AVON, CT (March 13, 2007) – Employers are committed to providing employees a strong benefits package. This was one finding in the latest spotlight report from Eastbridge, Worksite MarketVision™—The Employer Viewpoint Revisited. The report updates the landmark MarketVision™ study of 2002 as well as several other employer studies conducted over the last three years.
A somewhat surprising finding was that, despite all the press coverage about employers wanting to reduce their benefit costs, employees still have access to a significant range of insurance coverage and employers seem committed to continuing to offer this range. More than nine out of ten employers offer medical, prescription drug, and dental insurance. About 80 percent offer term life, accidental death and dismemberment, and short-term and long-term disability coverage to employees (either as employer-paid, employee-paid, or on a cost-sharing basis). Few employers are looking to reduce the number of benefits or cut benefit amounts.
“Attracting and retaining employees and increasing employee job satisfaction are the two most important goals of benefit plans according to benefits managers,” says Bonnie Brazzell, vice president, Eastbridge. “Employers are using both employer-funded benefits as well as voluntary benefits to help achieve these goals,” adds Brazzell. Voluntary benefits help employers offer a full range of benefits while still controlling their costs.
“The percentage of employees in the U.S. who have access to voluntary benefits through their employer was up in this recent survey,” says Gil Lowerre, president. Seventy percent of employees (in businesses with at least 10 employees) have access to these benefits, up almost two points from past studies. “The increase comes despite a decrease in the percentage of small employers (10 to 100 employees) offering voluntary,” adds Lowerre. In fact, most of the other employer size categories saw increases in the percentage offering voluntary (especially in the 101 to 500 employee size category).
The Worksite MarketVision™—The Employer Viewpoint Revisited is now available for purchase. The study results are based on quantitative interviews conducted with benefit managers during June and July of 2006. The interviews include roughly the same number of employers from each of four different size categories (10-100 employees; 101-500; 501-2,000; 2,000+). Qualitative interviews were conducted with additional plan administrators. For more information on this report or to order it, call (860) 676-9633 or email the company at [email protected]
About Eastbridge Consulting Group, Inc.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada. www.eastbridge.com