18th Annual Consumer Engagement in Health Care Survey Finds Despite Choices, Enrollees Not Spending Time on Health Plan Decisions

(Washington, D.C.) – Results from the 18th Annual Consumer Engagement in Health Care Survey (CEHCS) were published today by the Employee Benefit Research Institute and Greenwald Research.  The survey, taken during open enrollment season in the fall of 2022, found that most enrollees spent less than an hour on their health plan during open enrollment, despite having plan choices.

Top findings in the 2022 survey included:

  • Most enrollees do not spend a lot of time on health plan choice. Most enrollees spent less than an hour on their health plan during open enrollment.  High deductible health plan (HDHP) enrollees spend more time than traditional plan enrollees.  About 1 in 5 privately insured Americans were automatically re-enrolled, though just 16% of high-deductible plan owners report they had passive enrollment.  HDHP enrollees were more likely than traditional plan enrollees to use employer-provided tools to pick their health plan. Fifty-eight percent of HDHP enrollees used their annual employee benefits guide and 41% used their online portal, compared with 38% and 29% among traditional plan enrollees.
  • Many People Have a Choice of Health Plans. About 6 in 10 individuals reported that they have a choice of health plan. HDHP enrollees were more likely than traditional plan enrollees to report that they had a choice. Twenty-nine percent of HDHP enrollees reported that they had 3 health plans to choose from, compared with 17% among traditional plan enrollees.
  • Certain Aspects of Health Plans Are More Important Than Others. When it comes to their health plan, most people thought that the following aspects were very or somewhat important: the network of health care providers, low out-of-pocket costs, low premiums, prescription drug coverage and simple to understand. Generally, traditional plan enrollees and HDHP enrollees ranked these aspects of health care in the same order with one exception: Traditional plan enrollees reported that low out-of-pocket costs for doctor’s visits were more important.
  • Rise in Consumer Directed Health Plan Enrollment Resumed in 2022 While HDHP Enrollment Continues Decline. Enrollment in health savings account (HSA)-eligible health plans and health reimbursement arrangements reached a record high in 2020 with 19% enrolled in such a plan.  Enrollment in such plans fell to 18% in 2021.  It increased back up to 19% in 2022. Enrollment in health plans with high deductibles that were not eligible to be paired with an HSA fell from 15% to 12% between 2020 and 2022.
  • Most Enrollees Feel Financially Secure. Eight in 10 enrollees reported feeling financially secure. HDHP enrollees were slightly more likely than traditional plan enrollees to report feeling financially secure.  Nearly one-third of enrollees reported that premiums and out-of-pocket costs have increased in the past year. HDHP enrollees were more likely than traditional plan enrollees to report higher out-of-pocket costs.  Higher health care costs have impacted many aspects of personal finances, such as other spending and use of medical services.
  • Coverage of Preventive Care for Chronic Conditions Impacted Choice of HDHP. While 37% of HDHP enrollees reported that their health plan covers preventive care for chronic conditions before they reach their health plan deductible, about the same amount did not know if their plan covered such preventive care.
  • Traditional Plan Enrollees Likely to Choose HDHP If Preventive Care Were Covered. One-quarter of traditional plan enrollees reported being extremely or very likely to select an HDHP if it covered preventive care for chronic conditions before they reach their deductible. Another 39% reported being somewhat likely to select an HDHP if such preventive care were covered pre-deductible.

“Open enrollment is the time of year when employees get to evaluate their plan options,” explained Paul Fronstin, director, Health Research Benefits, EBRI.  “Employees should consider the trade-offs between premiums and cost sharing when making health plan decisions.

The 2022 CEHCS is a survey of privately insured adults conducted by the EBRI and Greenwald Research.  It provides reliable national data on the growth of consumer-driven health plans and high-deductible health plans and the impact on the behavior and attitudes of health care consumers.  The 2022 survey of 2,015 individuals, ages 21 to 64, was conducted using an online research panel from Oct. 17 to Nov. 20, 2022.

“Those especially with chronic conditions should pay careful attention as we see employers both enhancing and cutting back on health benefits,” said Lisa Weber-Raley, chief research officer, Greenwald Research.

