Survey Reveals Employers Prioritize Holistic Wellness Over Price When Selecting Employee Benefits

New IdentityForce research finds financial, physical, mental and digital health are now the top concerns for employers when making decisions about employee benefits

CHICAGO, March 06, 2024 (GLOBE NEWSWIRE) -- Low unemployment, shifting employee priorities and the work-from-anywhere marketplace pose new staffing challenges for employers, according to a recent national survey of employee benefits brokers and advisors. Conducted by IdentityForce, a TransUnion brand, the annual survey — now in its sixth year — revealed employers are most concerned with:

• Rising healthcare costs
• Physical and mental health of employees
• Talent shortage
  

Concerns about the digital safety of employees also stood out as key concern, cited by more than half of the surveyed benefits advisors. It was the only concern that earned more than double the responses from the previous year.

“We’re seeing the confluence of several market realities in these findings,” said Lindsey Downing, Senior Vice President, TransUnion Consumer Interactive. “The competitive employee marketplace is elevating the need for differentiation to attract and retain the kind of talent who can help the organization compete and succeed. This survey reveals that benefits programs that promote four factors of holistic wellness — financial, physical, mental and digital — are perceived as high value to modern employees, while delivering value to today’s employers.”

Employer interest in holistic wellness grows

Across the four facets of holistic wellness, mental health support was the most requested benefit cited by survey participants. A full 91% of respondents listed it among the top five benefits requested by their employer clients. Telemedicine/counseling was the second most requested benefit, cited by 67% of respondents and nearly doubling in demand from 2022. More than half (59%) of all respondents selected wellness programs/wellness stipends, making that category the third most requested benefit.

Rounding out the four facets of holistic wellness, financial and digital wellness benefits also secured spots in the most-requested benefits list. Financial wellness coaching/financial advice was the fourth most requested benefit with 52% of brokers and advisors placing it in the top five. An overwhelming majority (80%) of respondents said their clients now ask for recommendations on identity theft protection vendors to support employee digital wellness. That result is up 15% from 2021 and 3% from 2022.