The study of 1,200 individuals revealed a marginal, but steady decline in benefits satisfaction over the past six years, with 69% saying they were satisfied in 2006, compared with 70% in 2003 and 71% in 2000.
Satisfaction was down in nearly all of the five benefits areas followed by Sibson, except time off, where it was stagnant at 74% from 2003 to 2006. In the other areas measured by the study, the results are as follows:
- Retirement Benefits Satisfaction, 46% in 2006, down from 52% in 2003
- Benefits Level Satisfaction, 64% in 2006, down from 66% in 2003
- Benefits Administration Satisfaction, 58% in 2006, down from 62% in 2003
- Health Care benefits satisfaction, 54% in 2006, down from 60%.
Workers were barely more satisfied with 2006 compensation than benefits, with 70% saying that was the case, compared to 71% in 2003 and 72% in 2000.
The study indicated that the most common health care coverage offered by employers was a PPO (57%), followed by a health maintenance organization (HMO) or point of service (POS) (36%), consumer-driven health plan (16%), retiree medical coverage (9%). Four percent of respondents said their employer offered no form of health coverage.
In terms of retirement savings accounts, the most common by far was a 401(k) plan or some other form of defined contribution plan, with just more than three-quarters of respondents who said their employers offered the benefit. Defined benefits plans were offered by 29% of employers, hybrid/cash balance plans, by 5% and an equal amount said their employer offered no retirement plan (5%).
For a full copy of the Sibson study visit http://www.sibson.com/publications/surveysandstudies/2006ROWno3.pdf