A survey conducted by a leading HR software company has revealed that half of employees admit that a primary reason they are staying in their job is for the health benefits, while almost three-quarters of American small business employees would be unlikely to accept a job that did not offer health insurance benefits. Despite the desirability of health insurance packages, half of American small business employees who had their benefits reduced, lost their health insurance perks as a result of the COVID-19 pandemic.
Exactly half of small business employees say a primary reason they are staying in their job is for the health insurance benefits, new research reveals.
Leading HR software company, Zenefits.com, conducted a study into how small business employees really feel about the benefits and perks of their employment in 2020. The company surveyed more than 1,100 full time small business employees to compile a comprehensive overview of employee satisfaction.
The full survey results and further information can be found here:
Health insurance remains at the top of the list when it comes to the job perks valued most by employees, with half (50%) saying they are staying in their current role due to their health insurance benefits. Three-quarters of employees who currently receive health benefits (75%) said they are satisfied or very satisfied with their employer’s current health plan, while 70% said that they are unlikely or very unlikely to accept a job if it doesn’t offer health benefits.
Although almost a third (31%) of respondents saw benefits like online fitness classes, wellbeing app subscriptions, and telemedicine access added to their package during the pandemic, 51% of the employees who had their benefits cut due to COVID-19, lost out on health insurance.
Of those who answered in Virginia, 31% said their employer offers health insurance as a part of their benefits package. Washington and California followed closely behind with 22% and 19% offering health insurance, respectively. On the other end of the scale, 1% of respondents in Delaware and 0.6% in North Dakota are offered health insurance, whilst employees in Idaho fall particularly short with just 0.4% being offered the benefit.
Although 58% of respondents stated that their benefits stay the same each year, results also show that COVID-19 has had an interesting effect on decisions surrounding current and future benefits; more than a quarter of employees (26%) admitted that the pandemic has forced them to rethink their current benefit package. Over two in five employees (44%) revealed that telemedicine is now an important benefit to them, while 67% said that the pandemic has made mental health benefits more desirable.
Zenefits is a platform committed to streamlining HR processes, by offering software and services that are purpose built with helping small and midsize businesses in mind. Zenefits provide a wide variety of tools – such as streamlined onboarding and easy PTO tracking to org charts and performance reviews – to help small business owners manage employees, achieving the best and most efficient outcomes for everyone.
Nadene Evans of Zenefits said,
“We asked small business owners what more we can offer them and the general consensus was that they needed more insider information to figure out how best to help their employees. It isn’t always effective to simply ask your staff what they want or need, so we decided a survey would be a great way to find out what is most important to business owners and their employees.
“The survey was incredibly insightful and we have had feedback from both employees and employers expressing how much it has helped them think more critically about what they are being offered and what they can offer. This is definitely a survey topic we’ll be working on again!”