Progressive employers are at the forefront of flexible working, mental health programs, and personal development coaching for their teams. But as important as these are, employees’ finance remain paramount.
Compensation has always been a vital component for most workers, but with personal finances impacted heavily by the economic challenges of the 2020s so far, there is little that comes close to matching its dominance.
A new report from OneDigital looks at the factors driving employee satisfaction with ‘being well paid’ cited by around seven in ten poll participants, easily outranking health coverage, benefits that provide financial security, and feeling supported in time taken off due to sickness, vacation, family time, etc.
The importance of good wages is seen across several key groups led by singles (both over and under 45) and single parents, with around three quarters of these groups prioritizing being well paid, compared to just above two thirds of those who are married with children or have a dual income.
The power of the paycheck is clear when considering the finances of respondents with 56% saying they are ill-equipped to handle major unexpected expenses and 48% concerned about potential accidents derailing their financial futures. Among single parents, almost two thirds worry about the latter.
A quarter of respondents are currently considering borrowing from their retirement savings, including 37% of executives. However, 65% are able to save from their monthly paycheck.
One third of the employees who took part were strongly in favor of getting financial advice through their employer.
While health benefits have slipped from the priority position they held during the pandemic, they still rank highly as a value driver for deciding whether to stay or leave an employer for more than 40% of all levels of employee below executive. Brand/reputation outranks health benefits for some employees. Retirement benefits rank below 35%, below flexibility.
“One of the biggest challenges for employers is often overlooked – 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. “Employers recognize the importance of investing in their workforce, but this study shows a gap between values and current support benchmarks. To truly understand employees, employers must amplify their voices to gain a holistic view of their feelings across key life factors and how they align with the employer's rewards philosophy.”
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