By the Numbers: Benefits Confusion and Record Resignation Numbers

Each week, the Mployer Advisor team parses through dozens of reports, industry news, updates, and headlines. Not every statistic or data set warrants an exclusive blog post, but there are numbers that deserve to be reported on a smaller scale.  

Here are some of the top numbers that caught our attention over the past two weeks:  

35%  

According to a recent article by BenefitsPro, 35% of employees do not fully understand their benefits plan. Furthermore, many employees do not know how to utilize some of their benefits, including Employee Assistance Programs (EAPs). As an HR manager, it’s critical that employees understand the intricacies of their plan and how to take full advantage of their benefits. After all, a competitive benefits plan is of little use without effective communication to underscore its value. Unsure how your company’s benefits package stacks up? Check out Mployer Advisor’s 2022 Benefits Benchmarking Report for the most comprehensive, up-to-date information about how your benefits plan compares to others in your industry, company size, and region.

21%  

The percentage of hospital beds COVID-19 patients occupied between December 2020 and January 2021, according to data by the Centers for Disease Control and Prevention (CDC). This figure is 7% higher than during the previous Delta variant surge. In other news, the total number of COVID-19 cases has steadily decreased over the past 30 days–a trend that will likely continue in the coming weeks. Still, with state and federal legislation constantly evolving, it has been difficult for employers to stay up to date on the latest guidance to ensure workplace safety and provide employee accommodation. Watch our recent on-demand webinar “COVID-19 Compliance in the Workplace: Strategies for Success in Uncertain Times” to learn more.  

25  

The number of states implementing a minimum wage increase in 2022, according to SHRM. Five states in the U.S. still have no state-mandated minimum wage requirements, specifically Alabama, Louisiana, Mississippi, Tennessee, and South Carolina. The federal minimum wage rate sits at $7.25 an hour and has remained unchanged since the summer of 2009. What’s more, 10 states have scheduled incremental increases to bring their minimum wage to $15 an hour in the near future. Check out the interactive map here to see if your state will raise its minimum wage this year.  

33 Million  

According to HR Executive, roughly 33 million people have quit their jobs since April of 2021. The Bureau of Labor Statistics (BLS) also reported that a record number of people–4.5 million–voluntarily left their positions in November 2021. In December 2020, that number decreased slightly to 4.3 million.  

13%

According to data from the Federal Reserve, 1 in 7 Americans do not have any retirement savings. What's more, a survey from Wells Fargo found that 71% of Americans are worried there will not be any Social Security left by the time they reach retirement age. To ease employee anxiety, employers can help by offering 401k plans and other retirement planning benefits. 401k and financial benefits packages will vary across the nation, so be sure to conduct state- and industry-specific research.  

51%  

Between 2015-2020, the number of tech jobs in Middle Tennessee grew by 51%, according to a recent State of Middle Tennesse Tech 2021 report. The report also found that this job growth rate outpaced national tech growth by 32% and statewide tech job growth by 13%.  

Looking for more exclusive content? Check out the latest over on the Mployer Advisor blog, or read on for our most recent By the Numbers: Industry News Roundup.