View the complete 2022 CEHCS 35-page PowerPoint summary.

Organizations supporting the 2022 CEHCS include Blue Cross and Blue Shield Association, HealthEquity, Inc., Millennium Trust Company, Segal, TIAA, UMB Financial and Voya Financial.

Greenwald Research is a leading independent custom research and consulting partner to the health and wealth industries that applies creative quantitative and qualitative methods to produce knowledge that helps companies stay competitive and navigate industry change.  For more information, visit www.greenwaldresearch.com.

The Employee Benefit Research Institute is a non-profit, independent and unbiased research organization that provides the most authoritative and objective information about critical issues relating to employee benefit programs in the United States.  For more information, visit www.ebri.org.

Ongoing Economic Challenges Increase Interest in Lifetime Income Options in DC Plans

New Study Shows Most Plan Sponsors Open to Income Options Despite Significant Concerns

 

WASHINGTON, DC – January 26, 2023 – After a year of confusing and sometimes unpredictable economic twists and turns, a growing number of defined contribution retirement plan participants want guaranteed lifetime income options in their employer-sponsored plans, a new study by Greenwald Research shows. Read more

2022 Workplace Wellness Survey Report Finds 80% of Employees Have a Problematic Level of Debt, Including Credit Card, Medical and Student Loan Debt

– Three in Four Workers Agree That Their Employers Have a Responsibility to Make Sure Employees are Mentally and Physically Well –

(Washington, D.C.) – Major findings from the 2022 Workplace Wellness Survey published today by the Employee Benefit Research Institute (EBRI) and Greenwald Research report that most employees are concerned about their household’s financial well-being and most employees describe their level of debt as a problem.  Employees also agree that their employers have a responsibility to ensure they are physically, emotionally and financially well, but fewer than half rate their employer’s efforts highly in these areas.

The Workplace Wellness Survey examines worker attitudes towards employment-based benefits in the workplace, as well as a broad spectrum of financial well-being, employment-based health insurance and retirement benefit issues.

Key highlights from the 2022 Workplace Wellness Survey report include:

  • Most employees are concerned about their household’s financial well-being and the overwhelming majority describes their level of debt as a problem. Six in ten employees (60%) are at least moderately concerned about their household’s financial well-being, which has increased by 11 points since 2021 (49%). About half of employees are concerned about their emotional (50%) and physical (48%) well-being.
  • Employees agree that their employers have a responsibility to ensure they are physically, emotionally and financially well, but fewer than half rate their employer’s efforts highly in these areas. Three in four employees agree that their employers have a responsibility to make sure employees are mentally healthy and emotionally well (77%) and healthy and physically well (74%). Two thirds (66%) feel the same about their employer’s responsibility to ensure employees are financially secure and well.
  • Health insurance and retirement savings plans are the most common employee benefits and are the top benefits for employee retention/recruitment and their financial security. Four in ten employees (44%) are extremely or very satisfied with their benefits package, which has decreased by 7 points since 2021 (51%).
  • Most employees have a high level of understanding about their health benefits and half rate their employer’s communications about health benefits highly. Half of employees (52%) rate their employer’s communications about health insurance and health care as excellent or very good. Less than half (47%) rate communications about online resources about benefits at the same level.
  • Workplace flexibility, work-life balance, paid time off and leave benefits are important to employees. Most feel tele-working has positively impacted their well-being. Four in ten employees (39%) describe the work-life balance at their company as excellent or very good, which has decreased significantly since 2021. Another 36% rate it as good and 25% rate it as fair or poor.
  • Most employees agree that balancing work and caregiving is challenging, but few employees report access to caregiving benefits. A quarter of employees (24%) report their employer offers subsidized/complimentary child or daycare. Among those with access, 65% of employees have used it. Among those without access, 44% are interested in having the benefit available.
  • Half of employees are satisfied with their current retirement benefits and most are satisfied with the contributions received from their employer. Seven in ten employees (70%) say they are currently offered a retirement savings plan. Half of employees (51%) are extremely or very satisfied with their current retirement benefits and nearly six in ten (58%) understand their retirement benefits extremely or very well.
  • Fewer than half of employees say they are offered a financial wellness program at work. When offered, six in ten employees have participated. Over four in ten employees (45%) say their employer offers the opportunity to participate in a financial wellness program.
  • Most employees feel mental health wellness programs have become more important in the past year and most are interested in mental health resources and expanded benefits. Four in ten employees (45%) rate their employer’s communications about mental health and work-life balance as excellent or very good over the past year.
  • Most employees remain satisfied with their current job despite decreases in satisfaction with their benefits package and work-life balance. Six in ten employees (59%) are extremely or very satisfied with their current job, which is consistent with the 2021 findings (60%).

