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News & Thought Leadership

Employers Struggle with Employee Benefits

Mind the Gap

Employee-Retention-Strategies

Employers and employees have opposing views on who bears the responsibility for ensuring financial security. Only 16% of employers strongly believe that they are responsible for the financial well-being of their workers compared to 63% of employees believing that responsibility falls on their firm. This disconnect could be the result of misunderstanding and miscommunication between the two parties. 65% of employees think that their benefits positively impact their financial security whereas that number drops to 54% of employers who think the same.

Businesses are trying harder than ever to find affordable and sufficient benefits for their workers in light of ACA reforms. To further complicate the issue, employers are finding that workers’ expectations vary depending on age (i.e. young workers compared to the nearly retired.) Moreover, less than half of all employees surveyed said that their employers did an adequate job of educating them about financial planning. That number was even lower for those employed in smaller companies.

Finding YOUR Solution

Employers are struggling to find their ideal employee benefits solutions. With the ACA reforms and complexity in workplace demographic, employers require guidance and support. 72% of businesses reported relying on a broker to select the right plan. With advisors on their side, they are more likely to expand their benefits technology, consolidate carriers, and outsource benefits administration.

Contact Arthur Grutt at (212) 695-7495 for a brief consultation about employee benefits strategies.

Perceptions of Workplace Benefits

 

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Arthur Grutt