Highlights from the 2024 Global Benefits Attitudes Survey
September 12, 2024
This year’s Global Benefits Attitudes Survey highlights employees’ increasing need for security.
Employee Experience|Health and Benefits|Retirement|Benessere integrato
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Did you know that employees are increasingly viewing their benefits as a reason to both work for and stay with their employer?
And it’s not surprising — despite some improvements, most employees still face short-term financial issues, are under-saving for retirement, and worrying about access and affordability of care. Employees want remote work, but those that seek this flexibility are less engaged and more likely to feel burned out.
Against this backdrop, employees’ appreciation for their employer-sponsored benefits is growing. How can employers use this momentum to get their employees the support they need? The Global Benefits Attitudes Survey — together with WTW’s employer research — gives employers a crucial insight into employee wants and needs, an important navigation aid in this time of change.
10 key findings from the Global Benefits Attitudes Survey
Employees are dealing with a number of challenges
01
Financial concerns loom large for employees after the cost-of-living crisis
Three in 10 workers say they are worse off than a year ago and have financial issues negatively impacting their lives (Figure 1).
In the U.S., nearly nine in 10 are worried about being able to pay for basic necessities.
02
Retirement confidence has fallen
Three in four employees report they are not saving enough for retirement, and roughly 50% are not on track for retirement (Figure 2).
Employees expect to work longer — the share of employees expecting to work past the age of 70 has risen.
03
Mental health remains a challenge, despite some improvements post pandemic
Since 2022, there have been improvements in emotional health, social wellbeing and burnout (especially for the youngest workers).
But there are still issues surrounding mental health; around half of younger workers show signs of anxiety and depression.
04
Access to care is a key concern for employees
Health systems have been put under pressure coming out of the pandemic — survey respondents said they are seeing lengthening waiting times.
On average, four in 10 workers are worried about wait times in the future (Figure 3).
What do employees want and need?
05
Employees are looking for greater security
While pay remains the top focus, employees are increasingly looking for greater security in the face of economic uncertainty.
Benefits are as important as ever for attraction and retention: Since 2017, there’s been a 50% increase in the importance of benefits as a reason to take a job (Figure 4).
06
There’s an increased desire for remote work
Employees’ need to work from home has nearly doubled in the last two years.
In addition, employees are 50% more likely to seek alternative work (i.e., be job seekers) and 30% more likely to be disengaged when their desire for remote work is unmet.
Employee attitudes about their current benefits
07
Employees’ appreciation of their benefits is on the rise
Employees saying that their benefits package meets their needs has increased between 15-45% since 2017.
Employer initiatives have helped employees to be resilient and to support their needs. For example, virtual care has helped employees with health issues to get the care they need. Care navigation has also been an important factor in helping employees to understand their costs.
Over the last decade, employers have been increasing the extent of choice within the benefits package. Greater choice has a significant positive impact on benefits appreciation.
08
Employers have made progress around DEI
Nearly 50% of employees say their employer has made progress around their DEI initiatives such as promoting the best candidates, representation in leadership positions and allowing for a diversity of viewpoints.
Opportunities for employers to strengthen programs
09
Bridging the gap between employee needs and employer priorities
Employees need help with their financial wellbeing, retirement and work flexibility.
Employees are nearly three times more likely to prioritize financial wellbeing than their employer.
10
It doesn’t have to be complicated. Simple levers can work best
For mental and physical health: introduce programs that encourage free time, exercise, getting outside.
For financial wellbeing: help employees better understand the options available (and how to use them).
Social wellbeing can be key to activating change: leverage teams, managers and networks in the workplace to help those with low wellbeing start to take the steps they need.
Complete the form on the right, or below on a mobile device, to download the full report.
In this research, we aim to help employers better understand their workforce and strategically adapt their benefit practices and policies to stay ahead of the game, keep their employees happy, engaged and productive and successfully attract the right talent. We put the employees center stage and ask their views on their benefit and reward packages, their wellbeing and job flexibility, and their employers’ policies and programs.
