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.
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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.

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Black and Hispanic Workers With Highest Income Face More Debt, Work-Life Balance Challenges, Than Their Similarly Paid White Colleagues

WASHINGTON – November 18, 2021 – A new report based on the annual “Workplace Wellness Survey” (WWS), conducted by the Employee Benefit Research Institute and Greenwald Research finds that Black and Hispanic workers are more likely to be financially challenged by debt and less able to handle an emergency or sudden large expense than their White counterparts. Moreover, while evaluations of work-life balance improve with income, Black and Hispanic workers in households earning $75,000 per year or more are less content with the work-life balance at their organizations than their White counterparts and are less likely than White workers to give high ratings to their employers’ efforts to improve various aspects of their wellbeing.

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Stressed Employees Appreciate Employer Response to Improve Overall Wellbeing: Many Value Benefits More than Income Adjustments

WASHINGTON – October 7, 2021 – The 2021 Workplace Wellness Survey, conducted by the Employee Benefit Research Institute (EBRI) and independent research firm Greenwald Research, finds that 76% of employees favorably view their employers’ efforts to improve their overall well-being. Employees recognize these initiatives, as one in three employees acknowledge increased focus by their employers to improve emotional, physical, and financial wellbeing.

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New Research Reveals Consumer and Financial Professional Optimism About 2021’s Investment Climate

Washington, DC, September 23, 2021 –  Greenwald Research (Greenwald), a leading independent custom research firm and consulting partner to the health and wealth industries, released new industry research from the 2021 Retiree Insights Program. The research program shares data on the COVID-19 pandemic’s impact on views towards investing, financial products, financial security, and preparation for retirement.

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New Industry Research Uncovers Three Different Types of Medicare Brokers

Washington, DC, August 12, 2021 – Greenwald Research (Greenwald), a leading independent custom research firm and consulting partner to the health and wealth industries, released new industry research, which provides a 360-degree view of how Medicare is marketed and distributed today, including brand strengths and weaknesses among both consumers and brokers, drivers of loyalty and satisfaction, and opportunities for growth.

In partnership with the American Association for Medicare Supplement Insurance, Greenwald surveyed 508 Medicare brokers, 1,023 healthcare consumers between 64 and 68 years old, and executives at 5 national field marketing organizations (FMOs) for the Medicare Marketing & Distribution Research Program. The research program also shares data on the differing approaches and motivations of Medicare brokers, areas of opportunity for Medicare products and brokerage services, and carrier selection and rankings, among other important topics.

The Medicare Market Today
Based on interviews with the FMO executives, a lack of clear succession planning for retiring brokers and advancement of technology in the industry have contributed to the consolidation of distribution and increases in the direct selling of Medicare products. With many brokers nearing retirement age themselves, there is an indication that this trend of consolidation is likely to continue.

While 46% of brokers believe that Medicare sales will eventually become completely virtual due to technological advancements, 91% of brokers believe that there will continue to be a role for them in Medicare sales and distribution. The challenge for Medicare brokers moving forward will be to determine how to evolve their roles to continue providing value to retiring consumers.

“Medicare brokers have varying needs based on the range of products they are selling, the audiences that they are focused on, and their growth trajectories,” said Edna Vasquez-Dretzka, study author and Managing Director, Healthcare at Greenwald Research. “This research provides clarity into who these brokers are and how you can tailor your support to meet their personal and professional needs.”

Medicare Broker Types
Results of the research program revealed that there are three distinct types of Medicare sellers: Medicare specialists, retirement specialists, and generalists. Their differing approaches and motivations for selling Medicare products indicate varying levels of interest in and preparedness for discussing other insurance and financial needs of retiring consumers. Each broker type also emphasized having different support needs from both carriers and FMOs.

Medicare Specialists
Medicare specialists represent 35% of brokers, or 179 of all study participants. These brokers are lifestyle brokers, with 46% reporting that they’re motivated to sell Medicare because of the flexible schedule. Medicare specialists are focused on individual Medicare sales, as 87% get more than 80% of business from individual sales. Their marketing needs include assistance setting up online presence, lead generation, and marketing support. From agency partners, Medicare specialists are specifically looking for digital tools and opportunities for continuing education and training.

Retirement Specialists
Retirement specialists represent 45% of brokers or 227 of all study participants. 48% of these brokers are motivated to sell Medicare because they were already selling other insurance products. In fact, these brokers sell the greatest number of products besides Medicare and 31% receive less than a quarter of their commission from Medicare sales. They sell 401Ks and annuities. Their marketing needs include better understanding of competition in the area, plan comparison tools, and cross-selling support. From agency partners, retirement specialists are specifically looking for flexibility in the commission structure and for them to have good carrier relationships.

