Huge Divide: What Employees Expect to Spend on Employee Benefits vs. What They Spend
NJ disability leave and ancillary benefits may cost more than workers realize – here’s how to save money
How much are your New Jersey employees spending on benefits, including NJ disability leave and ancillary benefits like dental, vision, and Group Life / AD&D? Reports show it could be more than they expect.
A new survey found that 45% of workers feel it’s fair to spend less than 10% of their pre-tax paycheck on employee benefits. But 59% spend more than 10% on benefits, ranging from health care to statutory NJ disability leave. What’s more, the benefits aren’t delivering the peace of mind workers desire. Only 15% of the workers polled by a digital life insurance agency said that their current benefit options give them the peace-of-mind that would allow them to pursue “personal aspirations,” such as buying a home or starting a family.
NJ Disability Leave and Other Employee Benefits Are Just the Beginning
Employee benefits packages are, essentially, table stakes for employers to catch the interest of workers in today’s tight labor market.
A recent study from experience and innovation design firm Cake & Arrow found that once an employee believes they are receiving adequate compensation, the benefits play only a small role in job satisfaction. Employees ranked “benefits” as third least important (behind the location and hours and the company’s reputation) when asked what is most and least important in a job.
On the other hand, a healthy work life balance was ranked as number one most important, with the company culture and people and the work itself ranking second and third, respectively.
However, it’s hard to have a work-life balance of any sort if you are stressed about providing for your family if you – or they – should become ill, injured or unable to work. Employee benefits are crucial to that peace-of-mind.
Affordable employee benefits can help meet worker expectations for the qualify of life today’s workers demand. From NJ disability leave and paid family and medical leave to ancillary benefits, affordable robust benefits help employees feel more secure in their roles, enable better performance, and boost employee retention rates.
What Can Employers Do to Bridge the Gap Between Employee Expectations and Realistic Benefits Packages?
In today’s highly competitive labor market, the burden falls on employers and human capital management or HR teams to educate employees on the true cost of benefits, how to select the best benefits, and how they can enroll.
Employers can play their part by turning to a reputable insurance agency to identify the benefits workers need at the most affordable costs. By bundling NJ disability leave with ancillary benefits like dental, vision, and group life/AD&D, employers can offer the best benefits at reduced premium costs for employees.
EZTDB can also provide flexible employee benefits packages that are:
- Fully funded by the employer
- Offered with shared costs, split between employer and employee
- Fully funded by employees on a voluntary basis
EZTDB has a 45+ year history writing NJ disability leave and other statutory benefits across the country, from New Jersey to Hawaii. Let us help you explore ways to compete in a tight labor market and deliver more of what your employees want.