“This is the third year of the Workplace Wellness Survey and probably the most meaningful survey report where workplace flexibility, work-life balance, paid time off and leave benefits have become major critical factors for employees,” said Paul Fronstin, director, Health Benefits Research, EBRI.

“In recent years, key metrics like job satisfaction, benefits satisfaction and ratings of work/life balance have remained fairly consistent.  It’s important to note the declines measured this year in overall benefits satisfaction and in ratings of work-life balance, which contrast with stable job satisfaction, and the belief that remote work has improved well-being and underscore the need for employers to ramp up well-being efforts,” said Lisa Greenwald, president & CEO, Greenwald Research.

For this year’s survey, a total of 1,518 American full-time and part-time workers ages 21-64 were interviewed.  Within this national audience — 1,014 workers and an oversample of 504 LGBTQ workers completed surveys — bringing the total to 605 LGBTQ workers.  Information for the survey was gathered through 20-minute online interviews conducted from July 13-29, 2022.  Data was weighted by race, age, gender, income and LGBTQ status to reflect employed Americans ages 21-64.  The margin of error for the total sample of current workers in this study is +/- approximately 2.5%.

To review the complete 14-page 2022 Workplace Wellness Survey presentation, visit www.ebri.org/health/Workplace-Wellness-Survey.

 

The 2022 Workplace Wellness Survey was conducted through the financial support of AARP, Cigna, Edelman Financial Engines, Fidelity Investments, Human Rights Campaign, Mercer, Morgan Stanley, National Rural Electric Cooperative Association, OneAmerica, Unum and Voya Financial.
Greenwald Research is a leading independent custom research and consulting partner to the health and wealth industries that applies creative quantitative and qualitative methods to produce knowledge that helps companies stay competitive and navigate industry change.  For further information, visit www.greenwaldresearch.com.

The Employee Benefit Research Institute is a non-profit, independent and unbiased resource organization that provides the most authoritative and object information about critical issues relating employee benefit programs in the United States.  For more information, visit www.ebri.org.

For more information:

Lisa Greenwald, lisagreenwald@greenwaldresearch.com

Ron Dresner, dresner@ebri.org

 

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Stocks Shown on Phone

Survey: Market Optimism Has Nosedived, Pessimism Has Skyrocketed – for Investors and Financial Professionals Alike

Washington, DC (October 4, 2022) – Rapidly rising numbers of financial consumers – and the financial professionals who advise them – are expressing deep pessimism about the markets and the investment outlook, citing worries about the impacts of inflation, a possible recession, and global conflicts on their resources.

Read more

Group of Healthcare Professionals

New Voya Research Examines the State of Health Care Retirement Plans

How Benefits Professionals in the Health Care Industry Can Help Employees Be More Financially Well

Written by Mathew Greenwald, Greenwald Research

Voya Financial®, in collaboration with the American Society for Health Care Human Resources Administration (ASHHRA), recently conducted its biennial study of retirement plans in the health care sector about key issues impacting the structure and management of their defined contribution retirement plans. The research1 was administered by Greenwald Research on behalf of Voya. Here are some highlights and insights – and actions organizations can take.

The past two years have been exceptionally challenging for health care organizations, which has left many searching for ways to respond. The research explores how retirement plan decision-makers in these organizations have responded – and provides steps health care organizations can take to help meet the new challenges they confront.

Brodie Wood,2 national practice leader of Voya’s health care business, observed that when the pandemic first emerged, the problems created reduced the priority of the retirement plan for many health care organizations as they were besieged by many other issues.

“Now is the time to give retirement plans a higher priority, because these plans can contribute meaningfully to the challenges these organizations are facing,” Wood said.

