OneDigital, a leading insurance brokerage, financial services, and HR consulting firm, has released its 2024 Employee Value Perception Study. The study reveals significant variations in factors driving employee happiness based on life and career stages. Drawing on responses from 2,000 US-based employees, the findings highlight the importance of direct management, meaningful work, and advancement opportunities among different employee populations.
- Disconnect Between Employer Perceptions and Employee Values
- The study underscores a gap between what employers believe their employees value and what employees actually prioritize.
- “Employees’ lives and values are dynamic, affecting their perception of employer support in health, success, and financial wellness,” said Faviana Copeland, VP of Growth Strategy at OneDigital.
- Financial Instability Among Executives
- One in four employees (25%) is contemplating borrowing from their retirement savings, with this figure rising to 37% among executives.
- Nearly half (48%) of all employees are anxious about potential accidents derailing their financial futures, a concern that spikes to around 65% among single individuals, particularly single parents.
- Need for Tailored Benefits
- The survey reveals that a ‘one-size-fits-all’ approach to benefits is no longer effective.
- Differences in life stages and circumstances necessitate unique offerings to make employees feel valued and satisfied.
- Financial Insecurity Despite Responsible Behaviors
- 56% of employees feel ill-equipped to handle major unexpected expenses.
- Despite this, 63% of employees consistently save from their monthly paychecks, and 35% expressed a strong desire for financial guidance from their employer.
- Compensation as a Primary Driver of Job Satisfaction
- “Being well paid” ranked as the most critical factor influencing job satisfaction across various life and career stages.
- This preference surpasses factors such as “access to healthcare coverage” and “financial security benefits,” marking a shift from the pandemic era.
- Importance of Flexibility and Company Brand
- Flexibility in work location and hours, along with the company’s brand or reputation, significantly influence the decision to stay with or leave an employer.
- This value driver is particularly important among employees with six to 12 years of experience, who prioritize it over health benefits.
- Faviana Copeland, VP of Growth Strategy at OneDigital: “To truly understand employees, employers must amplify their voices to gain a holistic view of their feelings across key life factors. With the latest insights, leaders can more effectively assess their workforce investments and develop a value-based benefits package that maximizes employee satisfaction and meets their unique needs.”
OneDigital’s 2024 Employee Value Perception Study highlights the dynamic nature of employee happiness and the critical need for tailored benefits and support. By understanding the unique needs and values of their workforce, employers can better invest in their employees’ well-being, ultimately driving satisfaction and success.
