More U.S. employees willing to sacrifice pay for better health and retirement benefits

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[{"type":"text","content":"Willis Towers Watson survey finds employees prefer choice and flexibility in benefit options\nARLINGTON, Va., March 17, 2020 (GLOBE NEWSWIRE) -- With their desire for greater security rising, a growing number of U.S. employees are willing to sacrifice additional pay in exchange for more generous retirement and health care benefits, according to the Global Benefits Attitudes Survey by Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company. The survey also found half of employees would rather receive more substantial benefits (37%) and time off (13%) than additional pay or bonuses.\n According to the survey, over half of respondents (57%) say their benefit package is more important to them than ever before, driven largely by their desire for greater security. Fully two-thirds of respondents (67%) are willing to pay a higher amount each month for more comprehensive retirement benefits. That’s up from 55% in 2011. More than four in 10 workers (42%) would sacrifice additional pay each month for a more expansive health benefit plan, a sharp increase from 27% in 2013. “For the vast majority of employees, benefits indeed matter,” said Steve Nyce, senior economist, Willis Towers Watson. “Employees of all ages want more security, and getting benefits through their employer is an important way to obtain it. They also want choice and personalization and are looking to their employers to provide tools to ensure they make good decisions on issues that are often quite complex.” Other highlights from the survey include: Resources lacking for many employees. Only 40% of employees feel the resources their employer provides to support their health and wellbeing meet their needs. Even fewer (32%) say the resources to help manage their finances meet their needs. Interestingly, while 70% of all employees surveyed say their health care benefits meet their needs, that figure drops to 56% among respondents who are in poor physical and mental health.Employees want meaningful choice. Nearly two-thirds of employees (64%) prefer a moderate number of benefit choices, an indication that they are happy to choose their benefits, but having too many options can be confusing. Only two in 10 (20%) favor a large number of options from which to choose.New entrants to the workforce favor pay over benefits. Half (50%) of Generati...

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