A new survey conducted by Intuit QuickBooks, in collaboration with Allstate Health Solutions, underscores the significant impact that employee benefits packages have on workforce productivity, satisfaction, and retention across small and large businesses. According to the 2024 Intuit QuickBooks Allstate Health Solutions Benefits Survey, 78% of employees would consider finding a new job if their current benefits package was inadequate, highlighting the critical role that healthcare benefits play in employee decision-making.
Key Survey Findings
Healthcare Benefits and Job Decisions: Over two-thirds of employees surveyed ranked healthcare benefits as the second most important factor, only behind salary, when considering a job offer. This places immense pressure on businesses to offer competitive benefits packages in order to retain top talent.
Economic Pressures on Benefits Costs: The survey, which engaged 1,000 employees enrolled in their company’s health insurance plans, revealed that 23% of employees find it challenging to afford their employer-provided benefits. A significant portion of workers (62% at smaller companies and 66% at larger companies) believe that their monthly contributions are too high, especially in the face of rising inflation and interest rates.
Impact on Long-Term Financial Goals: The study found that 71% of workers at small companies and 63% at larger companies have struggled to save for long-term goals, such as emergencies or retirement, due to medical costs. This issue was particularly pronounced among women, with over a quarter reporting significant financial setbacks, compared to 18% of men.
Desire for Comprehensive Benefits: Nearly 60% of employees expressed a desire for a range of benefits options, including HMOs, PPOs, and FSAs. Additionally, 50% of employees at small companies and 61% at larger companies want the ability to add supplemental benefits such as dental, vision, mental health, and even pet insurance.
Job Satisfaction and Productivity Linked to Benefits: The survey highlighted a strong connection between benefits packages and overall job satisfaction, with more than 90% of employees at both small and large companies linking their job satisfaction to their benefits. Furthermore, a substantial majority indicated that inadequate medical coverage could negatively affect their productivity at work.
Industry Insights
Laurent Sellier, Senior Vice President of Intuit QuickBooks Payroll Solutions, emphasized the importance of offering competitive benefits in the current economic climate.
“With the historically low unemployment rates in the US, businesses can’t afford to lose employees in today’s competitive market,” Sellier says. “Our research shows that employees are placing higher value on health benefits when it comes to their job satisfaction, but many are finding it difficult to manage benefits costs in today’s economic climate. For that reason, maintaining competitive benefits packages at an affordable price is vital to employee retention.”
David Essary, President at Allstate Benefits and Allstate Health Solutions, echoed these sentiments, saying, “We understand that employees seek comprehensive and flexible benefits that support their well-being. Our partnership with Intuit QuickBooks ensures seamless, connected, embedded insurance that enhances employee satisfaction and retention while helping businesses attract top talent.”
About the Survey
The 2024 Intuit QuickBooks Allstate Benefits Survey was conducted by Wakefield Research among 1,000 employed adults, including 500 from companies with 5 to 100 employees and 500 from companies with more than 100 employees. The survey focused on those currently enrolled in their company’s health insurance plan and was conducted between May 24 and May 31, 2024.
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