than women who take no leave. ^[1]
58% of organizations offer at least some replacement pay for women on maternity leave; up from 46% 11 years ago. ^[1]
Paid maternity leave is offered by 34% of organizations and paid paternity leave is offered by 30% of organizations. ^[1]
Among employers offering any replacement pay, the percentage offering full pay has declined from 17% in 2005 to 10% in 2016. ^[1]
Almost 60% of stayat home parents revealed they ultimately took more time off work than anticipated before exiting the workforce 6% of parents took less time away from the workforce than they anticipated they would. ^[1]
Less than one third of employers offering paid parental leave received an ROE boost of 2.2%, while 23% of companies offering day care services reported a 2.5% ROE advantage. ^[1]
About 40% of employers offer paid parental leave for both birth and non birth parents, up from 25% in 2015. ^[1]
More than 40% of employers said they offer workers paid parental leave, a 16% increase from 2015 40% of millennials see parental leave as an important benefit. ^[1]
38% of US employers offer paid parental leave 21% of full time workers receive paid parental leave. ^[1]
78% of the employers offering paid parental leave make it available to all workers. ^[1]
53% of employers mandate that workers take paid parental leave in the first year of parenthood. ^[1]
Employees without paid sick leave were 1.6 times more likely to say they were very worried about short term expenses compared to those with paid sick leave. ^[1]
71% of employees report their employers offered paid sick leave in 2017. ^[1]
85% of all employees say sick leave is still important 21% of employees receive dedicated mental health support from their employer, and an average of 8.4 sick days are taken each year due to a mental health problem. ^[1]
24% of employees worry that if they did need to take a sick day due to a mental health issue, they wouldn’t be taken seriously. ^[1]
23% of employees said they would feel more supported if dedicated days off were allocated for mental wellbeing, and a further 22% would benefit from dedicated mental health support staff. ^[1]
61% of employees acknowledge they would rather work when they feel sick than use their paid time off or sick time 35% of workers call in “sick” just to take a mental health day. ^[1]
44% of employees say they have taken a mental health day. ^[1]
28% of workers who have a paid time off program still feel the need to make up an excuse for taking a day off 50% of employees plan to take vacation time around July 4. ^[1]
20% of managers feel overwhelmed by the high volume of vacation requests. ^[1]
14% of professionals said they resent their employer for their treatment of vacation time. ^[1]
70% of employees say they didn’t use all their PTO last year. ^[1]
62% of employees are either more stressed or have the same level of stress upon returning from vacation. ^[1]
38% of employees unsatisfied with work feel more stressed returning from vacation; just 14% of those very satisfied feel the same 27% of employees who are able to access work remotely actually unplug during time off. ^[1]
46% of employees are checking in occasionally and 27% frequently during time off. ^[1]
78% of employees want the ability to access work if they choose to during time off. ^[1]
Gen X is actually the least likely to unplug on vacation (23% vs. 28% of Millennials) and feel more comfortable taking time off knowing they can connect to work (82% vs. 77% of Millennials). ^[1]
79% of employees who are leaving their current job due to poor company culture say that paid time off is extremely or very important in their next job Cultures that support unplugging. ^[1]
have employees that are more engaged and more likely to report feeling that their employer cares about them as a person (64% to 43%) and that their job is important (73% to 57%). ^[1]
40% of employees in cultures that do not support unplugging are looking or planning to look for a new job in the next year and. ^[1]
just 21% of employees in supportive cultures say the same. ^[1]
40% of both fulland part time workers plan to work during their vacation or at least check in with the office. ^[1]
51% of employees were uneasy about asking managers for time off during the holiday season. ^[1]
Over 50% of employees believe their managers support and encourage them to take time off; 40% of employees believe the same of their coworkers. ^[1]
80% of employees feel more comfortable taking time off if a manager encouraged them 9% of men are likely to use personal time off vs. 4% of women. ^[1]
50% of small business employees would accept a lower paying job for more PTO. ^[1]
62% of employees would forego a raise for more flexibility in their work schedules and approximately 20% preferred PTO to a raise 22% of workers underreport their work hours. ^[1]
36% of employees admit they’ve responded to work emails after 10pm, 36% while on vacation, 15% while on dates, and 19% after 3am 50% of employees check in with the office while on vacation, with 13% checking in daily. ^[1]
Women prioritized vacation time in considering offers, while men favored corporate culture 76% of millennials are significantly more inclined to take a business trip if an added vacation is an option. ^[1]
78% of bleisuretakers say their bosses take leisure time during trips, and 76% of leisure taking supervisors say they encourage relaxation during a business trip. ^[1]
38% of employees say their company allows them time off to follow their passions. ^[1]
28% of employers allow employees to receive special consideration after a career break for personal/family responsibilities (up from from 21% in 2012). ^[1]
