Benefits

Financial Benefits Play Important Role for Employees

By Rebecca Moore editors@plansponsor.com | October 08, 2012
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October 8, 2012 (PLANSPONSOR.com) – Sixty percent of workers surveyed now consider the workplace a “very important source” for their personal insurance and savings products.

In addition, nearly half feel that the workplace plays a more important role in their personal finances compared with five years ago, according to The Guardian Life Insurance Company of America’s inaugural “Guardian Workplace Benefits Study.

The study features the Benefits Value Index (BVI), which reflects the degree to which American workers value their benefits-the level of belief employees have that their benefits are meeting their needs, are reasonably priced, contribute to their health and their financial security, as well as how successfully their employers are communicating their benefits offerings. American workers, on average, have a score of 6.8 (based on a scale of one to 10), suggesting that while today's American workers do value their benefits, there is room for improvement.

Two-thirds of workers said employee benefits are very important when deciding to stay with an employer, and 72% indicated benefits are very important when deciding whether or not to take a new job.