When approached strategically, benefits can be a critical tool to drive value for both employers and their workforce. However, knowing you have a competitive line-up isn’t always easy. To help employers understand how to get the most value from their benefits package, Fidelity Investments® today released a new data-driven report outlining steps employers can take to improve the efficacy of their benefits programs. The new report, “Why benefits satisfaction is a key to reaching your organization's goals” centers on improving employee benefits satisfaction—a research-backed measure linked to outcomes employers care about, such as job satisfaction, productivity, health and financial wellness, and even retention.
As one of the nation’s largest workplace benefit providers, Fidelity has a one-of-a-kind perspective on the subject, and the report provides HR and benefits decision makers strategic considerations to keep in mind when compiling their benefits offerings, from selecting the right benefits lineup to communicating benefits effectively. The most effective package, according to the report, is a combination of what employees consider “must-have” benefits – including health insurance, paid time off/sick leave, and retirement savings benefits – and “game-changing” benefits, which are more personal and often linked to employees' current needs, goals, and life stage.
Another insight: benefits decision-makers looking to implement “game-changing” benefits should first look across age range and life stage to better understand their employees’ goals. An employee with the goal of achieving financial security, for example, is likely to consider benefits like profit sharing, employee stock purchase program (ESPP) and tuition reimbursement to be “game-changing,” while an employee looking to start or grow their family would likely be more interested in benefits like paid parental leave, fertility treatment support, or remote-hybrid work.
“In a competitive labor market, a high-quality benefits package is often the differentiator for winning (and keeping) talent,” says Kirsten Hunter Peterson, vice president of workplace thought leadership at Fidelity Investments. “But a quality benefits package doesn’t just support employees—it can drive value back to the organization, too. When employees are satisfied with their benefits, they’re more likely to be satisfied with their job, more motivated to go above and beyond, and less likely to leave their organization.”
The report brings together insight from Fidelity’s 2024 Employee and Employer Value of Benefits Surveys, representing 5,009 U.S. workers and 1,500 HR leaders and business owners based in the United States. To view the contents of both reports in their entirety, go here.
For plan sponsor and investment professional use only.
Views expressed are as of the date indicated, based on the information available at that time, and may change based on market or other conditions. Unless otherwise noted, the opinions provided are those of the speaker or author and not necessarily those of Fidelity Investments or its affiliates. Fidelity does not assume any duty to update any of the information.
Fidelity does not provide legal or tax advice. The information herein is general in nature and should not be considered legal or tax advice. Consult an attorney or tax professional regarding your specific situation.
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