81% of employers allow employees to take time off during the workday to attend to important family or personal needs without loss of pay, down from 87% in 2012). ^[1]
52% of retailers cited unplanned absences as one of their more time. ^[1]
47% of employees said their company provides the option to work off site, and of those, 70% take advantage of the perk and work from home and 6% do their job from another location. ^[1]
56% of senior managers said their organization has expanded remote work opportunities for employees in the past three years. ^[1]
More men (77%) than women (64%). ^[1]
74% of working parents work from home compared to 64% of those without children. ^[1]
62% of organizations predict a further increase in remote work. ^[1]
56% of employed Americans say they have utilized or would utilize flexible hours in the workplace. ^[1]
40% of employed Americans work in an in person office environment, while 10% work remotely. ^[1]
58% of frequent telecommuters report always or sometimes feeling left out vs. 49% of people who rarely or never telecommute. ^[1]
Two out of five employees said they are allowed to work offsite up to a few times per month, and when they do, 79% choose to work in their home rather than a coffee shop or dedicated co. ^[1]
58% of employees say they’re less productive at home and 80% admit to multitasking more when working from home. ^[1]
56% of employees say they communicate less with their coworkers than they normally would when working from home, leading one in three to feel isolated or lonely. ^[1]
Employees said the hardest things about working remotely areDistractions (46%)Signing off at the end of a workday (18%)Collaborating or communicating with coworkers (18%)Being accountable (9%)Miscommunication (5%) Distractions (46%). ^[1]
Signing off at the end of a workday (18%) Collaborating or communicating with coworkers (18%) Being accountable (9%) Miscommunication (5%). ^[1]
42% of employees say it is difficult to work with remote coworkers. ^[1]
42%ofemployeessayitisdifficulttoworkwithremotecoworkers. ^[1]
Employees say the reasons why it’s difficult to work with remote coworkers includeAvailability (42%)Collaboration (25%)Different time zones (20%)Miscommunications (13%) Availability (42%) Collaboration (25%). ^[1]
Different time zones (20%) Miscommunications (13%). ^[1]
Across the total U.S. workforce, remote work has grown 91% in the last 10 years. ^[1]
56% of businesses say that changing the organizational culture is the main barrier to implementing a flexible workspace policy, particularly within businesses that have a longstanding, non. ^[1]
43% of businesses say that fear of how flexible working may impact the overall company culture is the biggest obstacle Flexible working is seen to improve the work/life balance by 82%. ^[1]
85% of businesses confirm that productivity has increased in their business because of greater flexibility. ^[1]
63% of businesses report at least a 21% improvement in productivity because of flexible working. ^[1]
59% of businesses said they are looking to be more agile in 2019. ^[1]
70% of businesses choose flexible working to help them to scale. ^[1]
Flexible workspace has been chosen by 65% of businesses to reduce capital and operational expenditure. ^[1]
65% of businesses have adopted flexible workspace to help manage risks and to consolidate their portfolio. ^[1]
49% of workers spend their commute working, and as a result, 36% feel that official working hours should include time spent on their journey, as this does not constitute free time in their day. ^[1]
Compressed workweeks are now offered by onethird of organizations, and four day workweeks of 32 hours or less per week are offered by 15%. ^[1]
69% of organizations offer ad hoc telecommuting and 27% offer fulltime telecommuting. ^[1]
57% of organizations offer flextime during core business hours. ^[1]
55% of employees want flexible/remote work options. ^[1]
Full time workers reported being happy in their jobs 22% more than workers who are never remote. ^[1]
Remote workers reported working over 40 hours per week, 43% more than non. ^[1]
62% of employees work remotely at least part of the time. ^[1]
Reasons employees said they decided to work remotely include work life balance (91%), increased productivity/better focus (79%), less stress (78%), and to avoid a commute (78%). ^[1]
Remote workers said they’re likely to stay in their current job for the next five years, 13% more than. ^[1]
30% of employees said they’ve left a job for not offering work flexibility. ^[1]
Top reasons employees wanted flexible work schedules include work life balance (75%), family (45%), time savings (42%), and commute stress (41%). ^[1]
52% of employees say they have some choice over when they work. ^[1]
74% of employees have the ability to move to different areas to do their work. ^[1]
43% of employees work away from their team at least some of the time. ^[1]
The type of flexible work employees wanted most was 100% remote work. ^[1]
More than half of employees said job flexibility would have a positive impact on the quality of their life, and 78% said it would allow them to be healthier. ^[1]
67% of employees said flexible work schedules would help them feel satisfied at work, followed by access to natural light (53%), and quiet spaces (42%). ^[1]
81% of employers say expanding the talent pool is the key motivator for adopting flexible work policies. ^[1]
52% of employees said they work offsite for at least half a workweek, and 71% said that having a choice of where they want to work is a key factor in considering career opportunities. ^[1]
45% of employees think commuting is the worse part of their day, with more than half believing that commuting will be obsolete by 2030. ^[1]
75% of those who work from home expressed a desire to continue doing so until retirement. ^[1]
