Dive Brief:
- More than half of workers depend on HR materials and informational sessions from their employers to learn about workplace benefits, but younger generations are looking beyond those traditional outlets, according to the results of a survey by financial services organization Equitable, which were released Oct. 9.
- Nearly 2 in 5 Generation Z employees use TikTok, Instagram, Reddit and YouTube to understand their benefits, and a little less than a third of millennials turn to artificial intelligence. Both respective groups lead other generations on their use of these tools, the survey showed.
- “While some approach open enrollment as a chore each year, it is important to take the time to understand all the benefit options offered by your employer. This investment can protect your health and your financial well-being,” Stephanie Shields, head of Equitable’s employee benefits business, said in a statement.
Dive Insight:
One area in which workers expressed less understanding was voluntary benefits. Of the more than 1,000 U.S. adults surveyed, more than 40% said they don’t feel confident in their understanding of these benefits. However, once workers learned about them, 80% said they considered the benefits highly valuable.
“Voluntary benefits are no longer just a checkbox option — they’re a competitive advantage,” Shields said. “As small to mid-sized businesses look to attract and retain top talent, it’s essential they understand the strategic value of these cost-effective solutions.”
Voluntary benefits often can include supplemental health coverage like vision and dental insurance and lifestyle offerings such as pet insurance or legal services.
Nearly 1 in 3 U.S. businesses said they planned to expand voluntary benefit offerings by 2027, according to a July report by Gallagher.
Quality-of-life products, such as pet insurance, accident insurance and employee perks programs, have become more prevalent in recent years and can aid in employee satisfaction, the Gallagher report found. A third of employers said they offer pet insurance, an increase from the 23% that did in 2023. More than a quarter of businesses said they provide long-term care solutions, such as home healthcare, adult day care and assisted living needs.