Generalists
Generalists represent 20% of brokers or 102 of all study participants. Similar to retirement specialists, 43% of these generalists are motivated to sell Medicare because they were already selling other insurance products and they sell the second largest variety of products besides Medicare after retirement specialists. Of these brokers, 30% receive less than a quarter of their commission from Medicare sales. One of the largest differentiators between the two groups is that generalists do not sell any 401K or annuity products. Their greatest marketing needs include marketing support and access to better technology for virtual sales. From agency partners, generalists are specifically looking for high-level, agent servicing.

About the Medicare Marketing & Distribution Research Program
The 2021 Medicare Marketing & Distribution Research Program was conducted using online surveys and telephone interviews between March 1, 2021 and April 15, 2021. The program studied three primary audiences, including 1,023 health plan consumers aged 64-68, 508 health insurance brokers who sell group or individual Medicare, and 5 Medicare distributors. Neither the consumer nor the broker surveys were weighted.

Complete findings from the Medicare Marketing & Distribution Research Program are available for public purchase. To become a partner and gain early access to results in future studies, contact Greenwald.

About Greenwald Research
Greenwald Research is a leading independent custom research firm 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. By leveraging deep subject matter expertise and a trusted consultative approach, Greenwald offers comprehensive services for weaving rich research stories that answer strategic business questions. Visit greenwaldresearch.com to learn more.

About American Association for Medicare Supplement Insurance
The American Association for Medicare Supplement Insurance (AAMSI) supports insurance professionals and organizes the national Medicare insurance industry conference. AAMSI also hosts the national online directory providing consumers with free access to find local Medicare insurance brokers and agents. Visit medicaresupp.org to learn more.

Black and Hispanic Americans Face More Challenges Preparing for Retirement Than White Americans

Lower income and assets drive differences between Black and Hispanic Americans and others. Some attitudinal differences remain present, even looking at those with comparable financial means; Pandemic Impacted Black and Hispanic Workers More than White Workers.

WASHINGTON – June 10, 2021 – A new report based on the annual Retirement Confidence Survey (RCS), conducted by the Employee Benefit Research Institute and Greenwald Research finds that Black and Hispanic Americans face more challenges preparing for retirement including having been more economically impacted by the coronavirus pandemic than White Americans. Of particular importance — Black and Hispanic Americans disproportionately report lower financial resources, and how they feel about retirement and financial security are clearly impacted by having lower income.

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Confidence in Retirement Security Resilient in Face of Pandemic

Confidence in Medicare, Social Security Benefits Reaches All-Time High, Workers Stay the Course with Retirement Plans

WASHINGTON – April 22, 2021 – Despite a global pandemic that created uncertainty in the employment and financial markets, the 2021 Retirement Confidence Survey (RCS) found eight-in-ten retirees are confident in their ability to live comfortably throughout retirement, similar to the 76 percent of retirees who were confident when the survey was last fielded in March 2020. Workers also remain optimistic, with 72 percent of workers expressing confidence in their ability to retire comfortably, up three percentage points from last year.

The 31st Annual RCS is the longest-running survey of its kind, measuring worker and retiree confidence about retirement. It is conducted by the Employee Benefit Research Institute (EBRI) and Greenwald Research. The RCS was fielded in January. Last year, the RCS was fielded twice – once in January prior to the COVID-19 outbreak and then re-fielded through a supplemental survey of key questions from March 20-30, 2020, allowing for comparisons before and during the pandemic.

“Even with changes in the labor market, workers’ confidence in their ability to live comfortably in retirement remains high overall,” said Craig Copeland, EBRI senior research associate and co-author of the report. “However, while resilience may be the watchword for 2021, three-in-ten workers say the pandemic has negatively impacted their ability to save for retirement, due to reduced hours, income, or job changes. The group that was most likely to have their ability to save impacted were those that were more likely to have low confidence historically, such as low income, not married, and having a problem with debt.”

Nearly two-in-ten (18 percent) workers said their hours and/or pay were reduced since February 1, 2020. One-in-ten workers said they were furloughed/temporarily laid off. In total, 39 percent of workers reported their household experienced some type of negative job or income change since February 1, 2020. However, 21 percent of workers did report having some type of positive change in work in the same timeframe.

Workers who had a negative change in work were more likely to say that the COVID-19 pandemic reduced their confidence in having enough money to live comfortably throughout their retirement years. Half of workers who had a negative change in work said that they were either somewhat or significantly less confident as a result of the COVID-19 impact, compared with just 24 percent of those who did not have a negative change.

 

Retiree Lifestyle and Expenses Largely Unchanged

Despite the challenges of 2020, retirees continue to report their lifestyle and expenses are as expected or better. Eight-in-ten retirees report that their overall lifestyle – including traveling, spending time with family, or volunteering – is as expected or better, including nearly three-in-ten saying their retirement lifestyle is better than they expected. Despite a challenging and unprecedented year, these results are virtually identical to those measured pre-pandemic, in January 2020. About six-in-ten retirees indicate their overall expenses and spending in retirement are as expected and just 26% say spending and expenses are higher than expected – a decrease from last year.

