Small and midsize employers largely aren’t offering the benefits employees value most, according to a report released by PeopleKeep, a Salt Lake City-based provider of personalized benefits for small to midsize organizations.
The report, which features data from more than 300 small to midsize employers as well as more than 900 of their employees, unveils discrepancies between the benefits employers offer and the benefits employees actually value.
The study found that 65 percent of employees said they value being able to choose their own benefits, but only 36 percent feel they have a say at their current company. Forty-two percent of employees said they’d rather have an additional benefit than a monthly $200 wage increase and 82 percent of employees said that the benefits package an employer offers is an important factor in whether or not applicants accept a job with an organization, while only 66 percent of employers surveyed think it’s important.
While 63 percent of employees said mental health benefits are important, only 5 percent of employers said they offer mental health benefits.
The data featured in the report was collected via an online survey in May 2022 and offers insights on employers’ and employees’ views on benefits in the wake of phenomena like the Great Resignation and the war for talent.
“One-size-fits-all benefits aren’t going to work now after the Great Resignation,” said Victoria Glickman Hodgkins, CEO of PeopleKeep. “Employees today want benefits that work for their unique situation. In most cases, consumers receive highly personalized options. Expanding and tailoring benefits is a vital investment in attracting and retaining employees.”