Voya’s new research shows the increased priority health care organizations have given to retirement plans. Let’s touch on what further steps the health care sector can take with their retirement plan, and in other ways, to respond to the challenges COVID-19 has induced.

Three Key Challenges in the Wake of COVID-19

Over the past two years, health care organizations have been hit by three tidal waves:

  • The pandemic led to an overwhelming demand for health care services, stretching and stressing the capacity of many hospitals and other facilities.
  • Not only were staff stressed at work they were stressed outside of work by numerous factors including: the threat of COVID-19 to themselves and their families, the pressure of expanded childcare responsibilities as schools closed and children had to learn at home, and inflation stressing family budgets.
  • The twin staffing pressures of attracting new talent and retaining talent, as a variety of factors prompted early retirements and increased competition for labor. This problem was, perhaps, most significant with registered nurses, due in part to the increased tendency for nurses to become traveling nurses with a major increase in compensation.

These factors had several significant impacts. They led to an increase in mental health issues among staff as many faced higher stress both at work and at home. In addition, these factors increased labor costs and led to short staffs in crucial areas, putting a further burden on those still on the job.

To meet today’s challenges, it’s important for health care organizations to allocate the proper resources and make the necessary adaptations, including through the retirement plan.

Top Four Research Takeaways for Health Care Organizations

1. Health care employers need help maximizing the effectiveness of their retirement plan

Nearly nine in 10 (88%) retirement plan decision-makers feel their retirement plan helps attract and retain high quality employees. A key issue is how to maximize the effectiveness of the plan to accomplish these goals.

New employees tend to focus on the immediate value of a compensation package. There is sometimes less appreciation among early career job candidates in a retirement plan benefit that can provide a financially secure retirement in 30 or 40 years. So, the focus of early career job candidates is the employer matching contribution and the vesting schedule. Thus, in seeking to be competitive, employers should focus on plan design and have a compelling retirement plan match program.

Key steps to consider:

  • Adopt a stretch match: Some organizations may find it valuable to consider a “stretch match” which seeks to incent a higher employee salary deferral contribution level. For example, instead of matching 100% of the first 3% of salary contributed into the plan, revise the match to 50% of the first 6% of salary contributed.

The maximum percentage of salary matched remains the same – 3%. But participants must contribute more to obtain that 3% employer contribution. A stretch match is likely to be effective in motivating more saving.

  • Develop a total compensation statement: Some health care organizations have found it useful to have a total compensation statement that clearly communicates the total value of the employee benefit package, including the retirement plan, so employees can clearly see the entire value the organization is providing for them. Be sure to design a total compensation statement that communicates the full, overall value of benefits effectively.

2. Retirement plan design mechanisms are currently underutilized

Plan design mechanisms are underutilized and have the ability to help employers meet their retirement plan goals.

The survey found that decision-makers measure the success of their retirement plan through the financial wellness of their employees, participation rate and retirement readiness. There are two keys to achieving these important plan goals:

  • Comprehensive use of automatic defaults and
  • Educational efforts that effectively integrate in-person and virtual meetings.

Key steps to consider:

  • Include auto enrollment: We have learned that default programs can work very well. Automatic enrollment can be effective in gaining high participation rates and automatic escalation programs can be effective in increasing deferral rates. Yet the Voya research shows that many health care organizations are not using these mechanisms. There is fairly good use of auto-enrollment, but only a minority of firms are using auto-escalation which can also be a valuable tool.

Even fewer organizations are using automatic re-enrollment. There are different types of automatic re-enrollment. The simplest is to take the people who opted out of auto-enrollment in the prior year and automatically enroll them again the following year. These people can still opt out. But some who opted out the first time do not opt out the second time and this default option can be effective.

  • Educate employees virtually and in person: Effective education is vital. During the pandemic, many organizations learned how to communicate virtually – it is incumbent to continue to develop a hybrid in-person/virtual strategy to increase the ability to educate and motivate.

Virtual meetings can lead to a more informed and motivated participant base who will do a better job of saving and investing for retirement. The task is to integrate these meetings with an in-person program, which can lead to educational effectiveness that will exceed pre-pandemic levels.

