Benefits June 4, 2001

Benefit Preferences Don't Always Fit Choices: Poll

June 4, 2001 (PLANSPONSOR.com) ? Workers in the Chicago area most prize health insurance (84.9%) and retirement plan benefits (73.6%) ? but after that things get murky, according to a new poll.
Reported by

The poll, conducted for Crain’s by Leo J. Shapiro & Associates LLC., suggests that “new-wave” benefits such as flexible hours, working from home, day care, lactation rooms and sabbaticals are desired more than available, while “traditional” benefits such as life insurance, dental coverage, prescription coverage and disability insurance are more widely available than desired.

Core Contentment

For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.

The Crain’s survey found that employee satisfaction increases along with the number of benefits offered. However, satisfaction drops off sharply when a company fails to offer “core” benefits, such as health coverage and retirement plans, according to the report (90% versus 68%). The survey found no correlation between benefits and job performance. Companies surveyed offered about a dozen benefits, on average.

Overall, 79% of workers say they are satisfied with their benefits, with 32% “completely satisfied” and 47% “somewhat satisfied.” Of the 20% of workers unhappy with their benefits, 13% are “somewhat dissatisfied” and 7% “very dissatisfied.”

Women are happier with their benefits than men (84% versus 75%), and older workers more content than younger workers (84% of those over 50 versus 75% of those under 35).

One third of dissatisfied workers said they would be happier with better health insurance coverage, including lower costs and a wider choice of doctors. About 21% would like a raise in pay, and 14% say they want more extensive retirement and 401(k) plans.

Benefit Choice

Third highest ranked was paid maternity leave, cited by 57.7% of survey respondents. Other benefits cited were:

  • 56.5% – Prescription coverage
  • 54.9% – 401(k) plan
  • 52.8% – Tuition payments
  • 52.0% – Disability insurance
  • 50.0% – Parking
  • 46.7% – Dental coverage
  • 42.7% – Flexible hours
  • 41.1% – Day care
  • 40.2% – Life insurance
  • 37.4% – Health benefits for unmarried partner
  • 31.3% – Paternity leave
  • 28.9% – Sabbaticals
  • 25.6% – Lactation room
  • 17.1% – Job sharing
  • 15.4% – Health or fitness club
  • 14.2% – Concierge services

«