Payroll
New Report Shows Benefits Are a Key to Staff Retention
Most workers at small (71%) and large companies (63%) have struggled to save long-term for emergencies or retirement because of medical costs.
Aug. 13, 2024
Healthcare benefits play an important role when it comes to an employer’s ability to retain and hire employees. More than two-thirds of employees surveyed in a new Intuit QuickBooks survey conducted in collaboration with Allstate Health Solutions said healthcare benefits are second only to salary when considering a job offer, and 78% said they would find a new job if their benefits package was inadequate.
These findings and more can be found in the 2024 Intuit QuickBooks Allstate Health Solutions Benefits Survey. Intuit Inc. is the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, Mailchimp.
The survey engaged 1,000 employees from small and large businesses all enrolled in their company’s health insurance plan.
With macroeconomic challenges such as rising interest rates and inflation, employees face more challenges when it comes to managing their health benefits costs. In fact, 23% of employees surveyed across small and large companies said they struggle to afford their employer-provided benefits and most workers (62% at smaller and 66% at larger companies) think their monthly contributions are too high.
“With the historically low unemployment rates in the US, businesses can’t afford to lose employees in today’s competitive market,” said Laurent Sellier, Senior Vice President, Intuit QuickBooks Payroll Solutions. “Our research shows that employees are placing higher value on health benefits when it comes to their job satisfaction, but many are finding it difficult to manage benefits costs in today’s economic climate. For that reason, maintaining competitive benefits packages at an affordable price is vital to employee retention.”
Additional findings include:
- Medical Costs Impact Ability to Save Long-Term: Most workers at small (71%) and large companies (63%) have struggled to save long-term for emergencies or retirement because of medical costs. And more than a quarter of women at small and large companies report medical costs have significantly impacted their ability to meet long-term financial goals, compared to 18% of men.
- Range and Choice of Benefits Matter: Nearly 60% of employees want a range of benefits options to choose from, including Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs), and Flexible Spending Accounts (FSAs). In addition, 50% at small and 61% at larger companies want the choice of adding supplemental benefits, including dental, vision, mental health, pet insurance, and more.
- Job Satisfaction and Productivity are Tied to Benefits: More than 9 out of 10 employees at both small and large companies connect their overall job satisfaction to their benefits, and a substantial majority say inadequate coverage of medical needs could impact their ability to be productive while on the job, as noted by 68% of employees at smaller companies and 72% at larger businesses.
“We understand that employees seek comprehensive and flexible benefits that support their well-being,” said David Essary, President at Allstate Benefits and Allstate Health Solutions. “Our partnership with Intuit QuickBooks ensures seamless connected, embedded insurance that enhances employee satisfaction and retention while helping businesses attract top talent.”
Read the complete 2024 Intuit QuickBooks Allstate Benefits Survey results here.