3. Offer employees access to effective decision-making tools and assistance

Look to innovative new tools that are designed to help employees connect and use their benefits more effectively.

Employees face complex decisions about how to use all their employee benefits in a way they can afford, and which best meets their needs. For example, they must decide how much to put into their retirement plan, which health insurance option to choose, and how much to put into different voluntary coverages, such as life insurance and disability insurance.

These are complex decisions and many employees, especially younger employees, struggle with them and there is evidence that many make decisions that are sub-optimal. There is also evidence that many employees would value help from their employers in making decisions about employee benefits.

Key step to consider:

  • Offer an allocation decision-making tool: This type of tool is designed to help employees decide how to allocate an oftentimes limited budget among the options available to them in a way that best fits their circumstances and needs. The decision-makers we interviewed think this tool can be very valuable.

As one interviewee said, “Those kinds of tools will give them [the employees] a basis to develop some kind of plan as to how much to set aside for their retirement.” Our research indicates this tool can provide substantial help to those who work for health care organizations and employers should evaluate them.

4. Health care organizations should make their retirement plan provider a strategic partner

The Voya research shows that most retirement plan decision-makers lean on their plan providers a great deal. They want the plan provider to make sure the retirement plan is running well by:

  • Properly servicing the plan, including participant service requests
  • Helping educate plan participants
  • Making sure they are compliant and meeting the requirements of their plan documents
  • Effectively implementing the plan
  • Proactively communicating with the employer
  • Keeping them informed of regulatory changes
  • Ensuring all data is secure

Many of these decision-makers also want even more from their plan provider to help them make sure their plan:

  • Changes with the times,
  • Stays competitive and
  • Takes advantage of new developments.

Several decision-makers interviewed said they do not want their plan to be put on “auto-pilot.” They want to set their retirement plan on a strategic path to change with the times and become increasingly effective in meeting their organization’s objectives for the retirement plan.

There is clear recognition that a good plan provider is knowledgeable about new developments in the area and best practices. The plan provider can play a crucial role as a strategic partner to the plan sponsor, helping guide the retirement plan forward.

Key step to consider:

  • Schedule an annual strategic meeting: A key issue is how plan providers and retirement plan decision-makers can best work together to set the plan on an effective strategic path and make sure it adapts to new developments and needs. A couple of the retirement plan decision-makers interviewed commented they have strategic meetings once a year, sometimes off-site, in which they just have a brainstorming session with their plan provider.

The focus is on thinking creatively about the strategic plan for the defined contribution plan and how it can be achieved. This type of session is one pathway to maximizing the value a plan provider can bring to a health care organization.

Want to learn more about the evolving benefit needs of health care workers? Send an email to Brodie Wood to request a full report or to discuss findings. Or explore this overview of Voya’s health care study results.

 

 

 

1 The Voya survey understanding the challenges and priorities of plan sponsors in the health care market was administered by Greenwald Research. The survey consisted of two phases including: an online survey conducted Feb. 4, 2022-March 8, 2022, among 214 retirement plan decision-makers from health care organizations that offer a defined contribution retirement plan, along with seven 40-minute in-depth interviews with decision-makers across small, mid-size and large rural, regional, and nationwide health care organizations conducted March 2022.
2 Registered representative of Voya Financial Advisors, Inc. (member SIPC).

Results of New 2022 Retirement Confidence Survey Finds Americans Remain Optimistic About Living a Comfortable Retirement

However, a third of workers and half of retirees who feel less confident cite inflation and the cost of living as reasons for their declining retirement confidence.


Washington, D.C., April 28, 2022 – American workers and retirees remain optimistic about living a comfortable retirement, despite the impact of the pandemic that has lasted for over two years. However, inflation and the cost of living are cited most often as a reason for feeling less confident in their retirement prospects. Workers want to focus on their retirement savings but face many challenges, in particular, debt. Read more

New Research Reveals Job-Seekers in Search of Higher Pay, Work-Life Balance, and Emerging Benefits Amid the Great Resignation

Washington, DC, February 25, 2022 – Greenwald Research (Greenwald), a leading independent custom research and consulting partner to the health and wealth industries, released new industry research from The Role of Work-Life Balance & Benefits in The Great Resignation Survey. The research shares the attitudes and motivations that are influencing Workers’ decisions to leave the workforce or change their employment status.