“About seven-in-ten retirees report that their confidence in living comfortably throughout retirement was unchanged by the pandemic; 23% feel less confident and five percent feel more confident,” said Lisa Greenwald, CEO of Greenwald Research, and co-author of the report. “Retirees’ top priorities for discretionary spending in retirement continue to be travel and spending on leisure or entertainment. Many of these activities were curtailed during the pandemic, perhaps leading to lower spending. That’s one reason why we may be seeing these results. Another is the adaptability and resilience of retirees demonstrated throughout the RCS’ history. The survey shows retirees prioritize asset preservation and do not like the idea of spending down.”

Pandemic Increases Retiree Confidence in Medicare and Social Security

“Also, Social Security – a ‘major’ source of income for more than six-in-ten retirees – continued uninterrupted during the pandemic,” added Greenwald. Confidence in Social Security continuing to provide benefits of at least equal value to those received today reached an all-time-high among both retirees (72%) and workers (53%). Three in four retirees and nearly six in ten workers are confident that Medicare will continue to offer benefits of at least equal value to those received today, an all-time high since the RCS was first fielded and remarkable in a year marked by mass health concerns, especially among older populations.

Workers Staying the Course and Satisfied with Workplace Retirement Plans

Only 22% of workers adjusted the age at which they plan to retire because of the pandemic and its economic impact, including 17% who plan to retire later. The RCS continues to demonstrate that workers expect to work in retirement, which is drastically different than the experience retirees report. Three-quarters of workers expect to work in retirement compared to just three-in-ten retirees who report doing so.

More than four-in-five workers who are offered a workplace retirement savings plan are satisfied with the benefit. Just three-in-ten report having made changes to their plan in the past year. Among those that did, six-in-ten say they increased the amount they contribute, while one-in-four each say they reduced or stopped contributions.

“Showing further resilience, just one-in-ten workers who have saved for retirement say they have taken a loan, hardship distribution or early withdrawal from their workplace retirement plan in the past 12 months,” says Copeland. “The most likely reasons for taking this money out were for paying off credit card debt, or for a COVID-related need.”

About four-in-five plan participants were satisfied with the investment options available, although three-in-ten say they would like more options available, an increase from 22% in 2020. A quarter of workers with a workplace retirement plan say adding more investment options designed for post-retirement would be valuable, and about three-quarters expressed some interest in putting a portion of their plan savings into an investment option that would provide guaranteed monthly income for life.

Diverse Communities Face Different Challenges

To better understand differences in retirement-related behaviors and attitudes among workers and retirees, this year’s RCS included oversamples of Hispanic and Black workers and retirees. The survey included 731 responses from those who identified as being of Hispanic, Spanish, or Latino origin (404 workers, 327 retirees) and 741 completed surveys from those who identified as non-Hispanic Black or African American (380 workers, 361 retirees). EBRI and Greenwald researchers will be conducting a fuller analysis of differences by race and ethnicity and will issue a separate report on those findings in June 2021.

About the Survey:

The survey report, The 2021 Retirement Confidence Survey, is available at ebri.org. The survey was underwritten by AARP, Aon, Ariel Investments, Ayco, Bank of America, BlackRock, Capital Group, Columbia Threadneedle, Empower Retirement, Fidelity Investments, FINRA Foundation, J.P. Morgan, LGIMA (Legal & General Investment Management America), Mercer, Mutual of America, Nationwide Financial, New York Life, PIMCO, Principal Financial Group, Prudential, PGIM, Retirement Clearinghouse, T. Rowe Price, Segal, U.S. Chamber of Commerce, and Wells Fargo.

The 2021 survey of 3,017 Americans was conducted online January 5 through January 25, 2021. All respondents were age 25 or older. The survey included 1,507 workers and 1,510 retirees – this year included an oversample of Black Americans and Hispanic Americans.

Data were weighted by age, sex, education, household income and race. Unweighted sample sizes are noted on charts to provide information for margin of error estimates. The margin of error would be ± 2.5 percentage points for both workers and retirees in a similarly-sized random sample.

About EBRI:

The Employee Benefit Research Institute is a private, nonpartisan, nonprofit research institute based in Washington, DC, that focuses on health, savings, retirement, and economic security issues. EBRI conducts objective research and education to inform plan design and public policy, does not lobby and does not take policy positions. The work of EBRI is made possible by funding from its members and sponsors, which include a broad range of public, private, for-profit and nonprofit organizations. For more information go to www.ebri.org.

About Greenwald Research:

Greenwald Research is a leading, independent research firm that has been specializing in retirement, employee benefits, and health care research for over 35 years. For more information, go to www.greenwaldresearch.com.