A recent survey conducted by Buck, a Gallagher company, sheds light on U.S. employees’ perceptions of their wellbeing and examines the strategic role that voluntary benefits play in enhancing employee wellness while also serving as a tool for companies to attract and retain top talent. Here’s a breakdown of the key findings from the 2024 Wellbeing and Voluntary Benefits Survey:
Overall Wellbeing
There’s a notable improvement in employee wellbeing, with almost half of the survey respondents reporting improvements in their physical wellbeing and work/life balance. However, there remains a significant demand for additional resources to support wellbeing in all areas, as nearly 20% of those surveyed have experienced a decline in their physical, mental, and financial health.
Financial Wellbeing
Even without the presence of a recession, inflation and rising interest rates have led to increased household expenses. Despite two-thirds of employees considering themselves to be in a financially stable position, overall financial wellbeing scored the lowest among all aspects of wellbeing. Alarmingly, 58% of employees are living paycheck-to-paycheck, and 55% feel their financial situation has stagnated or worsened over the past year.
Role of Voluntary Benefits
The perceived value of benefits provided by employers is on the rise, with 75% of employees now seeing higher value in employer-sponsored benefits compared to purchasing similar services independently—a significant increase from 61% in 2022. Moreover, 77% of employees view voluntary benefits as a crucial element of a comprehensive benefits package, up from 68% in the previous survey. Employees are increasingly recognizing the significance of voluntary benefits in their wellbeing initiatives, with 86% acknowledging their importance and 74% identifying direct cost savings resulting from these programs.
These findings underscore the critical role that comprehensive wellbeing strategies and voluntary benefits play in supporting employee wellbeing, highlighting the need for ongoing efforts to address the multifaceted aspects of employee wellness in today’s ever-changing economic landscape.
Access the full report here.