Greenwald’s quick-hit survey on The Great Resignation, found that a third of Workers say they made a job change in 2021, and an even larger share — closer to 4 in 10 – plan to make a job change in 2022. The groups most likely to have made a change or plan to make a change are contractors/gig workers, younger Workers (under 50 years of age), Black Workers, and Hispanic Workers.

Powered by response:AI, The Role of Work-Life Balance & Benefits in The Great Resignation Survey was conducted in January 2022. It explored the reasons why American workers were making or considering job changes and the role that traditional and emerging benefits play in these decisions.

 

Current Climate

Over the past year, 30% say their overall job satisfaction has improved, while 25% say it has declined. In their current jobs, workers are most satisfied with the relationships with colleagues and managers. While most are still satisfied, many employee benefits, including mental health resources, disability insurance offerings, supplemental health insurance, are lower on the list. Also, though 55% of current workers are satisfied with their pay, 26% say they are dissatisfied. This represents the highest level of dissatisfaction among the job aspects surveyed.

 

Reasons for Making an Employment Change

Workers who changed their employment in 2021 or plan to in 2022 provide a variety of reasons for making the switch. Aside from pandemic-related reasons, workers most often say their changes are a result of not feeling valued as an employee, experiencing burnout, or looking for greater work-life balance, including more flexible working hours, a better company culture, or remote work opportunities.

Pay

53% of Workers who made a change in 2021 say dissatisfaction with pay was a reason (major or minor) as to why they made a change. Of those who changed jobs, 45% say their base pay is higher than their previous job. However, for those looking to make a change in 2022, two-thirds are planning to do so because they are unhappy with their pay. Since roughly a quarter of respondents either express that having enough money to pay the bills (25%) or to pay off debt (23%) is their biggest source of stress, pay is clearly extremely important to consumers.

Work-Life Balance and Remote Work

More than half of those who made a change in 2021 did so because they were feeling burnt-out (57%), wanted more flexible work hours (55%), or wanted to work remotely (52%). More than four in ten who made a change did so because they needed more time to provide childcare (45%) or needed to care for an adult family member (42%). Nearly six in ten who made or are expecting a job change say working for an employer that understands the needs of working parents is important.

Remote work is an important employment consideration for many workers. Of workers who worked remotely at some point during the pandemic, four in five would like the option to do so at least part-time moving forward (80%).

Company Culture

54% of those who made an employment change in 2021 and 46% of those planning to make a change in 2022 say the company culture was not a good fit for them. Two-thirds say that culture is important when considering an employment change.

The top reason Workers left their jobs in 2021 was that they did not feel valued as an employee (59%). Half left their job in 2021 to pursue more professional growth, and of those planning to leave their job in 2022, at least half do not feel valued at their job or want to make a change for professional growth.

Benefits

More than four in ten workers who changed employment in 2021 or plan to in 2022 cite being unhappy with their employee benefits or allotted PTO.

More than six in ten who made a change deem benefits other than health insurance important when considering an employment change. Such benefits include mental health and wellness benefits, health insurance, vision insurance, PTO, dental insurance, and retirement plans.

Significant portions, although less than half, consider health insurance, life insurance, disability insurance, and dependent coverage important when evaluating employment changes. In their new jobs, 44% of survey respondents are happier with the variety of benefit options, and 43% are happier with the amount of PTO available to them.

 

Effects of the Pandemic

The pandemic played a part in sparking the desire for change. A large share of workers decided to expedite their plans to make an employment change, either in 2021 or planned for 2022, as a result of the COVID-19 pandemic, especially those under 50 years old and those with full-time jobs.

Nearly six in ten cite the pandemic as a major or minor reason in causing them to feel like they needed an employment change. 53% say they were scared to contract COVID-19 at their jobs, and 48% were unhappy with their employer’s COVID-related policies.

For those planning on making a change in 2022, 61% say the pandemic inspired their need for change. Slightly fewer, however, are scared to contract COVID at work (47%) or are unhappy with their workplace COVID-19 policies (42%).

