Survey Reveals Employers Prioritize Holistic Wellness Over Price When Selecting Employee Benefits - Seite 2

Employer interest in financial and digital wellness benefits coincides with two significant U.S. consumer research findings around the fears of Americans. Six in ten Americans reported to PwC that they feel stressed about their finances; another 74% of Americans told TransUnion they fear having their personal identities stolen.

“Employers are beginning to see how social media scams, e-commerce risks and digital identity vulnerabilities extend beyond an employee’s personal life to affect their work life,” said Dennis Connor, Vice President of Voluntary Benefits at Tompkins Insurance Agencies. “As life and work continue to merge, the smartest employers are addressing that fusion with offerings that meet the needs of the whole employee.”

Employers seek relevance over affordability

Notably, the price of employee benefits seems to be dropping in importance for employers, at least as compared to overall value. During the previous three years, price per employee was the top benefit consideration for employers. This year, however, price per employee fell 22%, landing in third place. Value to employees, on the other hand, climbed 8% to claim the top spot.

“This finding is a wake-up call for HR stakeholders,” said Connor. “It’s an indicator of the immense pressure employers feel to win talent through relevancy. Benefits are only compelling when they are compatible with an employee’s personal goals. Top talent no longer settles for one-size-fits-all compensation. They want to feel seen, heard and appreciated for their distinctive contributions and their whole selves. Progressive, personalized benefits are a strategic way to deliver on that demand.”

Anyone interested in reviewing this year’s findings can get a copy of IdentityForce’s 2024 Employee Benefits Survey Report by clicking here.

Research methodology

In November 2023, TransUnion conducted an online survey of 87 of its employee benefit advisor customers from across the United States. Of those advisors, more than half (56%) support organizations with fewer than 1,000 employees (38% up to 499, and 18% between 500–999).

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.