Employers Are Not Keeping Up With Employee Appetite For Financial Benefits

Morgan Stanley just released its annual State of the Workplace study, which includes a number of pertinent insights.

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First, the survey revealed that financial benefits are strongly linked to employee retention, with 89% of respondents agreeing that they would be less likely to leave a job that provides satisfactory financial benefits. Further, employees are keeping a close watch on financial benefits in the past, with a 9% year-over-year increase in employees who are specifically paying attention to their financial benefits, up from 60% in 2021 to 69% in 2022.

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Human resources leaders seem well aware of these correlations, with 90% fearing employees will seek work elsewhere should their financial benefits prove insufficient to their needs and 86% expecting the number of employees keeping tabs on their benefits to continue growing. 

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That said, employers seem to be failing to keep pace with their employees’ growing appetite for financial benefits, with 88% of employees requesting some kind of benefit package component that their employer didn’t offer, up 10% from the 78% in 2021 who requested an employee benefit that their company didn’t offer. 

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You can read more about this data and analysis here.