 

What Would Make Employees Stay with Their Current Employer?

Those who either left a job or retired generally say their employer could not have done anything to make them want to stay. The most common themes mentioned include respect, organizational structure, physical space, and the need for better pay. Among those who plan to make an employment change in 2022, opinions are more split. Some respondents say better pay could make them stay, while others say there is nothing that can be done.

 

Only one in ten (11%) think better benefits could entice them to stay.
“Many of the drivers of job change are within the control of employers, such as culture, work-life flexibility, and pay,” says Greg Hershberger, Managing Director of Health & Benefits at Greenwald. “We wanted to know if traditional or newer employee benefit or insurance offerings could make a difference. While traditional benefits remain important in these decisions, it doesn’t appear the main challenges to retention can be solved by more insurance offerings at work.”

When asked about what emerging benefits are most motivating to employees, roughly seven in ten cite more flexible work schedules, a signing or retention bonus, the ability to retire gradually, unlimited PTO, or remote work as being at least somewhat impactful in a decision to stay with a current employer or move to a new one.

With the changing professional landscape sparked by the pandemic, employers now have a unique opportunity to take a fresh look at their compensation, benefits, and work-life balance structures to build an even more attractive environment for job-seeking Workers or to increase their current workforce’s satisfaction.

 

About the Research

Greenwald’s The Role of Work-Life Balance & Benefits in The Great Resignation Survey, powered by the response:AI platform, is an online survey exploring Workers’ motivations behind recent workforce changes and the role of benefits and work-life balance on those decisions. The survey was conducted from January 7 to January 18, 2022. Consumers were required to be ages 25 to 74 and must have been currently working or made employment changes in 2021 or planned to do so in 2022. The survey included 1,206 respondents.

The full results of The Role of Work-Life Balance & Benefits in The Great Resignation Survey are available for purchase. Contact Greenwald Research to learn more.

 

About Greenwald Research

Greenwald Research is a leading independent custom research and consulting partner to the health and wealth industries that applies creative quantitative and qualitative methods to produce knowledge that helps companies stay competitive and navigate industry change. Visit greenwaldresearch.com to learn more.

Contact:
Greg Hershberger
Managing Director, Health & Benefits
Greenwald Research
Greghershberger@greenwaldresearch.com
(202) 686-0300

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REPORT: Greenwald Research Conducts Analysis of Two Surveys on Reg BI

The North American Securities Administrators Association (NASAA) conducted two surveys of broker dealers and investment advisers to seek to measure the impact of Reg BI on these firms.

Greenwald Research was engaged to conduct an analysis of the effectiveness of the survey processes and questionnaires to achieve that objective.

Read the report here:

 

 

coworkers looking over documents

Plan Participants Want Options that Generate Retirement Income in Their Workplace Retirement Plans

Many plan sponsors are open to these solutions; 8 in 10 say these options would improve participants’ retirement security

WASHINGTON – January 12, 2022 – A recent study conducted by Greenwald Research focused on in-plan retirement income solutions found that 85% of plan participants wish their employer’s retirement plan had an option designed to help generate a stream of income in retirement.

Greenwald’s first annual In-Plan Insights Program was conducted throughout 2021 to explore and evaluate the defined contribution (DC) plan retirement income landscape. The multi-phase program, including research with plan participants, plan sponsors, and plan advisors, covered a range of topics from SECURE Act impact to retirement income planning needs to reaction to in-plan income concepts. The 2021 Program was sponsored by American Century Investments, BlackRock, Fidelity Investments, Lincoln Financial Group, Nationwide, Pacific Life Insurance, Principal Financial Group, and Voya Financial.
Read more

Survey Finds Interest in Telemedicine Surging, Growth in High-Deductible Health Plans Stalls After Reaching Record High Last Year

WASHINGTON – December 2, 2021 – The 17th annual “Consumer Engagement in Health Care Survey” (CEHCS), a survey of privately insured adults conducted by the Employee Benefit Research Institute and Greenwald Research, finds interest in telemedicine options doubled between 2017 and 2021. Satisfaction with telemedicine visits was high, with three-quarters stating they were satisfied or very satisfied.

Read more