86% of IT developers work remotely, with almost one third working from home full time 43% of IT. ^[1]
71% of IT developers who work remotely said they feel connected to their organization’s community. ^[1]
29% of remote IT developers feel isolated and said they’re disengaged from their company’s culture and excluded from offline conversations with team members when working offsite. ^[1]
41% of leaders said their company already offers some form of remote working, and 60% permit employees to set their workday’s start and end times. ^[1]
American businesses were least likely to offer flextime (49%). ^[1]
43% of U.S. businesses plan to offer more remote work options in the upcoming year vs 9% that plan to reduce their remote work arrangements. ^[1]
Over 80% of remote workers reported high job satisfaction. ^[1]
40% of remote employees described their day as not stressful. ^[1]
About 80% of people who worked from home said they felt isolated from others at least a little of the time. ^[1]
Roughly 76% of people who worked from home reported feeling left out at least a little of the time. ^[1]
33% of Baby Boomers want flexible/remote work options compared to 31% of Gen X and 28% of Millennials. ^[1]
69% of Gen Z said flexible hours (69%) are a valued employee benefit, along with free health care (23%) and the option to work remotely (18%). ^[1]
44% of employers now offer remote work options (up from 39% last year). ^[1]
37% of employers now offer flex time. ^[1]
89% of workers believe a flexible job would help them take better care of themselves. ^[1]
65% of workers think they’d be more productive working at home than in the office. ^[1]
75% of workers say it should take less than seven hours each day to do their job. ^[1]
61% of workers left or considered quitting a job because it lacked work flexibility options. ^[1]
90% of employees say more flexible work arrangements and schedules will increase morale. ^[1]
34% of employers have a formal or informal policy in place on remote work while 64% of workers say they work remotely at least part of the time. ^[1]
80% of workers said telecommuting all the time is the most in demand type of flexible work arrangement, followed by flexible schedules (71%). ^[1]
Over 50% of employees said their companies offered remote work options, and of those whose companies do, 91% said they’re as productive working remotely as they are in the workplace. ^[1]
43% of U.S. employees now say they work remotely in some capacity. ^[1]
63% of employees said flexible work hours were nice to have 4%. ^[1]
Overall, industry revenue is expected to decline at an annualized rate of 6.4% to $7.6 billion over the five years to 2020. ^[2]
Additionally, industry revenue is expected to fall 4.1% in 2020 amid the COVID 19 pandemic, which has increased econom… ^[2]
attach_money Market Size $8bn business Number of Businesses 23,513 poll Average Industry Profit Margin x.x% Purchase this report or a membership to unlock the average company profit margin for this industry. ^[2]
Tedious administrative tasks take up 73.2% of HR’s time. ^[3]
HR managers who do not fully automate say they lose an average of 14 hours a week manually completing tasks that could be automated; more than a quarter (28%) waste 20 hours or more, and 1 in 10 (11%). ^[3]
( CareerBuilder The McKinsey Global Institute estimates that 56% of all tasks human resources departments perform can be automated with existing technologies. ^[3]
( McKinsey HR managers who do not fully automate say manual processes have led to Lower productivity 41%. ^[3]
Higher costs 35% Poor candidate experience 18% Poor employee experience 17% Less engagement 17% An average of 4 weeks is lost each year waiting on misfiled, mislabeled, untracked, or lost documents. ^[3]
According to Gartner, workers spend between 20 and 30% of their workweek managing documents or document. ^[3]
( Bersin by Deloitte 33% of companies have 10+ HR systems. ^[3]
( Bersin by Deloitte AI in Benefits Technology 38% of enterprises are already using AI in their workplace with 62% expecting to use it by 2018. ^[3]
( Personnel Today Nearly 40% of companies are using some form of AI in HR alone. ^[3]
( Personnel Today More than 1 in 10 HR managers (13%) are already seeing evidence of artificial intelligence becoming a regular part of HR, and 55% say it will be in the next five years. ^[3]
( Guardian HR technology focus through 2024 includes 45% intelligent automation or process automation and 48% employee experience/ portal layers. ^[3]
( SHRM More than one half (55%) prefer online enrollment methods versus just 16% who prefer a paper method. ^[3]
( SHRM 80% of surveyed HR employees found that using HR technologies improved employee attitude toward the company. ^[3]
A survey several years ago found that 91% of employers outsource their health & insurance to a third party. ^[4]
30% do so “completely” and 61% partially. ^[4]
As different as those statistics seem, when distilled down to bare facts, they support a similar picture that TPAs handle over 60% of workers in non federal health benefit progams. ^[4]
At SPBA’s founding in late 1975, the original members optimistically estimated that 60 firms might ever be eligible TPAs. ^[4]
For example a trade press survey of nonTPA employers & insurers on two major laws found 91% of the non TPA plans were unaware or unprepared for the requirements of one law and 81% unaware or unprepared for the other law on the day the laws took effect. ^[4]
Studies show that the corporate overhead of TPA firms is as much as 40% less than that of insurance companies. ^[4]
2000 4% 2040 18% Projections for 2025. ^[11]
157,385 Non defense 28,900 43% of the women who used VHA health services in FY20 belonged to a racial or ethnic minority group. ^[11]

I know you want to use Benefits Administration Software, thus we made this list of best Benefits Administration Software. We also wrote about how to learn Benefits Administration Software and how to install Benefits Administration Software. Recently we wrote how to uninstall Benefits Administration Software for newbie users. Don’t forgot to check latest Benefits Administration statistics of 2024.

Reference

bls – https://www.bls.gov/ooh/management/compensation-and-benefits-managers.htm.
accessperks – https://blog.accessperks.com/employee-benefits-perks-statistics.
ibisworld – https://www.ibisworld.com/canada/market-research-reports/human-resources-benefits-administration-industry/.
everythingbenefits – https://www.everythingbenefits.com/blog/your-comprehensive-list-of-hr-benefit-stats.
spbatpa – https://spbatpa.org/article/everything-you-wanted-know-about-tpas-were-afraid-ask.
ibisworld – https://www.ibisworld.com/industry-statistics/market-size/benefit-administration-services-united-states/.
benefitfocus – https://resources.benefitfocus.com/blog/5-stats-that-could-make-you-re-evaluate-your-benefit-administration-strategy.
va – https://www.va.gov/vetdata/.
va – https://www.benefits.va.gov/reports/detailed_claims_data.asp.
ssa – https://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/.
ibisworld – https://www.ibisworld.com/united-states/market-research-reports/human-resources-benefits-administration-industry/.
va – https://www.womenshealth.va.gov/materials-and-resources/facts-and-statistics.asp.

How Useful is Benefits Administration

One of the primary benefits of benefits administration is that it helps attract and retain top talent. In today’s competitive job market, offering a comprehensive benefits package can make a significant difference in attracting the best candidates to your organization. Potential employees are not only looking at the salary when considering a job offer but also at the benefits that come with it. By offering a robust benefits package and efficiently managing it, organizations can stand out from their competitors and attract top talent.

Furthermore, benefits administration can also improve employee satisfaction and morale. When employees feel that they are being taken care of and that their well-being is a priority for the organization, they are more likely to be engaged, productive, and loyal. In contrast, neglecting or mismanaging employee benefits can lead to dissatisfaction and high turnover rates, which can be costly for businesses in the long run. By effectively managing benefits, organizations can create a positive work environment where employees feel valued and appreciated.

Additionally, benefits administration can help businesses remain compliant with laws and regulations. The landscape of employee benefits is complex and constantly changing, with various laws and regulations that organizations need to adhere to. Benefits administrators are up-to-date with the latest changes and can ensure that organizations are compliant with all relevant laws, reducing the risk of legal issues and penalties due to non-compliance. This level of expertise and attention to detail can provide peace of mind to organizations and help them avoid costly mistakes.

Moreover, benefits administration can streamline processes and improve efficiency. Managing employee benefits can be time-consuming and complex, especially for organizations with a large workforce. Benefits administrators can use technology and automation tools to simplify and streamline the process, reducing the administrative burden on HR departments and eliminating manual errors. By implementing efficient benefits administration processes, organizations can free up time and resources to focus on other strategic initiatives and improve overall productivity.

In conclusion, benefits administration is a critical function for organizations of all sizes. By effectively managing employee benefits, organizations can attract and retain top talent, improve employee satisfaction, and morale, remain compliant with laws and regulations, and streamline processes to improve efficiency. While it may not be the most glamorous aspect of running a business, benefits administration is an investment that can yield significant returns in the form of a happy, engaged, and productive workforce.

In Conclusion

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Benefits Administration Statistics 2024 – Everything You Need to Know